- FTSE 100 gains 40 points
- GSK surges on update
- Gold hits record US$2,882
6.01pm: FTSE 100 heads for positive finish
GSK PLC and Fresnillo PLC continued to lead risers as the FTSE 100 headed for a positive finish come late trading, up 40 points at 8,610.
GSK bounced 7.2% after hiking sales targets earlier in the day, while Fresnillo added 4.8% in line with further gains for gold, which racked up yet another high of US$2,882 an ounce.
Endeavour Mining PLC was also among risers as a result, with the yellow metal having been buoyed by fears around deteriorating US-China trade relations.
Diageo PLC dropped 3.5% to head the day’s fallers in the meantime, following warnings over the impact of US tariffs in figures earlier in the week.
Mid and small caps also enjoyed gains, with the FTSE 350 and AIM all-share racking up respective 0.4% and 0.3% gains by late in the day.
Gfinity PLC led the junior market risers, ahead of the likes of Ilika PLC, which surged 25.0% after impressing with an update on key steps towards commercialising its Goliath battery… Read more
3.27pm: Honda-Nissan tie-up plans reportedly on verge of collapse
Discussions between Nissan and Honda over creating the world’s third-largest automaker are reportedly on the verge of collapse.
According to Reuters-cited sources, Nissan was set to turn its back on the potential £46 billion merger over growing differences between the two Japanese firms.
Nissan had reportedly disagreed with Honda’s suggestion it would be a subsidiary after the deal, rather than an equal part of the merged business.
Reports of discussions, which were also said to include Mitsubishi, broke prior to last Christmas, with the Nikkei newspaper first reporting these had fallen through.
Reuters cited statements from both noting the latest report was not based on information from the companies and that a decision was due by mid-February.
2.54pm: Mixed start on Wall Street
Wall Street fared mixed fortunes as Tuesday’s trading kicked off, with the Dow Jones gaining but the S&P 500 and Nasdaq both falling.
Weighed down by the likes of Alphabet Inc and Advanced Micro Devices Inc on underwhelming results, the Nasdaq shed 0.5% after the opening bell.
The declines also dragged on the S&P 500, which fell by 0.2%, led by chemical firm FMC Corp as it slumped almost 36% on below-expected fourth-quarter revenue.
The Dow Jones added 0.1% in the meantime, as gains for the likes of Amgen Inc, Nvidia Corp and JPMorgan Chase & Co helped offset falls by Amazon.com Inc and Apple Inc.
Apple reportedly had the latest become subject to a potential investigation by China as trade relations with the US remained strained following last weekend’s confirmation of tariffs.
2.04pm: M&S hit with downgrade on wider job market pressure
Marks and Spencer Group PLC has faced a downgrade by Jefferies analysts on concerns around wider job market deterioration.
Calculations of UK consumer cash flow present "a constructive view" for disposable income-led growth, analysts at Jefferies said, which led them to keep 'buy' ratings on Tesco PLC, Next PLC and J Sainsbury PLC.
However, M&S, whose shares rocketed over 180% higher over the past two years, saw its 'buy' rating from Jefferies removed... Read more
"Balancing a robust recovery of disposable incomes vs muted employment prompts us to take a more selective exposure to UK retail, led by market-share winners."
Figures this week have pointed to strong trading for M&S recently, with NIQ on Wednesday reporting a 9.7% increase in grocery sales over the 12 weeks to Jan 25, after Kantar on Tuesday also fagged strong growth.
M&S shares were up 1.3% at 349.3p on Wednesday.
1.23pm: US Postal Office resumes taking China, Hong Kong parcels
The United States Postal Service appears to have U-turned on a move to suspend parcels from China and Hong Kong.
A statement on Tuesday had said acceptance of inbound parcels would be temporarily suspended as letters were left unaffected.
However, an updated notice on Wednesday said "all international inbound mail and packages from China and Hong Kong" would keep being accepted.
