FTSE hit by US Federal Reserve

The UK FTSE 100 Index has retreated about 33 points to 4904.20 points in morning trading, led by Schroders down 23p to 720p. Venture capital firm 3i, meanwhile has picked up 7p to 688.50p, along with Boots adding 4p to 626.50p this morning. In Japan the Nikkei 225 Stock Average declined 0.9% to 11,739.12 led by shares of firms conducting business in the US on concerns that higher interest rates will affect consumer spending. Pioneer, Japan's largest maker of car navigation systems, dropped 1.4% to 1,981 yen, while Fuji Photo Film shed 1.3% to 3,890 yen. Both firms generate close to ha...