09.07.202615:57:58UTC+00FTSE 100 Lags Europe as AstraZeneca Tumbles

The FTSE 100 slipped on Thursday, underperforming its European counterparts as a sharp decline in AstraZeneca dragged the index lower. Shares in the pharmaceutical heavyweight – the FTSE 100’s second-largest constituent – tumbled 7.3% after its gene-silencing therapy Wainua, developed in partnership with Ionis Pharmaceuticals, failed a late-stage clinical trial designed to reduce heart complications in patients with a rare cardiac condition.

Energy stocks added to the downward pressure, with Shell falling 1.3% and BP losing 1.9% as crude oil prices pulled back. Investors remained focused on geopolitical developments in the Middle East, where uncertainty over a potential US-Iran ceasefire continued to stoke concerns about energy supply disruptions and inflation.

In corporate news, Severn Trent said trading was in line with expectations following a strong start to its 2027 financial year. Meanwhile, the latest RICS survey showed that UK house prices continued to fall in June, although the pace of decline moderated slightly, indicating that the housing market may be starting to stabilise.