"The USPS and Customs and Border Protection are working closely together to implement an efficient collection mechanism for the new China tariffs to ensure the least disruption to package delivery," it said… Read more
Futures continued to point to a negative start on Wall Street, while the FTSE 100 was up 21 points at 8,591 come the afternoon.
12.35pm: Nasdaq to drop as China seeks fresh talks on US trade spat
Wall Street headed for declines ahead of Wednesday’s opening bell as the US-China trade spat continued to cast a shadow over sentiment.
Having been due to speak on Tuesday, a call between Donald Trump and Xi Jinping had been cancelled as China set retaliatory tariffs after US levies came into force.
China foreign ministry spokesperson Lin Jian subsequently flagged “strong dissatisfaction and resolute opposition” to the US tariffs and called for “fair and mutually respectful dialogue”.
US stocks had managed to rack up gains on Tuesday, though futures pointed to another tough start after declines on the back of tariff-sparked fears earlier in the week.
The Nasdaq was seen 0.8% lower ahead of Wednesday’s opening bell, with the S&P 500 and Dow Jones called 0.5% and 0.1% lower respectively.
Gold pushed record highs in the meantime, climbing as high as US$2,877.
Among companies, eyes were on the likes of The Walt Disney Co and Ford Motor Co ahead of earnings.
Google owner Alphabet Inc, having unveiled weaker-than-expected fourth-quarter revenue and a big spending forecast that unsettled investors overnight, slumped 6.8% in pre-market trading.
11.43am: UK firms cut jobs at fastest rate in four years
Job reductions across UK companies hit their steepest level in four years last month as demand woes and fears around higher payroll costs gripped.
According to S&P, private sector staffing levels fell for a fourth month running, leading to the fastest pace in job reductions since the global financial crisis when excluding the pandemic.
The UK composite purchasing managers index edged higher from 50.4 to 50.6 in January, reflecting an increase in output.
However, input inflation was said to have hit its highest in 18 months, in part as prices were raised ahead of April’s employer national insurance hike, unveiled in October’s Budget.
“Stagflation conditions appeared to take a firmer hold at the start of the year,” S&P economics director Tim Moore said.
S&P also reported subsiding service sector output growth, with the PMI falling from 51.1 to 50.8 in January.
“The twin perils of shrinking workloads and rising payroll costs meant that many service providers put the brakes on recruitment,” Moore added.
“Job cuts were seen in most sub-sectors, with leisure and hospitality businesses indicating a particularly sharp rate of decline.”
10.49am: FTSE 100 remains off the mark
London’s blue chips remained off the mark come late morning, sitting two points lower at 8,568.
GSK PLC continued to head the risers with a 5.5% climb after lifting its long-term sales target in results, while Fresnillo PLC followed, up 3.8% in line with further gains for gold.
The yellow metal continued to tread in record-breaking territory, hitting US$2,872 an ounce for a 1.9% daily gain.
Mid and small caps also continued to face pressure, with the FTSE 350 off three points at 4,699 and the AIM all-share just off the mark at 712.
Ferrexpo PLC topped the mid-cap fallers, dropping 11.1% after being hit with allegations by Ukraine's National Police that it had mined minerals not included in permits.
Ilika PLC surged 20% in the meantime to sit among the junior market winners, following news of key steps towards manufacturing and commercialising its Goliath battery… Read more
ATOME PLC also racked up a gain after updating on progress at the Villeta green fertiliser project, in Paraguay… Read more
10.03am: Toyota eyes US, China production in EV push
Toyota Motor on Wednesday unveiled plans for production sites in China and the US under a wider push towards electric vehicles.
A company would be set up in China’s Jinshan district in partnership with the Shanghai government to produce EVs and batteries, the world’s largest automaker said Wednesday.
Plans for a US$14 billion (£11.2 billion) EV, hybrid and plug-in battery facility in North Carolina were also unveiled.
Some 100,000 cars a year were set to be produced at the Chinese site, creating 1,000 jobs, according to Toyota, with output of new Lexus EVs starting in 2027.
