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The FTSE 100 took a decisive move lower by midday on Wednesday, down 0.4% at 7,246.42, as nervousness builds ahead of two key central bank decisions due imminently.
The Federal Reserve is set to announce its rates decision later on Wednesday, with the Bank of England following on Thursday.
In corporate news, clothing retailer Next dropped 2.6% to £81.00 even after announcing that it was growing sales faster than it had expected.
Next, however, stuck to its annual profit guidance, citing higher investment and freight costs.
Bottling company Coca-Cola HBC fell 0.6% to £25.90, having reported a rise in third quarter revenue as out-of-home demand for drinks recovers.
Still, Coca-Cola HBC reiterated annul guidance for a 'strong' recovery in constant-currency sales and a 20-30-basis-point rise in operating margins.
Packaging play Smurfit Kappa softened 0.1% to £38.61 on announcing its operating earnings and revenue had risen 10% and 15% in the year to date, respectively, putting it on track to meet its annual forecasts.
Smurfit Kappa said materially higher input costs, including for fibre and energy, were being progressively recovered through corrugated price increases.
Enterprise software group Micro Focus International gained 4.5% to 379.6p following news that it had agreed to sell its archiving and risk management portfolio to Smarsh for $375 million.
Micro Focus said the business area was changing rapidly and becoming increasingly specialised, with Smarsh now a better fit as an owner.
Pet products retailer and veterinary group Pets at Home fell 2.9% to 485p despite upgrading its annual profit guidance to the top end of the current analysts' range.
Pets at Home also announced the pending departure next summer of chief executive Peter Pritchard.
Oil company Energean eased back 0.1% to 923p even after modestly upping its annual production guidance range.
Energean also said it was on track to deliver annual revenues in excess of $450 million and operating earnings in excess of $190 million.
Train and bus ticketing platform Trainline reversed 3.0% to 312.8p after a partial recovery in sales wasn't strong enough to prevent it from booking another first-half loss.
Trainline's pre-tax losses for the six months through September were £10.3 million, compared to year-on-year losses of £44.7 million. Revenue more than doubled to £77.7 million, up from £31.0 million.
Construction and regeneration group Morgan Sindall added 2.0% to £22.75 on guiding for a full-year result 'slightly above' its previous forecasts.
Inflation in the supply chain and the availability of materials and labour have 'remained manageable', Morgain Sindall said.
Cellular materials technology group Zotefoams firmed 5.6% to 380p on announcing that its third-quarter revenue had risen 11%, offsetting cost pressures and putting it on track to meet annual guidance.
Zotefoams's sales for the three months through September had risen by an even higher 35% compared to the same period in 2019.
Cocktail bar owner Nightcap rallied 14% to 21.6p, having upgraded its profit guidance, citing bumper sales since Covid restrictions were relaxed.
Results for the 53 weeks through 3 July 2022 would be 'significantly ahead' of current market expectations, Nightcap said in a trading update.
Cannabidiol group Chill Brands tumbled 20% to 12p as it revealed supply-chain issues had disrupted the pace of a product rollout in the US.