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British stocks opened lower on Thursday as the Federal Reserve projected fewer rate cuts this year, while a slew of corporate updates capped further losses.

The blue-chip FTSE 100 was down 0.2% by 7:10 GMT, while the mid-cap FTSE 250 dipped 0.3%.

The Fed kept rates unchanged on Wednesday, as expected, and pushed out the start of rate cuts to perhaps as late as December.

Additionally, data showed US consumer prices were unexpectedly unchanged in May.

Despite this, Fed officials revised their interest rate reduction forecast to just one quarter-point cut this year.

US producer price figures later in the day will also draw significant attention. Among individual stocks, Halma gained 4.3% after the technology firm beat estimates for full-year revenue and core profit.

BT was up 2% after Mexican magnate Carlos Slim took a 3.16% stake in Britain’s biggest broadband and mobile operator.

London’s FTSE 100 logs worst day in nearly two months as financials, miners weigh

Legal & General edged up 0.5% after Patron Capital Partners emerged as one of the bidders for the life insurer’s housebuilder CALA, in a deal expected to raise around one billion pounds ($1.28 billion).

On the flipside, Crest Nicholson slumped 12.3% after the housebuilder warned its annual profit would fall by about one-third and reported an 88% slump in half-year earnings.

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