London stocks gain ahead of Fed rate decision

UK stocks rose on Wednesday after a sharp selloff in the previous session, with markets keenly awaiting the U.S. Federal Reserve’s interest rate decision later in the day.

The blue-chip index was up 0.5% as of 0723 GMT and the mid-caps index rose 0.3%.

Most sectors were positive, with base metals and precious metal miners up nearly 1% each.

Investors expect a 25 basis point hike from the Fed at its policy rate announcement at 1800 GMT, with focus on how long interest rates would stay high.

Among corporate results, Coca-Cola (NYSE: KO) HBC AG gained 1.6% as the company forecast full-year profit growth to be at the top end of its guidance, aided by robust demand for its soft drinks and executed price increases.

Haleon lost 3.5% as the world’s biggest standalone consumer health business reported first-quarter profit below analyst expectations.

Luxury carmaker Aston Martin Lagonda lost 1.4% on reporting a narrower quarterly pre-tax loss and maintaining its 2023 outlook.

Source: https://uk.investing.com/news/economy/london-stocks-gain-ahead-of-fed-rate-decision-3005669