London’s FTSE 100 fell for the third consecutive day on Thursday as GSK dropped after the U.S. public health agency narrowed the scope of the drugmaker’s RSV vaccine, while investors awaited key U.S. and domestic economic data.
The benchmark FTSE 100 was down 0.6% to 8,179.68 points.
The pharma sector was weighed down by the 4.6% drop in GSK after the U.S. CDC on Wednesday narrowed its recommendation for the use of respiratory syncytial virus vaccines in older adults this year and held off on recommending their use for adults under the age of 60.
Investors were also in a wait-and-watch mode over U.S. personal consumption expenditure (PCE) numbers, due on Friday, which could influence the Federal Reserve’s stance on interest rate cuts this year.
Additionally, UK gross domestic product (GDP) figures could add to the Bank of England’s confidence to cut rates in August.
The benchmark FTSE 100 index has retreated 3.5% from its record level hit in mid-May in the build-up to Britain’s July 4 parliamentary elections.
FTSE 100 edges higher as oil offsets defence slide
The automobile and parts sector dropped 1.4% after industry data showed that Britain’s car output had dropped 11.9% year-over-year in May, declining for the third straight month.
Accessories retailer Burberry fell 6.4% as the company traded without entitlement to its latest dividend payouts.
DS Smith jumped 15.7% as Suzano terminated talks to buy International Paper. The British paper and packaging firm agreed to be bought by International Paper for $7.2 billion in April.
The domestically oriented FTSE 250 edged 0.2% higher.
Leading gains on the mid-cap index was Moonpig Group soaring 15.2% after the online greetings card company reported its full-year results.
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