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.
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
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.
has a buy note on the stock this morning. Merger partner
was up 20p to 874.
Tuesday's star performer
, which, along with
, has the potential to develop drugs using the maps of the human genome, advanced another 135p to
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.
was down 8p to 624.5 and
fell 6p to 563.5.
Most of Europe's other major stock markets were mixed. The
in Paris was down 26.02 to 6542.07 and the
in Frankfurt was barely up 3.25 to 7052.21. The
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
down 3.09 euros to 211.11.
Major European telcos were mixed, with
up 0.63 euro to 22.13 before its board meeting
dropped 2.40 euros to 155.50 and
was near unchanged at 63.52 euros. Both companies are considered possible predators following the apparent breakdown of the
merger. (Check out
coverage of the fallout.)