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The Independent
7 minutes ago
- The Independent
FTSE 100 climbs as earnings cascade brings cheer
The FTSE 100 made strong progress on Tuesday, boosted by results from AstraZeneca and Barclays, but it was a gloomy day for investors in Novo Nordisk. Russ Mould, of AJ Bell, said: 'It's a busy week for corporate earnings in the UK and US, and investors have plenty of news to digest. The latest set of UK results was generally well-received.' The FTSE 100 index closed up 54.88 points, 0.6%, at 9,136.32. The index had earlier traded as high as 9,163.24. The FTSE 250 closed 158.73 points lower, 0.7%, at 21,793.07, and the AIM All-Share closed down 7.27 points, 0.9%, at 765.75. In London, investors weighed a barrage of earnings with shares of AstraZeneca, Barclays, Games Workshop and Entain moving higher, although Croda International struggled. Games Workshop led the way, up 5.4%, as it said pre-tax profit jumped 29% to £262.8 million in the financial year that ended June 1 from £203 million a year ago. The Nottingham, England-based fantasy game figurine maker and retailer said revenue rose 17% to £617.5 million from £525.7 million. Reflecting the strong earnings, the total dividend was £5.20, up 24% from £4.20 the year before. AstraZeneca, the largest FTSE 100 constituent, rose 3.4%. The Cambridge, England-based pharmaceuticals company said pre-tax profit jumped 30% to 3.13 billion dollars in the second quarter of 2025 from 2.4 billion dollars a year prior, or by 34% at constant currency. Revenue rose 12% to 14.46 billion dollars in the quarter from 12.94 billion dollars a year ago, or by 11% at constant currency, ahead of Visible Alpha's consensus of 14.31 billion dollars. Sales were driven by double-digit growth in Oncology and BioPharmaceuticals, with increases across all major geographic regions. Entain climbed 0.8% as it raised guidance at its BetMGM joint venture, while Barclays advanced 2.5% after well-received results and despite a lack of a guidance hike. Bank of America said Barclays printed a 'good' set of results, with underlying profit around 11% above consensus, driven primarily by higher income (particularly non-interest income) and lower impairments. But Croda International was down 10%. The speciality chemicals maker posted improved revenue for the first half, though impairments limited its bottom line. Croda's pre-tax profit in the first half of 2025 fell 19% to £85.5 million from £106.1 million, despite revenue improving 4.9% to £855.8 million from £815.9 million. Adjusted pre-tax profit rose 8.4%, however, to £138 million from £127.3 million. Revenue fell slightly short of the company-compiled consensus of £857 million. It beat on profit, however, as the adjusted pre-tax profit consensus stood at £136.6 million. The upbeat mood spread to Europe. The CAC 40 in Paris rose 0.7%, while the DAX 40 in Frankfurt advanced 1%. However, Denmark's Novo Nordisk plunged 23% as it lowered full-year sales and profit guidance, citing weaker-than-expected uptake of key weight-loss and diabetes treatments in the US. Novo Nordisk lowered its 2025 sales growth guidance to between 8% and 14%, down from 13% to 21%. It now expects operating profit growth of 10% to 16%, reduced from a previous range of 16% to 24%. The company blamed slower-than-expected Wegovy uptake in the US obesity market, compounded by ongoing sales of compounded GLP-1s, a more competitive landscape for Ozempic in the US, and lower-than-expected Wegovy penetration in select international markets. Analysts at Jefferies said the 2025 outlook cut suggests high single-digit percentage underlying profit forecast downgrades. In New York on Tuesday, the Dow Jones Industrial Average was down 0.3%, the S&P 500 was 0.1% lower, as was the Nasdaq Composite. A report from the Conference Board showed a slight pickup in consumer confidence, albeit from low levels, while another release showed a larger-than-expected drop in job openings. On Wednesday, the Federal Reserve is widely expected to leave interest rates unchanged. According to the CME FedWatch Tool, it is near-certain that the Fed will maintain rates at the 4.25%-4.5% range this week. The Fed held in each of the first four meetings this year. Its last cut was in December, a 25 basis points trim to the federal funds rate range. A fifth successive hold is in the offing during the final meeting before a summer break. A 'wait and see' approach will likely be the message from chairman Jerome Powell at the subsequent press conference, analysts at Morgan Stanley predict. 'We think chair Powell will remain balanced, acknowledging both upside risks to inflation and the projections for rate cuts later this year,' Morgan Stanley analysts said. Attention will focus on any dissent in the ranks of the Federal Open Market Committee, where Governors Michelle Bowman and Christopher Waller may back a rate cut. Meanwhile, Chinese and US delegations met for their second day of trade negotiations in Stockholm, with both sides said to be aiming to extend a truce due to end in two weeks' time. Neither side has so far made public any information about what has gone on in the talks, which started on Monday. Joshua Mahony at Rostro said: 'There is an expectation that an extension to the tariff deadline with China will open a pathway for Xi Jinping and Donald Trump to meet in person, heightening hopes for an impending trade deal between the world's two largest economies.' The pound eased to 1.3337 dollars late on Tuesday afternoon in London, compared to 1.3403 dollars at the equities close on Monday. The euro traded at 1.1537 dollars, lower against 1.1620 dollars. Against the yen, the dollar was trading slightly lower at 148.38 yen compared to 148.45 yen. The yield on the US 10-year Treasury was at 4.35%, trimmed from 4.42%. The yield on the US 30-year Treasury was at 4.88% narrowed from 4.96%. On Wall Street, Merck was another drugs maker in the news