Shipping would begin from the US facility, which was expected to make 5,000 roles, from April, it added.
The moves come after Toyota has faced pressure from the likes of Tesla Inc and BYD in the midst of a wider boom in China’s EV market.
Trade tensions between the US and China have also mounted in recent days, after Donald Trump’s confirmation of tariffs at the weekend saw the latter respond with retaliatory levies.
Toyota also unveiled third-quarter results on Wednesday, showing a 61% surge in profit to 2.19 trillion yen (£11,45 billion) as sales climbed 3% to 12.4 trillion yen.
9.25am: US Postal Service halts China, Hong Kong parcel receipts as trade tensions mount
Parcels from China and Hong Kong will no longer be accepted by the United States Postal Service, the company has said.
From Tuesday, acceptance of inbound parcels would be temporarily suspended, according to a statement, as letters remained unaffected.
Though no reason was given, the move comes as trade tensions between the US and China mount after Donald Trump firmed up 10% tariffs at the weekend.
China subsequently unveiled retaliatory tariffs of 10% to 15% on US goods, due from February 10, with coal and liquefied natural gas facing the steepest levies.
Tuesday’s move also coincided with new rules closing a loophole allowing small packages under US$800 (£641) to be sent to the US tax and fee-free.
9.08am: Fevertree issues £71mln worth of shares to Molson Coors
Fevertree Drinks PLC has completed the issue of £71 million worth of shares to Molson Coors under the duo's agreement for its carbonated mixer brand in the US.
Some 10,856,628 ordinary shares were issued at a price of 654.2p each, Fevertree said Wednesday, equating to 8.5% of the company.
Total issued capital was set to sit at 127,615,093 as a result, following admission to AIM on Wednesday.
Fevertree previously said that the proceeds would be used for a buyback upon unveiling the Molson Coors deal last week.
Under this, Molson Coors would take on exclusive sales, distribution and production of its drinks in the US.
Fevertree shares were down 1.8% at 726p on Wednesday.
8.44am: New car sales fall once again
Sales of new cars across the UK declined once again in January, figures showed on Wednesday.
According to the Society of Motor Manufacturers and Traders, new car registrations sat at 137,000 over the month, against 142,876 a year earlier.
Auto Trader commercial director Ian Plummer noted it had been a “lacklustre start to 2025” for the industry as registrations fell for a fourth month in a row.
“This year will offer its fair share of challenges for established brands, amid economic uncertainty, tariff threats from the US and fierce competition from a growing array of new Chinese entrants,” he said.
8.32am: Santander jumps as €10bn buyback unveiled on record profit
Banco Santander shares spiked over 6% on Wednesday after the lender unveiled plans for €10 billion (£8.3 billion) worth of buybacks on record full-year profit.
Profit jumped 14% to €12,574 million in 2024 on a 10% increase in revenue to €62.2 billion, Santander reported.
Strong revenue growth was recorded across all global businesses and regions, it added, as some eight million customers were added to take its total to 173 million.
Customer funds increased 4% on a constant currency basis, as net interest income grew by 8% on stronger retail trading in most countries.
The UK was an “exception” though, Santander said, as lower mortgage volumes and higher deposit costs hit, alongside the US.
Speculation had built around a potential exit from the UK for Santander ahead of the results.
Shares jumped 6.7% to 449.62p on Wednesday.
8.17am: GSK leads FTSE 100 up; Gold sets another record
London’s blue chips kicked off Wednesday’s session just on the front foot, climbing three points to 8,574.
GSK PLC headed the early risers with a 6.3% gain after results saw its long term sales target upgraded.
Sales were expected to exceed £40 billion by 2031, against £38 billion seen previously, following a "strong" 2024 on growth of its specialty medicines portfolio… Read more
Fresnillo PLC was also among the initial gainers, climbing 1.4% as gold continued to push record highs on fears around deteriorating US-China trade relations.
