- FTSE 100 climbs 37 points at 9,071
- US-Japan trade agreement boosts markets
- Results from Wetherspoons, Informa, Heathrow, Breedon
4.52pm: Another record close
The FTSE 100 notched another record close on Wednesday, up 37 points at 9,071.
Equities were fuelled higher by the news the US has struck a trade deal with Japan. IG chief market analyst Chris Beauchamp noted that the deal has given the direction they have needed after two days of indecision.
“Markets are never focused on one subject for too long, and tech earnings tonight are poised to steal the limelight from the trade deal euphoria,” Beauchamp said.
“So far the season has delivered enough good news to keep the rally going – rate cut hopes, trade deals and earnings seem to provide the recipe for a continuation of the post-April rebound.”
4.08pm: FTSE 100 on course for another closing high
The FTSE 100 is back up above 9,070 as we enter the last half-hour of trading on Wednesday, heading for another record close, with a new intraday high of just over 9,080 seen earlier.
Off the back of its strong first-half numbers, Informa is still top of the tree, its shares up 5.3%.
What could be seen as a swathe of US-exposed companies are next, including JD Sports Fashion, AstraZeneca, Ashtead, Croda, Smith & Nephew, GSK, AB Foods, IAG and more.
Energy companies Centrica and SSE are leading the declines, down 2.8% and 2.45%. National Grid, Severn Trent and other utilities are also down, suggesting bond market moves might be at play.
Wall Street looks pretty similar to how it did earlier, though there's big news after the closing bell there later, so the mood could be different come tomorrow morning.
3.40pm: Trump says countries must 'open up' their market like Japan did
Donald Trump has warned in a social media post that he will only lower tariffs if they agree to "open up" their markets to US companies.
He said "tariff power" was the reason that Japan agreed to a trade deal.
"Remember, Japan is, for the first time ever, opening its [market] to the USA, even to cars, SUV’s, Trucks - and everything else, even agriculture and rice, which was always a complete no, no," he said in a post.
He said Japan also agreed to buy "billions of dollars worth of military and other equipment, and give us 90% of 550 billion dollas - and more".
3.23pm: Shawbrook IPO could be this year, maybe with Starling and Monzo to follow?
Shawbrook Bank could float in London this year, with reports suggesting private equity owners BC Partners and Pollen Street Capital are advancing their plans to offload the challenger bank.
An initial public offer would value the lender at around £2 billion, the Financial Times reported.
Pollen Street and BC, which bought Shawbrook in 2017, were recently reported to have made a takeover approach for Metro Bank Holdings PLC (LSE:MTRO), and the pair have held "tentative talks" with Starling Bank about a merger.
Shawbrook could list before the end of the year, the report said.
Max Harper, analyst at Third Bridge, said Starling could also look at an IPO, while other London digital banks and fintechs such as Monzo, Zilch and Zopa have reportedly been considering listings once fundraising conditions improve.
A potential £5 billion merger between Shawbrook and Starling "would have combined Shawbrook’s specialist lending capabilities with Starling’s digital platform, offering synergies, access to new markets and operational efficiencies. However, the deal now appears unlikely to progress."
Sentiment around IPOs has improved, he notes, pointing to companies like CFC and Visma exploring listings.
"With a more favourable environment and potential for a higher valuation, Starling may now revisit a standalone IPO path."
In May, there were reports that Monzo had engaged bankers to advise on a £6 billion float either in London or New York.
2.53pm: Wall Street opens higher
Wall Street has started mostly higher, led by the Dow Jones, which has gained 0.3%, while the S&P 500 advanced 0.2% to another intraday high.
The Nasdaq Composite is nine points above flat, while the more domestically focused Russell 2000 is up 0.7%.
Nvidia is up 1.8% to reverse some of yesterday's fall, though Microsoft, Alphabet, Tesla and Netflix are lower.
Texas Instruments is one of the biggest fallers in the S&P 500 on a cautious outlook, pointing to a slow recovery in the auto industry as tariffs disrupt international supply chains.
