By Carla Mozee, MarketWatch

LONDON (MarketWatch) -- Shares of GlaxoSmithKline PLC dropped sharply following a profit warning, keeping a lid on gains for the benchmark FTSE 100 index on Wednesday.

Glaxo shares (GSK) fell 4.7%, the steepest decline since October 2008, according to FactSet data, as the company said it now expects core per-share earnings to be similar to 2013. That compares with Glaxo's previous target of 4% to 8% growth.

Overall, the FTSE 100 edged up 4 points to 6,798.22.

U.K. stocks rose after minutes from the Bank of England's July meeting showed all nine policy makers voted to hold interest rates at 0.5% and keep their GBP375 billion-pound ($640 billion) asset-purchase program unchanged. The decision came at a time when policy makers faced criticism for sending mixed signals on the outlook for borrowing costs.

Investors have been speculating about when the central bank will make its first rate increase, as the market has recently received a string of solid economic U.K. data. Several economists have projected a rate increase in November.

"What was perhaps surprising was that the minutes did not contain any hints from individuals that they were on the brink of voting for tighter policy," said Investec chief economist Phillip Shaw in a note.

The pound (GBPUSD) slipped following the minutes, buying $1.7037, compared with $1.7091 ahead of the release.

Elsewhere, shares of BHP Billiton rose 0.6% after the miner posted iron-ore production of 225 million metric tons for the year through June. That was an increase of 20% on the 12 months prior. BHP in April raised its expectations for full-year iron-ore production to 217 million tons.

Other mining stocks gained as well. Glencore PLC rose 1%, and Rio Tinto PLC (RIO) moved up 1.6%.

European stocks

The Stoxx Europe 600 index rose 0.1% to 342.86.

Deutsche Bank AG (DB) fell 0.7%. According to documents reviewed by The Wall Street Journal, an examination by the Federal Reserve Bank of New York found that Deutsche Bank's U.S. operations suffer from shoddy financial reporting, inadequate auditing and oversight and weak technology systems.

Among national markets, France's CAC 40 index reversed course and rose 0.1% to 4,373.92, and Germany's DAX 30 index gained 0.2% to 9,753.56.

Russia's MICEX index finished a choppy session up less than 1 point at 1,406.58. During afternoon trade, Ukraine's defense ministry said two Ukrainian fighter jets had been shot down in separatist-controlled eastern Ukraine.

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