UK market cautious ahead of US rates decision - late morning Tuesday

The FTSE 100 was higher at midmorning trade, up 1% to 5327, but investors were cautious ahead of the US Federal Reserve's latest rate decision, to be announced after the UK close. Leading the FTSE 100 was plumbing and heating supplies group Wolseley with a rise of 4% to 689p. The stock had been as high as a record 700p earlier. The city was impressed by the group's better than expected first half figures – fiscal profit quadrupled to £128.4m from £32.1m the previous year. Telecoms were notably weaker with sentiment dented after Deutsche Telekom admitted it is slashing its 2001...