UK's FTSE 100 Dips, AstraZeneca and Economic Data Impact Markets

The UK's FTSE 100 fell by 0.3% ending its winning streak, weighed down by AstraZeneca's decline after a target price cut. Investors are assessing domestic economic data alongside BoE Governor Andrew Bailey's remarks on anticipated interest rate cuts. Meanwhile, midcap FTSE 250 rose, supported by upbeat performances in select stocks.

The UK's FTSE 100 index dropped on Wednesday by 0.3%, bringing an end to its five-day rise, as AstraZeneca shares fell due to a lowered target price. Meanwhile, investors were digesting recent economic data and insights from Bank of England Governor Andrew Bailey regarding potential cuts in interest rates.

AstraZeneca saw a 2.7% decline, marking it as the weakest performer within the blue-chip index. Analysts from HSBC adjusted the firm's stock target price from 14,070p to 13,720p. Conversely, the midcap FTSE 250 index increased by 0.2%, achieving a six-week pinnacle driven by Legal & General's standout performance and ZIGUP's significant decline.

As the British pound weakened amid Financial Times reports of probable future rate cuts, shares of mining companies like Antofagasta, Glencore, and Anglo American also saw declines. The service sector in the UK experienced a slowdown in November, attributed to concerns over upcoming tax hikes. Internationally, the French CAC 40 inched up amid political tensions.

(With inputs from agencies.)