Finance
London's FTSE 100 slips near record level as AstraZeneca falls
Published by Global Banking and Finance Review
Posted on February 3, 2026
2 min readLast updated: February 3, 2026
Quick Summary
FTSE 100 dips as AstraZeneca shares fall and energy stocks decline, with investors cautious ahead of the Bank of England's meeting.
FTSE 100 Dips as AstraZeneca Shares Decline Near Record Highs
Market Overview and Key Movements
Feb 03 (Reuters) - London's FTSE 100 index slipped after hitting a record high on Tuesday, as losses in AstraZeneca shares and energy stocks overpowered gains from miners, with investors cautious ahead of Bank of England's policy meeting later this week.
AstraZeneca's Impact on FTSE 100
The blue-chip FTSE 100 index was down 0.2% at 1039 GMT after hitting a record high of 10,373.28 points during the session.
Performance of Commodity Stocks
AstraZeneca shares dropped 1.5% after U.S. regulators rejected its bid for an easier‑to‑use version of lupus drug Saphnelo, pushing back the timeline for a possible approval to the first half of 2026.
Central Bank and Inflation Insights
A selloff in commodity-linked stocks in the last two sessions had weighed on the commodity-heavy FTSE 100 index, as leveraged investors were forced to unwind their speculative bets in a slide that began after Kevin Warsh, a policy hawk, was nominated as the next U.S. Federal Reserve chair. [GOL/]
Endeavour Mining and Fresnillo are among the top gainers on the benchmark index, up 5% and 4.3%, respectively, as gold staged its biggest one‑day rally since 2008 following a two‑session rout.
The precious‑metal miners index climbed 4.5%, snapping a three‑day losing streak.
Other London-listed miners also rose, with gains in Anglo American and Antofagasta up 4% and 3.5% respectively, as copper also gained after supply concerns and demand prospects offered support to the red metal.
Energy stocks Shell and BP fell 1.5% and 1.7%, respectively, tracking a 1% decline in oil prices, the second straight drop as market participants weighed the possibility of a de‑escalation in U.S.-Iran tensions.
The domestically focused mid-cap index FTSE 250 was up 0.1%.
Meanwhile, in a busy week of global central bank meetings, the BoE is expected to keep its benchmark borrowing costs unchanged at 3.75% on Thursday.
Separately, UK grocery inflation eased to 4.0% in the four weeks to January 25, its lowest since April, data from market researcher Worldpanel by Numerator showed, offering some relief to shoppers at a time when the BoE is keeping a close eye on food prices for signals on broader inflation pressures.
(Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Harikrishnan Nair)
Key Takeaways
- •FTSE 100 slips after hitting a record high.
- •AstraZeneca shares drop 1.5% due to regulatory setbacks.
- •Commodity stocks weigh on the index amid market selloff.
- •Gold miners rally following a significant gold price surge.
- •Bank of England expected to maintain interest rates.
Frequently Asked Questions about London's FTSE 100 slips near record level as AstraZeneca falls
1What is the FTSE 100?
The FTSE 100 is a stock market index that represents the 100 largest companies listed on the London Stock Exchange, based on market capitalization.
2What is a central bank?
A central bank is a national institution that manages a country's currency, money supply, and interest rates, often overseeing monetary policy.
3What are commodity stocks?
Commodity stocks are shares in companies that produce or trade physical goods such as oil, gold, and agricultural products, often influenced by commodity prices.
4What is inflation?
Inflation is the rate at which the general level of prices for goods and services rises, leading to a decrease in purchasing power.
5What is a policy meeting?
A policy meeting is a gathering of central bank officials to discuss and decide on monetary policy actions, such as interest rate changes.
