UK shares experienced a decline on Wednesday as traders processed a variety of earnings reports, subsequently shifting their focus to the policy decisions of global central banks, notably the Bank of England. The blue-chip FTSE 100 index dipped 0.7% by 0950, marking a decline for the seventh time in eight sessions. The midcap FTSE 250 eased by 0.1%.

• AstraZeneca and GSK fell 1.4% and 2.1%, respectively, after both drugmakers maintained their full-year forecasts despite posting better-than-expected quarterly profit.
• Lloyds Banking Group dipped 1.4% despite reporting a better-than-expected rise in first-quarter profit.
• Earnings season is currently underway, with investors exercising caution regarding potential repercussions arising from the conflict in Iran.
• Efforts to conclude the Iran war have reached a stalemate, as U.S. President Donald Trump expresses dissatisfaction with Tehran’s latest proposal, insisting that nuclear issues be addressed from the very beginning.
• The ongoing war stalemate precedes a Federal Reserve meeting scheduled for later on Wednesday, accompanied by earnings reports from major players such as Alphabet, Microsoft, Meta, and Amazon, which may influence market sentiment.
• Given the prevailing geopolitical uncertainty, the Bank of England is poised to maintain its current interest rate levels during Thursday’s announcement.
• Tentative hopes of a resolution to the U.S.-Iran war have contributed to stabilizing the FTSE 100, positioning it for a slight gain in April following the conflict’s impact, which resulted in its most significant monthly decline in six years.
• Among other moves, DCC surged 16% after the sales and marketing services provider announced it was reviewing a cash takeover proposal from a consortium comprising U.S. investment firms Energy Capital Partners and KKR.