The FTSE 100 closed 26.02 points lower at 7,587.70 following hawkish warning from the US fed on inflationary control measures.
ITV shed 4.1% over suggestions it could launch a bid for soon-to-be privatised UK broadcaster Channel 4.
The Telegraph reported ITV has told ministers it would be interested in making an offer for Channel 4, which has an estimated price tag of £1 billion.
Barratt Developments gained 2.1% after it joined four other housebuilders in announcing that it has signed the UK government’s Building Safety Pledge. Persimmon and Berkeley closed up 1.1% and 1.4%, respectively.
Brent crude oil was quoted at $104.01 a barrel Wednesday evening, down from %107.07 late Tuesday.
7am: Murgitroyd deal
Murgitroyd, the pan-European intellectual property protection (IP) business, has acquired the Glasgow-based IP specialist firm, Creation IP. The move is the latest step in Murgitroyd’s growth and expansion strategy and is the company’s third acquisition inside eight months.
Creation IP’s client list includes a broad spectrum of innovative companies, ranging from Scottish based spin-outs and start-up businesses through to larger SMEs (small to medium-sized enterprises) and US-based corporates.
Concerns over tighter oil supplies re-emerged as the US and Europe stepped up sanctions on Russia.
Proposed EU sanctions, which the bloc’s 27 member states must approve, would ban buying Russian coal and prevent Russian ships from entering EU ports. Britain also urged G7 and NATO nations to agree a timetable to phase out oil and gas imports from Russia.
Brent crude futures were up 11 cents, or 0.1%, at $106.75 a barrel as of 0339 GMT, having fallen to $105.06 earlier in the session.
US West Texas Intermediate futures fell 11 cents, or 0.1%, to $101.85 a barrel, after dipping to as low as $100.37 in an early trade.
Wall Street’s main indexes fell on Tuesday, dragged by weakness in tech and other growth stocks, after comments from Federal Reserve Governor Lael Brainard spooked investors about potential aggressive actions by the central bank to control inflation.
The tech-heavy Nasdaq posted its biggest daily percentage drop in about a month, with declines in heavyweight stocks such as Apple and Amazon.