FTSE 100 Retreats by 0.4% Amid Losses in Pharma

Key Moments:

FTSE 100 Pulls Back After Historic Run

Wednesday saw London’s FTSE 100 open lower, losing ground after an upward streak that lasted for 16 trading sessions. The index shed around 40 basis points, dropping below the 8,600 mark. This followed a Tuesday session that ended with a mere 1-point gain, and investor reluctance escalated on May 7th. Markets now await key macroeconomic developments, including the US Federal Reserve’s interest rate decision slated for later in the day and the upcoming trade negotiations between Washington and Beijing.

Pharmaceutical Giants Register Losses

The FTSE 100 was dented by steep declines in two major pharmaceutical stocks. AstraZeneca fell by over 2%, while GSK’s share price suffered a major 4.31% loss. This sector-specific weakness helped curb overall momentum in London’s equity markets despite otherwise supportive conditions.

Analysts have attributed the loss of investor confidence to the US Food and Drug Administration’s (FDA) decision to name Vinay Prasad as the director of its Center for Biologics Evaluation and Research (CBER). This triggered a sell-off among US traders, which was mirrored in UK markets. This reaction stems from Prasad’s well-established reputation as a sharp analyst who has been known to criticise the operational approaches of the FDA itself, along with various facets of the pharmaceutical industry’s practices.

Vodafone Dips as CFO Plans Exit

Vodafone Group PLC shares also declined, dropping by around 2.16% to 71.40 GBX. The decline can be attributed to news of Luka Mucic’s departure. Mucic currently serves as the company’s Chief Financial Officer (CFO), but he is slated to assume the role of German real estate giant Vonovia’s CEO in 2026.