• FTSE 100 down 0.4%
• FTSE 250 rises 0.1%, hitting 2-year high
• Gold prices hit record high, boost miners
• LVMH’s disappointing results drag luxury stocks
• Investors await Fed policy update

Jan 28 (Reuters) - The UK's blue-chip index declined on Wednesday, weighed down by losses in banks and healthcare stocks, as investors parsed corporate earnings and awaited the U.S. Federal Reserve's policy decision.

The FTSE 100 (.FTSE) , opens new tab fell 0.4% by 1056 GMT, while the domestically focused FTSE 250 (.FTMC) , opens new tab bucked the trend, rising 0.1% and hitting its highest level since January 2022 earlier in the session.

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Healthcare stocks (.FTNMX201030) , opens new tab were the biggest drag on the FTSE 100, tumbling 1.9%. Pharmaceutical giants GSK (GSK.L) , opens new tab and AstraZeneca (AZN.L) , opens new tab dropped 1.9% and 2.3%, respectively.

Banks (.FTNMX301010) , opens new tab retreated 1.2% after hitting record highs in the previous session. Investec (INVP.L) , opens new tab slid 1.6%, while HSBC Holdings (HSBA.L) , opens new tab and Close Brothers (CBRO.L) , opens new tab both fell over 1%.

Luxury stocks (.FTNMX402040) , opens new tab also came under pressure after French luxury conglomerate LVMH (LVMH.PA) , opens new tab plunged 6.7% following disappointing fourth-quarter results. Burberry (BRBY.L) , opens new tab and Watches of Switzerland (WOSG.L) , opens new tab declined 2.5% and 2%, respectively.

But precious metal miners (.FTNMX551030) , opens new tab rose 2.1%, rebounding from Tuesday's losses as gold extended its rally above $5,300 per ounce.

Energy stocks also advanced 1%, lifted by oil prices hitting their highest since late September. Majors Shell (SHEL.L) , opens new tab and BP (BP.L) , opens new tab each gained about 1%. The companies are seeking U.S. licenses to extract natural gas from fields in Trinidad and Tobago and Venezuela, according to Caribbean energy minister Roodal Moonilal.

Market participants are now looking to upcoming corporate earnings for clearer signals on business conditions amid geopolitical tensions and trade uncertainties.

Attention was also on the Fed's policy update later in the day. Most traders expect the U.S. central bank to hold interest rates steady.

Pets at Home (PETSP.L) , opens new tab jumped 5.3% after the pet care retailer maintained its full-year profit forecast despite reporting lower third-quarter revenue, attributed partly to price cuts as part of its retail turnaround strategy.

https://www.reuters.com/business/finance/londons-ftse-100-falls-healthcare-bank-stocks-decline-2026-01-28/