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UK’s FTSE 100 slips ahead of business activity data

2023 01 24T083926Z 1 LYNXMPEJ0N08A RTROPTP 4 STOCKS TRADING EUROPE - Global Banking | Finance

(Reuters) – UK’s FTSE 100 slipped on Tuesday, as losses in pharmaceutical companies’ stocks weighed on the index, while investors awaited British business activity data that would offer clues on the state of the economy.

The blue chip FTSE 100 slipped 0.5% at 0825 GMT, while the domestically-inclined FTSE 250 midcap index rose 0.1%.

Early losses in drugmaker AstraZeneca and GSK weighed on the FTSE 100, with both the stocks dropping 2.2% and 0.8%, respectively.

Oil majors BP and Shell also added to losses, falling between 0.5% and 0.8%.

Investors would be on the lookout for UK’s January business activity data due 0930 GMT, a crucial pit stop in gauging the state of the economy heading into the Bank of England’s (BoE) decision on interest rates next week.

(Reporting by Shashwat Chauhan in Bengaluru; Editing by Rashmi Aich)

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