Fiserv, the financial services technology provider, fell 21% after lowering guidance despite a second quarter beat.
2.28pm: Supermarket sales data
The NIQ supermarket sales data for the four weeks to 12 July "makes for pretty pleasant reading" for the listed UK grocers", says analyst Clive Black at Shore Capital.
Aggregate sales were up 5.8%, boosted by hot weather and strong seasonal demand traits.
The market remains "rational", says Black, "with value being particularly channelled through loyalty mechanisms."
For Asda, he feels there has been a "steadying", while Sainsbury and Tesco have sustained "good progress in what is a more inflationary trading environment", with M&S top-line looking resilient too.
"We feel confident that current consensus earnings expectations can at least be met," Black says.
2.06pm: Copper deliveries
Several cargo ships laden with copper are looking to make ground in the US before the end of next week before planned 50% tariffs begin, according to news agency reports.
Shipping data provider Kpler said two recent US-bound shipments from Australia contained copper from Glencore’s nearby mines.
Another ship left Queensland's Townsville a week ago aiming to reach Hawaii by July 30, Bloomberg reported, citing the data firm.
1.18pm: UK agrees Typhoon sale with Turkey
The UK will sell as many as 40 Typhoon jets to Turkey, a deal worth several billion pounds, after Germany dropped its opposition to the sale.
Jointly produced by companies including BAE Systems, Airbus and Leonardo, the 'Eurofighter' jets were prevented from being sold to Turkey by the previous German government due to political and human rights concerns.
UK and Turkey defence ministers on Wednesday signed a memorandum of understanding where they pledged to move towards a comprehensive Typhoon sale and purchase deal, the FT has reported.
The paper cited UK officials who confirmed that "partner nations are supportive, including Germany", clearing the way for a final deal with Turkey, which both sides said they aimed to strike "as soon as possible".
Talks between UK PM Keir Starmer and German Chancellor Friedrich Merz were said to have covered the potential deal last week.
BAE shares have climbed out of the red in the past hour, up 0.4% now.
12.35pm: Deloitte probed over Glencore audits
Deloitte is being investigated by the Financial Reporting Council over its audits of Glencore PLC (LSE:GLEN) over an eight-year period.
In a statement, the regulator said it was dragging the accounting giant in to see whether its audits of the PLC and its subsidiary Glencore Energy UK between 2013 to 2020 "gave sufficient consideration to the risk of non-compliance with laws and regulations".
In 2022, Glencore was hit with £281 million of fines and other penalties after it pleaded guilty to seven counts of bribery to officials in various African countries in a case brought by the Serious Fraud Office.
The FRC said it launched the investigation at conduct committee meeting in March.
12.14pm: UK proposes changes for Apple and Google app stores
The UK’s competition watchdog says it intends to take action to break the control held over the mobile app market by Apple Inc (NASDAQ:AAPL) and Alphabet Inc's (NASDAQ:GOOG) Google.
After finding that both tech giants have "strategic market status" under the Digital Markets Act, the Competition and Markets Authority (CMA) said it has made proposals to spur competition.
The strategic market status means the companies have a disproportionate amount of control in the sector.
Proposals under the CMA's "roadmaps" for the two groups are "targeted and proportionate" and represent a "proportionate, pro-innovation" approach, it said.
These actions include requiring Apple and Google allow app developers to direct their potential customers off the App Store and Play Store, that both companies review and rank apps in their stores "in a fair, objective and transparent manner", and that Apple would to "fairly and objectively consider requests from third parties for interoperable access to functionality in its operating systems".
11.59am: Good mood persists for markets, despite reports about EU's €100bn countermeasures
EU markets are mostly still up near their highs as midday comes.
The European Union is said to be readying plans to retaliate to potential 30% US tariffs, with a range of countermeasures on around €100 billion ($117 billion) worth of goods if Brussels and Washington are unable to come to a trade deal.
This would include a combination of an approved list of tariffs on €21 billion of US goods and an additional €72 billion of products into one package, Bloomberg is reporting, citing a European Commission spokesman.
EU trade commissioner Maros Sefcovic is due to speak with US commerce secretary Howard Lutnick later today.
