LONDON -- The outcome of the Federal Reserve meeting won't be known here until 7:15 p.m. London time, so any impact from the decision will be felt Thursday -- so this Wednesday in Europe is all about fine-tuning portfolios.


FTSE 100

managed an opening burst of 19 points but by midmorning stood just 0.9 points higher at 6376.2. The


moved up 7.8 points to 3422.0 before easing back to stand 5.7 points lower at 3408.3.

Pharmaceuticals continued to attract buyers, with

Glaxo Wellcome


moving up 62p to

19.40 ($29.10) on relief that the U.S.

Food and Drug Administration

was less than scathing about its drug Lontronex, although there was apparently a warning about side effects.

SG Securities

has a buy note on the stock this morning. Merger partner

SmithKline Beecham

(SBH) - Get Report

was up 20p to 874.

Tuesday's star performer

Oxford Glycosciences

, which, along with

Cambridge Antibodies

, has the potential to develop drugs using the maps of the human genome, advanced another 135p to


Lehman Brothers

has put out a "strong buy" note on the stock and placed a

26 price target on the stock.

Oils encountered another bout of profit-taking despite one-month brent crude moving up to $31.60 a barrel.

BP Amoco


was down 8p to 624.5 and


(SC) - Get Report

fell 6p to 563.5.

Most of Europe's other major stock markets were mixed. The

CAC 40

in Paris was down 26.02 to 6542.07 and the

Xetra Dax

in Frankfurt was barely up 3.25 to 7052.21. The

Neuer Markt's


Nemax 50

index was down 45.5 to 6105.7.

Big German tech shares were in negative territory, with



down 1.90 euros to 156.75 ($148.25),



4.43 euros lower to 88.07 and


(SAP) - Get Report

down 3.09 euros to 211.11.

Major European telcos were mixed, with


(TEF) - Get Report

up 0.63 euro to 22.13 before its board meeting

later today.

France Telecom


dropped 2.40 euros to 155.50 and

Deutsche Telekom

(DT) - Get Report

was near unchanged at 63.52 euros. Both companies are considered possible predators following the apparent breakdown of the




merger. (Check out's


coverage of the fallout.)