U.K. stocks inched higher Wednesday, as investors regained their appetite for risk after a four-session string of losses, which left the London benchmark at its lowest level since February. The FTSE 100 rose 0.9% to 5,983.42. All sectors gained ground, led by mining and financial shares. Among miners, platinum producer Anglo American PLC gained 3.8%, Glencore PLC picked up 3.3%, and Antofagasta PLC tacked on 2.9%. The gains come after the FTSE 100 dropped 2% on Tuesday, on heightened worries that the U.K. will leave the European Union, known as a "Brexit." The index on Tuesday closed below 6,000 for the first time in more than three months. "After yesterday's shakedown for equities, there's a little more optimism in play as Wednesday's session gets underway, although just how sustainable this is remains to be seen," said Tony Cross, market analyst at Trustnet Direct, in a note. Brexit in focus: Treasury chief George Osborne on Wednesday warned that £30 billion ($42 billion) in tax increases and spending cuts will come in via an emergency budget if the U.K. votes to ditch the EU in the June 23 referendum. Bank shares were higher Wednesday, after taking a recent hit on concerns about profitability and their exposure to risks from a Brexit. Royal Bank of Scotland PLC rose 2.2%, Barclays PLC advanced 2%, and Lloyds Banking Group PLC moved up 1.5%. Shares of Berkeley Group Holdings PLC were among the few decliners on the FTSE 100. They dropped 1.4% after the home builder posted a 1.6% fall in fiscal 2016 pretax profit. Berkeley has said it supports the U.K. remaining in the EU, saying membership in the bloc is important for Britain's real estate industry. Fed ahead: Investors overall were taking on risk ahead of the Federal Reserve policy announcement, due at 7 p.m. London time, or 2 p.m. Eastern Time. Fed Chairwoman Janet Yellen will hold a press conference at 7:30 p.m. London time. The Fed is widely expected to hold interest rates steady, but the market will watch for clues about the timing of future rate moves. Ahead of that, U.K. unemployment and wage data for April are due at 9:30 a.m. London time. The pound was buying $1.4163, compared with $1.4101 late Tuesday in New York. Other movers: Jimmy Choo PLC shares topped the mid-cap FTSE 250 surging 9.4% after the shoe and accessories company said it's "made a good start to the year and trading is in line with our expectations." Aveva Group PLC shares plunged 13% after merger talks with French industrial group Schneider Electric SE were terminated for a second time. Source: MarketWatch