"While our priority is negotiations, we continue in parallel to prepare for all outcomes including potential additional countermeasures," a Commission spokesperson said.
France's CAC and Spain's IBEX benchmarks are both up over 1%, while the gains for Germany's DAX have eased to just below 0.7%.
London's FTSE is up 0.45%, held back by utilities including Centrica, SSE, Severn Trent, National Grid, United Utilities and Airtel Africa, with other defensives and property groups down too, including BAT, Imperial Brands, Unite Group, Londonmetric, Rightmove and Land Securities.
US stock index futures are all pointing higher too, with those for the Dow Jones up 0.5%, the S&P 500 up 0.4% and Nasdaq 100 up 0.2%.
11.37am: Alpha surges to top of the FTSE 250
Shares in FTSE 250-listed Alpha Group International PLC (AIM:ALPH) have leapt 25% after the board agreed to a takeover by NYSE-listed business payments firm Corpay Inc in an all-cash deal.
Shareholders in the company formerly known as Alpha FX will receive 4,250p per share in cash, valuing the company at approximately £1.81 billion. The shares closed at 3,315p yesterday, up 45% since the start of the year.
Under the terms of the agreement, Alpha shareholders will receive 4,250 pence in cash for each share held — a 55% premium to the company’s closing share price on 1 May 2025 and a 71% premium to its one-month average. The deal implies an enterprise value of £1.61 billion.
Alpha’s board has unanimously recommended the offer, describing it as a compelling opportunity to crystallise value. Founder Morgan Tillbrook and all Alpha directors have given irrevocable undertakings to vote in favour, representing 13.83% of issued shares.
10.55am: Slight silver and gold divergence
While the FTSE is stomping up to new highs, and England have decided to bowl in the Old Trafford test match, there are 20 blue-chips in the red.
This was 21 but Fresnillo PLC (LSE:FRES), the Mexican precious metals miner, has climbed back into positive territory.
Earlier, its shares were under pressure, down almost 5% after it reiterated full-year silver production guidance.
Silver prices are continuing to press higher this morning, up to almost $39.4 an ounce this morning, while gold is back up to $3,430 after dipping earlier.
Market analyst Nikos Tzabouras at Tradu says precious metals prices eased as the US-Japan trade agreement "fuels risk-appetite", with the 15% tariff rate significantly lower than the previously threatened 25% and creating "hopes for a similarly constructive resolution in the negotiations" with China and the EU.
"With trade optimism returning and the potential for less severe tariff impacts on key economies, demand for bullion has slowed," he says.
"However, gold maintains its bullish bias and remains on track for new all-time highs," he adds, noting that US dollar weakness can also support gold’s strength.
"Its safe haven appeal can be revived as trade tensions are likely to persist ahead of the August 1 deadline."
Silver, meanwhile, is getting closer to a new 14-year high, buoyed by the US-Japan agreement, which can bolster industrial demand, as the metal plays a key role in various tech, defence and clean energy projects.
10.31am: Ex Citi and Barclays traders convictions overturned
Two former traders jailed for rigging interest rates have had their convictions overturned in a unanimous decision by the Supreme Court.
Tom Hayes, former Citigroup and UBS trader who served five-and-a-half years in prison, was originally given a 14-year jail sentence in 2015 for rigging the Libor interest rate, later cut to 11 years on appeal. Carlo Palombo, ex-vice president at Barclays, was jailed for four years for rigging the Euribor rate.
The pair took their cases to the country's highest court after being rejected by the Court of Appeal last year.
The Supreme Court overturned both Hayes and Palombo's convictions unanimously.
A spokesperson for the Serious Fraud Office (SFO), which opposed the appeals, said a retrial was unlikely to be sought.
10.02am: Markets in buoyant mood
Global markets are "in buoyant mood" due to the US and Japan reaching a trade deal, says market analyst Neil Wilson at Saxo.
US futures are up after the S&P 500 notched a fresh record on Tuesday, while the FTSE 100 hit a new record this morning. European stock markets are broadly higher with automakers leading.
