Globally, investors were cautious ahead of the U.S. Federal Reserve two-day policy meeting, where the central bank is expected to confirm that it will maintain its easy monetary policy to bolster the economy.
"The Federal Reserve can't afford to make any comments that would awaken the Fed hawks at this week's meeting," Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, said in a note. "But the rising inflation expectations due to the skyrocketing commodity prices and robust growth could titillate the Fed hawks at some point, and shift the attention from robust first-quarter earnings to what would happen to these earnings once the financial conditions start being tightened."
The FTSE 100 has gained about 7.7% year-to-date on optimism that speedy COVID-19 vaccinations and constant government policy support would drive a stronger economic recovery. However, concerns over the resurgence of COVID-19 cases in parts of Asia and prospects of rising inflation as economies reopen have dented sentiment.
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