FTSE 100, FTSE 250 flat each

Aug 28 Reuters UK39;s main FTSE 100 stock index opened slightly up on Wednesday led by pharmaceuticals and insurers, with the market outlook hinging on key economic data for expectations around interest rate cuts from the U.S. Federal Reserve.

The bluechip FTSE 100 index was up 0.1 by 0710 GMT, after rising for the fourth straight session on Tuesday, while the domesticallyfocused midcap FTSE 250 was largely unchanged.

The pharma sector was up 0.4, led by 2 gains in GSK. Delaware39;s highest court will hear an appeal by GSK and other drugmakers seeking to end over 70,000 lawsuits claiming discontinued heartburn drug Zantac caused cancer.

Direct Line Insurance rose 1.2, boosting nonlife insurers, after Citigroup upgraded the stock to buy from neutral.

Meanwhile, Kingfisher dropped 2 to the bottom of the FTSE 100 after Citigroup downgraded the home improvement retailer39;s shares to neutral from buy.

On the earnings front, Prudential fell 1 following its quarterly results, weighed by a slowdown in China and Indonesia businesses.

Caution also loomed ahead of Nvidia39;s quarterly results due after market close, as investors eagerly await the fate of the global AIdriven equity rally. Owing to its backtoback blockbuster results, market participants have sharply ramped up their expectations for the chip giant.

Further, this week39;s U.S. Personal Consumption Expenditure data will also provide investors additional hints on the pace of likely…