He notes that the Hang Seng rose over 1.2% while mainland China stocks were mixed as US Treasury Secretary Scott Bessent said the tariff suspension with China is "likely" to be extended after the 90-day tariff pause expires on 12 August.
"It’s unclear right now if the positive news on the Japan trade deal means anything material for Europe striking a trade deal with the US – you would think that it does," says Wilson.
European stock markets are certainly acting on the hope that the Japan deal means the EU is about to achieve the same.
Wilson notes reports that the European Union is considering whether to deploy its “Anti-Coercion Instrument” should there be no trade deal by 1 August, which would mean 30% tariffs on exports to the US – this would effectively kill trade between the two, "the nuclear option is on the table it seems, but for the moment expectation seems to be veering towards a deal".
Kathleen Brooks at XTB says the promised resumption of trade talks between the US and China next week, ahead of the deadline, "suggests that the US is more focused on agreeing a deal with China, rather than the EU."
The EU has until August 1 - Friay next week - to reach a trade agreement, otherwise, it will be subject to 35% tariffs or else Trump may agree an extension.
"We continue to think that tariff news will have the broadest impact across financial markets in the coming days," says Brooks, pointing to the example, of the gold price falling $4 today, with oil prices searching for direction.
Record high for FTSE 100, futures higher, markets taking this trade deal as a sign of good things to come.
— Chris Beauchamp (@ChrisB_IG) July 23, 2025
9.29am: Musk still interested in politics
Away from all the trade news, Bloomberg has found a potentially interesting detail in Elon Musk’s recent tender offer for SpaceX, which includes an odd health warning that he may remain involved in politics, despite stepping back from official roles.
Musk previously served as a senior adviser to former President Donald Trump and may take on similar government roles in the future, according to documents reviewed by the financial news service.
SpaceX’s offer values the company at around $400 billion, making it the most valuable private firm globally.
Musk may be asked about his commitments during the Tesla Inc (NASDAQ:TSLA) earnings call this evening, though his comments on robotaxis are expected to be the main topic.
9.05am: Mid-caps mount up
Joining its blue-chip sibling on the front foot, the FTSE 250 is up a similar 0.4%.
As in Europe, the index's auto sector is in the lead, though in London's case this is just Aston Martin Lagonda Global Holdings PLC (LSE:AML), up 6%. Car parts maker Dowlais Group PLC (LSE:DWL) is up 0.6%.
ASOS PLC (LSE:ASC) is topping that, up 9.6%, though not sure why.
JD Wetherspoon PLC (LSE:JDW) shares are next, up 2.7% to a one-year high after its year-end update.
Shore Capital analyst Greg Johnson says Spoons has issued "what we would see a solid trading update, with robust LFL sales growth, profits expected to be in line with market expectations, and what seems like more ambition on the estate opportunity".
He say what piqued his interest this morning was commentary around plans to open 15 new managed pubs and a similar number of franchised openings next year, which would be the highest number of new openings since 2015.
8.37am: European stocks soar
Wider European markets are bathed in a green glow this morning, with the Euro Stoxx 600 up 0.9%.
France's CAC is leading the way, up 1.2% as carmakers Stellantis and Renault echo moves for Japanese rivals in the hope that the EU can secure a similar deal.
Luxury names Kering and LVMH are next, followed by construction materials giant Saint-Gobain and tyre maker Michelin.
Italy's FTSE MIB is up 1.1% and Germany's DAX is up 1%, with the latter led by carmakers Porsche, Mercedes-Benz, VW and BMW, while in Milan the dual listed Stellantis is top of the leaderboard, followed by auto parts suppliers and banks.
Spain's IBECX, up 0.6%, is lagging, held back by falls for energy sector players Endesa, Naturgy Energy, and Redeia.
The FTSE 100's 0.45% gain is also put in the shade, though this almost obscures the fact that the index is pushing new intraday highs.
8.13am: FTSE 100 leaps at the open
The FTSE 100 leapt 40 points higher in initial trades, led by gains across a wide array of sectors as the market mood was boosted by news of the US-Japan trade agreement.
