FTSE 100 notches record close on US-EU trade deal optimism, earnings boost
The benchmark FTSE 100 (.FTSE), opens new tab closed up 0.9% at 9,138.37 points. The domestically oriented midcap FTSE 250 (.FTMC), opens new tab gained 0.6%.
The personal care and grocery stores index (.FTNMX452010), opens new tab led sectoral gains, up 2.6%, boosted by Reckitt (RKT.L), opens new tab, up 9.9%, after the consumer goods company raised its annual revenue forecast.
Healthcare stocks (.FTNMX201030), opens new tab rose 1.9% with AstraZeneca (AZN.L), opens new tab up 2.1% after the drugmaker's rare immune disorder drug succeeded in an advanced trial.
GSK (GSK.L), opens new tab added 1.4% after the U.S. Food and Drug Administration on Wednesday extended its review of the drugmaker's blood cancer drug.
Media stocks (.FTNMX403010), opens new tab advanced 2.3%, led by ITV (ITV.L), opens new tab, which rose 13.3% after the broadcaster's half-year results beat forecasts.
Conversely, precious metal miners (.FTNMX551030), opens new tab fell 1.4%, tracking a drop in gold prices. Endeavour Mining (EDV.L), opens new tab fell 1.3%, and Fresnillo (FRES.L), opens new tab was down 2.1%.
In company news, BT Group (BT.L), opens new tab advanced 10.4%, topping the FTSE 100 index, after the telecom firm named Patricia Cobian as its first female chief financial officer.
Howden Joinery (HWDN.L), opens new tab soared 8.9% after reporting a rise in first-half profit.
Vodafone (VOD.L), opens new tab gained 3.4% after reporting a 5.5% increase in organic service revenue in the first quarter.
Airtel Africa (AAF.L), opens new tab soared 7.3% after posting higher quarterly results.
Anglo American's (AAL.L), opens new tab copper and diamond production fell in the first half of the year. Shares of the miner edged 0.9% down.
BP (BP.L), opens new tab will exit its planned green hydrogen production facility in Australia as it pivots back to oil and gas, a spokesperson said. Shares of the energy major were down 1.7%.
Meanwhile, an EU spokesperson signalled that a U.S.-EU deal was within reach, which would result in broad 15% import tariffs on the 27-member bloc.
Additionally, surveys showed British companies are struggling to grow and the job market continues to weaken, but inflation pressures are still lurking in the economy.
A Reuters poll showed the Bank of England is expected to cut interest rates in August and November with steady economic growth anticipated.
Britain and India also signed a free trade agreement.
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Scottish Sun
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Future of chain Claire's on UK high streets uncertain after US parent firm files for bankruptcy
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) FASHION accessories chain Claire's is facing an uncertain future on UK high streets, after its US parent firm filed for bankruptcy. It is the second time the ear-piercing favourite has declared itself bust, after previously filing for bankruptcy in 2018. Sign up for Scottish Sun newsletter Sign up 1 Claire's is facing an uncertain future after its parent firm filed for bankruptcy Credit: AFP Its finances are now under pressure from weak consumer demand and supply chain uncertainty. The filings showed that the parent business reported liabilities of up to $10billion (£7billion) and owed between 25,000 and 50,000 creditors. Claire's operates 2,750 stores worldwide, including 280 in the UK. While British stores remain unaffected for now, the UK arm has lost £25million over the past three years and is at risk of collapsing into administration later this month. READ MORE ON BUSINESS LAST ORDERS Award-winning UK restaurant chain shuts ALL its sites after nearly a decade It has been working with advisers to explore a sale or restructuring. However, potential buyers, such as Hilco Capital, are understood to have walked away. Retail experts say Claire's is struggling to stay relevant. Julie Palmer, from Begbies Traynor, said: 'Claire's low-price offering is clearly not strong enough to win over its core customers — teens and young adults — as they now have access to a vast array of affordable and convenient products online through platforms like Amazon and Temu.' Claire's boss Chris Cramer said: 'We remain in active discussions with potential strategic and financial partners and are committed to completing our review of strategic alternatives.' Nostalgic 90's retailer files for bankruptcy after chain misses rent payments for June and July 'CORE BLIMEY! MINING giant Glenciore has decided to stick with its London stock listing, scrapping plans to shift to New York, in a win for the City. It has been listed on the FTSE since 2011, when it was valued at £37billion — at the time the exchange's largest float. However, the Swiss-based firm has announced plans to slash £753million in costs by 2026, including job cuts across its 150,000-strong workforce. METRO BANK ON THE UP METRO BANK has bounced back, posting a £43.1million pre-tax profit for the first half of 2025 — up from a £33.5million loss reported in the same period last year. The lender doubled new corporate and small business loans to £1billion, and cut 8 per cent from its costs by axing a third of its workforce and reducing branch hours. Boss Daniel Frumkin said: 'Our strong performance reflects the decisive actions we have taken.' Elsewhere, Sabadell shareholders have approved the £2.65billion sale of TSB to Santander.