A 1.9% jump took the yellow metal to US$2,865 an ounce come Wednesday morning, trouncing several records already notched up in 2025.
“There is not a better hedge than gold for protecting a portfolio from Trump worries,” Swissquote Bank analyst Ipek Ozkardeskaya said.
“The more chaotic international relations become, the greater the demand - especially from central banks looking to reduce US exposure should Trump turn his focus on them.”
Among other reporters, SSE PLC slipped 0.7%, while Future PLC climbed 2.6%.
8.07am: Futures sticks to guidance despite mixed trading
Future PLC has said it should hit expectations for the year despite ongoing challenges across the UK advertising market and a slowdown in its Go.Compare business.
Trading was as expected in the four months to January 31, the FTSE 250-listed publishing firm said on Wednesday.
Improvement continued in the US digital advertising and e-commerce sectors, as its magazine division also remained resilient.
Challenges persisted in UK advertising though, while a slowdown in the car insurance switching market was said to have hit Go.Compare after a “standout” 2024.
Business-to-business operations were also mixed, including on softness in enterprise technology.
“We have continued the diversification into other categories such as home insurance which are delivering good growth,” Future noted.
Future added it remained on track to hit market expectations despite mixed conditions for revenue of £776.9 million and adjusted operating profit of £217.8 million for the full year.
7.45am: SSE boosts renewable energy production despite storm hit recently
SSE PLC has grown renewables output so far this year despite the impact of storming weather and laid out profit guidance.
Adjusted per-share earnings were on course to sit between 154p and 163p for the year to March, the generator said in a third-quarter update, against 158.5p in fiscal 2024.
Capacity additions and broadly favourable weather over the first nine months of the year had led to a 26% increase in renewable energy generation to 9,253 gigawatt hours.
This was in spite of variable weather most recently, after the likes of Storm Eowyn were previously said to have seen thousands of turbines across the country switched off.
SSE chief financial officer Barry O'Regan noted the company had provided “a swift and effective response to the storm” after it caused widespread network disruption.
SSE also flagged first production at its Yellow River onshore wind farm over the third quarter, as the likes of development continued at the Dogger Bank offshore project.
Final investment decisions had been made for the Tarbert Next Generation biopower station in Co Kerry and the Strathy South onshore wind farm too, it said.
7.11am: FTSE 100 set for muted start
Futures showed the FTSE 100 little changed prior to Wednesday’s open, after London’s blue-chip index shed 12 points to sit at 8,570 on Tuesday.
Following a negative start to the week as global stocks took a pummelling on fears around tariffs under Donald Trump, Wall Street largely enjoyed gains on Tuesday.
Asian markets then had a mixed showing overnight, after Mexico and Canada struck deals to stave off US levies for a month but trade tensions with China mounted on retaliatory tariffs.
Back in London, a string of companies were set to report on Wednesday, including GSK PLC, SSE PLC and Banco Santander.
5.00am: Wednesday's schedule
GSK, SSE and Santander are among those in line to update on Wednesday, before the likes of Ford and Disney report from across the Atlantic.
GSK has juggled with pressure around its pipeline and Donald Trump's election victory... Read more
SSE's update comes hot on the heels of an upgrade by UBS analysts... Read more
Santander's results come after speculation around its exit from the UK... Read more
Announcements due:
Trading updates: DCC PLC, SSE PLC
Interims: Made Tech Group PLC
Finals: GSK PLC, Pressure Technologies PLC, Banco Santander SA
US earnings: Alibaba Group Holding, Novo Nordisk, Uber Technologies, The Walt Disney Co, ARM Holdings, Ford Motor Co, MicroStrategy, Qualcomm Inc
AGMs: Coro Energy PLC, Jaywing PLC, Premier Miton Group PLC, Ti Fluid Systems PLC
Economic announcements: Car Sales (UK), Composite PMI (UK), Balance of Trade (UK), Composite PMI (US), Crude Oil Stocks (US)