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UK's FTSE 100 falls as AstraZeneca, BoE Governor's comments weigh

Britain's FTSE 100 fell on Wednesday, ending a fiveday winning streak, dragged by a decrease in AstraZeneca, while investors evaluated domestic economic data and Bank of England Governor Andrew Bailey's remarks on interest rate cuts.

The blue-chip FTSE 100 fell 0.3%, while the midcap FTSE 250 increased 0.5% to its highest considering that Oct. 21.

AstraZeneca slipped 2.8% to the bottom of the blue-chip index after HSBC experts cut its target rate to 13,720 p from 14,070 p and the drugmaker named Iskra Reic as its brand-new global executive vice president.

Shares of copper miners such as Glencore and Anglo American declined 1% and 2.5% respectively, as the metal's cost reduced against a firm dollar.

Meanwhile, BoE's Bailey repeated that there will be gradual cuts in interest rates next year.

The sterling briefly dipped after the Financial Times reported Bailey saying the BoE anticipated four rate of interest cuts next year.

The BoE is expected to keep interest rates on hold at 4.75%. this month, however deliver about 79 basis points worth of rate cut. by the end of next year.

Individually, Britain's dominant services sector slowed in. November, although not as much as very first feared, as a looming. increase in company taxes weighed on companies' working with plans, a study. revealed.

Legal & & General climbed up 6% to top the FTSE 100. after the life insurance provider stated it was preparing to return capital to. shareholders and was on track to fulfill its financial targets.

A Reuters report stated that Shell is stepping. back from new offshore wind financial investments and is splitting its. power department. Its shares slipped 1%.

ZIGUP was the leading loser on the midcap index, falling. 12.9% as the business lorry rental supplier's pretax earnings. fell 17.2% to 82 million pounds ($ 104.1 million) for the very first. half.

On the global front, investors braced for an essential. no-confidence vote by French legislators that will likely oust. Prime Minister Michel Barnier's federal government. France's benchmark. index CAC 40 was up 0.7%.

(source: Reuters)