BBC News
2 hours ago
- BBC News
How Europe is vying for rare earth independence from China
For almost 80 years rare earth metals have been pumped out of this industrial plant in La Rochelle on France's west as the materials become more and more crucial to the global economy, chemicals firm Solvay is expanding its processing plant next to the glistening Atlantic Ocean to meet surging demand across group of 17 metals are essential to huge amounts of modern technology such as smartphones, electric vehicles and wind turbines and MRI scanners. However, around 70% of rare earths mining, and 90% of refining, happens in China, as a result of years of support from the Chinese like many other parts of the world, is trying to reduce its dependence on importing these key metals from China. 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Projects in Norway and Sweden are amongst the most advanced, but its likely to be another decade before they are ready."I think it's absolutely necessary to have our own mines, not necessarily a lot of them, because we can have a mix, but it's important to have our own sourcing," says Mr is a complex process to turn those materials into the powders that are the end product of this requires approximately 1,500 processes, and given the unique capabilities of this facility, outsiders are rarely allowed in. This is due to concerns about rivals potentially gaining some of the knowledge that is currently otherwise concentrated in we've been granted special access to one of the separation rooms that are a vital part of the closely-guarded know-how built up since this plant started operating in 1948."The objective of the liquid separation unit will be to purify cerium on one side, lanthanum on the other side," explains production manager Florian Gouneau as we walk up a flight of metal stairs."It's basically like if you have a multi fruit juice with orange juice, apple juice, pineapple juice, the objective of the liquid separation unit will be to separate apple juice on one side, orange juice on the other side, and so on." The room itself is about the size of a football pitch, and home to row after row of huge metal vats within which chemical reactions force the different rare earths 40-hectare site employs more than 300 people. A vast collection of industrial buildings are joined together by an array of metal pipes moving substances through the processes. Significant amounts of chemicals are stored in cylindrical tanks, and give the facility a distinct smell that is similar to a freshly-cleaned hospital ward.I ask Mr Gouneau if he's used to it after working here for three years. "What smell?" he jokingly replies. The site is also distinctly noisy and warm as vents continually hum. They expel hot air into an atmosphere that is also punctuated by seagulls unaware that they have a unique view of one of the most important frontlines in the global French government is supporting this facility with about €20m ($23m; £17.4m) in tax credits."Having a dependency on a single source – it is dangerous because you cannot know what will happen to this source for various reasons," says Benjamin Gallezot, who is President Macron's adviser on strategic minerals and metals."It can be a geopolitical reason, but it can also be, you know, natural disaster or whatever."In the blazing sun he won't be drawn on the impact of China trying to restrict access to its rare earths exports, a subject at the heart of continuing US China trade talks. But Mr Gallezot does say: "I think economic cooperation is clearly more powerful than just only pure competition." The European Parliament wants the European Commission to do more to reduce that dependence on Chinese rare earths. It says Beijing's controls are "unjustified" and "intended to be coercive".On a recent visit to Germany, China's foreign minister Wang Yi said it was his country's "sovereign right", as well as being "common practice", to control exports of goods that have both commercial as well as military stance explains why securing access to raw materials has been at the heart of recent EU trade deals, such as the one it signed with Argentina, Brazil, Paraguay and Uruguay last firms in the rare earths sector say they need more government support if they are going to catch-up with their Chinese Moreno, the CEO of Australia's Viridis Mining, says this backing, both regulatory and financial, "is the key right now". His business is developing a vast rare earths mine in Brazil, which hopes to provide as much as 5% of the world's rare earths. 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Business News Wales
3 hours ago
- Business News Wales
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