The blue-chip FTSE 100 was tepid on Wednesday as British Prime Minister Rishi Sunak is likely to set out his priorities for 2023, while investors also awaited minutes from the U.S. Federal Reserve’s meeting to gauge the path forward for interest rates.
The exporter-heavy FTSE 100 held its ground at 7562 points, while the more domestically focused FTSE 250 midcaps rose 0.3%.
Miners of precious and base metals took an early lead, rising around 1% as prices rebounded against a weaker U.S. dollar.
In his first speech of the year, Sunak will try to reassure his restive Conservative Party that he has what it takes to lead them into the next national election.
FTSE 100 ends 2022 with slim gains, outpacing U.S. and European peers
Minutes from the U.S. Fed’s December meeting, when it cautioned rates may need to remain higher for longer, are due to be released later on Wednesday. Investors will parse the minutes to figure out whether more policy tightening is likely.
British oil majors BP and Shell lost more than 2% each as oil prices fell on China demand woes, while the broader energy index shed 2.9%.
Data showing that fresh food prices at British supermarkets soared in December, 15% higher than a year earlier, also weighed on markets.
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