Informa PLC (LSE:INF), the events and exhibitions provider, led the way, up 4% as it hiked its interim dividend 9.4% and announced an additional £150 million share buyback, alongside strong interim results.
Drugmakers AstraZeneca and GSK, retailer JD Sports, engineer Spirax and Guinnness maker Diageo are also on the early leaderboard.
7.58am: UK-India deal to be signed
Today we are also reminded of another notable trade deal – the one between the UK and India – as Prime Minister Narendra Modi lands in London to sign the free trade agreement that was agreed in May.
Modi's two-day state visit starts today.
A statement from the Indian government revealed that he will be holding "wide-ranging" talks with Keir Starmer on trade, defence, technological cooperation and security, and has also been invited to meet King Charles.
He will be accompanied by his commerce minister, Piyush Goyal, who led the UK trade talks.
Reports note that the deal must still be ratified by both parliaments, meaning it may not be fully implemented until next year.
7.50am: German DAX boosted by Japan deal
As well as the Japan trade deal, it has been reported by a local newspaper that Prime Minister Ishiba has decided to step down and might announce his resignation as soon as this month, following the upper house election at the weekend that saw his party lose its majority.
This is part of a trio of "huge news" from the country, says Henry Allen, macro strategist at Deutsche Bank, the third being weak demand at a 40yr bond auction that has seen a fresh move higher for all Japanese government bond yields.
The 10yr bond yield was up 7.3 points to 1.58%, which would be almost its highest closing level since 2008.
"For global markets, the trade deal news has been the most significant, as it’s raised hopes that the US might be about to reach deals with other countries that avoid the higher tariffs on August 1," says Allen.
"Notably, one of the other strong performers this morning are European equity futures, with those on the German DAX up +0.93%.
"That’s because the Japan deal has significantly raised hopes that the EU might also be able to reach a trade deal, as they’ve been threatened with 30% tariffs on August 1."
On that note, Trump also announced a deal with the Philippines yesterday, while his Treasury Secretary Bessent also made some positive remarks on trade, stating that he would meet his Chinese counterparts in Stockholm for further talks.
After the US and China agreed to a 90-day tariff pause in May, running out in mid-August, Bessent struck a positive note, saying that "we’ll be working out what is likely an extension then".
7.33am: Wetherspoon says profits in line with expectations
JD Wetherspoon PLC (LSE:JDW) has reported a slowing in growth for the final quarter of its financial year, but said favourable weather has enabled profits to be in line with market expectations for the year.
A 5.1% rise in like-for-like sales in the 12 weeks to 20 July, which matched the growth rate for the entire 12 months, was down from 5.6% in the previous quarter.
Chairman Tim Martin said: “The company has benefitted from favourable weather in the fourth quarter, so that profits are anticipated to be in line with market expectations, notwithstanding the high tax and labour increases for the hospitality industry, which have been widely reported.”
He seems in a very good mood, saying said sales volumes have recently overtaken pre-pandemic levels, including wine "shooting the lights out", spirits and draught beer, with Guinness being the "standout performer", as well as chicken meals putting in a "clucking good performance".
7.18am: Japan-US trade deal agreed
After Japan agreed to a trade deal with the US, the big risers in Tokyo are led by carmakers.
Mazda Motor has soared almost 18%, Subaru 17%, Toyota Motor 15%, Mitsubishi Motors 13%, Honda Motor 11%, followed by factory robotics specialists Fanuc and Yaskawa Electric, both up over 10%, and sensors and semiconductors maker TDK, up 9.5%.
"Although the specifics remain unclear, both parties called the pact deal a success," says Min Joo Kang, economist at ING.
"Trump appears to view it as a massive deal, while Ishiba characterised it in less grandiose terms. Ishiba pointed out that among countries with a trade surplus with the United States, Japan negotiated the lowest tariff rate."
For automobile exports, Japan secured a 15% tariff without any volume restrictions, in contrast to the UK’s arrangement.
