What caused the FTSE 100 index to slip after hitting a record high?

The FTSE 100 index slipped after hitting a record high due to losses in AstraZeneca shares and energy stocks, despite gains from miners.

Why did AstraZeneca shares decline on Tuesday?

AstraZeneca shares dropped after U.S. regulators rejected a bid for an easier-to-use version of its lupus drug, Saphnelo.

What is the outlook for the Bank of England's policy meeting?

The Bank of England is expected to keep its benchmark borrowing costs unchanged at 3.75% on Thursday.

Home / Business and Economy / FTSE 100 Hits Record High, Then Slips as Markets Await BoE News

FTSE 100 Hits Record High, Then Slips as Markets Await BoE News

3 Feb

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Summary

FTSE 100 index reached a record high before slipping.
AstraZeneca shares fell after a drug bid rejection.
Miners surged as gold prices experienced a significant rally.

FTSE 100 Hits Record High, Then Slips as Markets Await BoE News

The FTSE 100 index in London reached an all-time peak on Tuesday before paring gains. This fluctuation occurred as shares of AstraZeneca declined significantly after U.S. regulators rejected a new version of its lupus drug, pushing potential approval to the first half of 2026.

Energy stocks like Shell and BP also fell, tracking a dip in oil prices influenced by potential de-escalation in U.S.-Iran tensions. However, commodity-linked stocks, especially miners, provided support. Endeavour Mining and Fresnillo were among the top performers as gold prices staged their largest one-day rally since 2008.