Regarding the politically sensitive matter of rice and other agricultural products, the Japanese PM stated that, while the country will increase US rice imports within the existing quota, it won’t compromise the domestic agricultural market.
Ishiba denied that Japan agreed to lowering import tariffs, which he claimed were not included in the agreement.
The agreed $550 billion investment into the US will be backed by loans from government-related organisations and, says Kang, is expected to include projects such as LNG projects in Alaska, and boost imports of US goods, including agricultural products.
"But, the implementation of a 15% tax on cars without a limit is a surprise. Ongoing uncertainty regarding Japanese politics -- including reports Ishiba will stepping down soon -- and the exclusion of defence spending from the agreement may introduce complexities to the negotiation process."
7.15am: FTSE 100 set to come in hot
The FTSE 100 is predicted to come in hot on Wednesday morning, extending gains from its record closing highs over the past two days, as market sentiment is bolstered by news about a US-Japan trade deal.
Futures for London's blue-chip benchmark are gesturing to a 40-point gain, after the index closed up around 11 at just under 9,024 yesterday.
US markets were mixed overnight, with the S&P 500 nudging its own all-time high, up less than 0.1% and the Dow Jones rising 0.4%, but the Nasdaq falling 0.4% as Nvidia joined a semiconductor sell-off.
But it's Asia where the action is this morning, led by Tokyo's Nikkei 225, which has rocketed up 3.9% on news of a US trade deal for Japan, though details remain vague.
What we know is that President Trump said in a social media post that Japan will receive a 15% reciprocal tariff and invest $550 billion in the US "at my direction".
Japanese Prime Minister Ishiba confirmed that Japan will face 15% tariffs, including on autos, and won’t be disadvantaged from any tariffs on microchips, though the 50% tariff on steel and aluminium will remain for the time being.
6.15am: FTSE 100 Live on Wednesday 23 July
The London benchmark starts from an unprecedented position on Wednesday, having reached an all-time closing high above 9,000 over the first two days of the week.
Yesterday, the index finished up a modest 10.8 points but extended its closing record to 9,023.81, while also notching an intraday peak above 9,035.
In terms of company news in the diary, JD Wetherspoon PLC (LSE:JDW) is among those due to provide a quarterly update, having had a good run of late.
But it may not last, analysts at Deutsche Bank predicted, as the combination of sunny weather and share buybacks has boosted the stock's performance, but neither is sustainable. Margins are expected to come under pressure, with earnings growth forecast to slow next year.
Less well known on the high street, but a big name in the world of corporate events and exhibitions – Cannes Lions, London Tech Week, or Money20/20 anyone? – is FTSE 100-listed Informa PLC (LSE:INF).
Shares hit an all-time high INF) has seen its share price suffer recently on investors’ concerns about the potential effects of an economic downturn and Donald Trump's funding cuts to academia, said analysts at Berenberg, which they believe creates an "attractive buying opportunity".
Later in the day, tech earnings are due from two of the 'Magnificent 7' tech behemoths, after the closing bell in New York, led size-wise by Google parent Alphabet Inc (NASDAQ:GOOG), where cloud momentum and YouTube growth are seen as having created a favourable setup for these quarterly numbers.
Tesla Inc (NASDAQ:TSLA) will also report earnings , having already revealed a 14% decline in vehicle deliveries for the second quarter, hit by rising competition and boycotts due to CEO Elon Musk’s political dabblings.
Analyst Matt Britzman at HL said, "it’s hard to remember when a set of financials mattered less for Tesla" with the investment case having "moved on from the core auto business to an AI-driven future", with more riding on boss Elon Musk’s commentary about the Robotaxi rollout than anything else.
Announcements expected:
Trading updates: Hochschild Mining, JD Wetherspoon, PensionBee Group
Interims: Breedon Group, Informa
Finals: Van Elle
Overseas earnings: AT&T, GE Vernova, Boston Scientific, Northrop Grumman (all premarket), Alphabet, Tesla, IBM, T-Mobile (after close)
Economic announcements: MBA Mortgage Applications (US), Existing Home Sales (US), Crude Oil Inventories (US)