with shares down 4.8% as it announced plans to save 3 billion dollars annually by the end of 2027, and tightened full-year guidance, as second quarter sales fell short of expectations. The Rahway, New Jersey-based pharmaceutical company said GAAP net income fell 19% to 4.43 billion dollars in the second quarter of 2025 from 5.46 billion dollars a year prior. Sales decreased 1.9% to 15.81 billion dollars from 16.11 billion dollars a year ago, missing LSEG consensus of 15.89 billion dollars. Sales of human papillomavirus drug, Gardasil, slumped 55% to 1.13 billion dollars due to lower demand in China. Brent oil was quoted higher at 70.74 dollars a barrel in London on Tuesday, up from 69.65 dollars late on Monday. Gold rose to 3,327.45 dollars an ounce against 3,314.26 dollars. The biggest risers on the FTSE 100 were Games Workshop, up 830p at 16,090p; AstraZeneca, up 368p at 11,158p; Endeavour Mining, up 66p at 2,332p; Barclays, up 10p at 371.2p; and Rolls-Royce, up 24.6p at 1,006p. The biggest fallers on the FTSE 100 were Croda International, down 301p at 2,598p; Rentokil Initial, down 12.9p at 348.1p; Glencore, down 10.8p at 305.9p; Unite Group, down 21.5p at 764.5p; and Whitbread, down 86p at 3,108p. Wednesday's local corporate calendar has half-year results from defence manufacturer BAE Systems, Asia-focused lender HSBC, pharmaceuticals firm GSK, miners Rio Tinto and Glencore and housebuilder Taylor Wimpey. The global economic calendar on Wednesday sees interest rate decisions in the US and Canada, and US economic growth figures.
BBC News
8 minutes ago
- BBC News
Coventry defender Binks joins Danish club Brondby
Coventry City defender Luis Binks has signed for Danish club Brondby for an undisclosed 23-year-old centre-back joined the Sky Blues from Italian side Bologna on loan two seasons ago before making the move permanent last played 22 games in the 2024-25 season as Coventry reached the semi-finals of the Championship play-offs where they lost to Sunderland, who were later his loan with the Sky Blues, Binks made a total of 52 appearances for the club."Everyone at Coventry City wishes Luis the best of luck for the future and we thank him for his contribution during his time with us," a club statement read., external
Metro
37 minutes ago
- Metro
'What is Sarina doing?' - Wright 'baffled' by Wiegman call in Euro 2025 final
Ian Wright says he 'couldn't believe' Alessia Russo was taken off after scoring against Spain and feels Sarina Wiegman was 'very fortunate' to avoid a backlash as England went on to win the Euro 2025 final on penalties. For the third match on the bounce, the Lionesses were forced to come from behind after conceding to a Mariona Caldentey header midway through the first half in Basel. Just as they had done against both Sweden and Italy, the holders dug deep and managed to wrestle the momentum back in their favour, with Russo reacting brilliantly to nod home Chloe Kelly's pinpoint cross and level in the 57th minute. The two teams could not be separated after extra-time and it was England who eventually prevailed after another nerve-jangling shootout, with Kelly scoring the decisive spot-kick to seal a famous 3-1 win over the world champions. The Lionesses' latest triumph – which came at the end of a rollercoaster campaign – marked the first time in history that an English team had won a major tournament on foreign soil. It also further cemented Wiegman's legendary status as an international head coach. The 55-year-old first lifted the trophy with the Netherlands in 2017 before steering England to back-to-back titles over the last three years. Dissecting the final on the Crossways podcast, Wright was somewhat reluctant to criticise Wiegman considering just how far England had come since she took over the reins from Phil Neville. However, the iconic ex-Arsenal striker believes there were a couple of key decisions which could easily have gone against the England boss on another day. 'I've got to say, the Russo substitution is the most baffling thing I'll ever see if she's not injured. I could not believe it,' Wright said. 'Michelle [Agyemang] came on and, obviously, she's amazing, Young Player of the Tournament, only coming off the bench and doing enough to win, that was amazing on her part. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 'But I think she [Agyemang] needs Russo on there with her in this time. 'They would have caused Spain so many problems because Russo would have dropped off, she would have been in the box. 'What is Sarina doing taking her off?! What's she doing taking her off?! I couldn't believe it.' According to Wright, Wiegman has proven beyond doubt that she is a 'genius' and a 'legend' – but hauling Russo off with 20 minutes remaining made little sense in the context of the match. 'She was feeding off scraps,' Wright said of Russo. 'When you're playing in a game like that, all you're hoping for is one chance that you can try and take, which she did, and then you get a second wind. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 'When she went off you could see it. She's so sweet and she's saying thank you to everybody but you can see it in her mind, she must be thinking, 'What the f***'s going on?! What are you taking me off for?!' 'In the end, she's very fortunate. She's obviously shown she's a great coach with three European Championships on the spin. That's legendary. 'But some of the decisions… you're thinking to yourself, 'If that's what you're doing on purpose because you see the outcome in your head then you are a genius!', but she is a genius with what she's done.' Wright was similarly taken aback that Wiegman opted to 'gamble' on Lauren James' fitness when she had a player of Kelly's quality raring to go the start. 'With Lauren James, it's a Euros final. If she thinks, 'You know what? If I can get something out of myself I might be able to do it', then you're going to play,' he continued. 'And I think it was a gamble that I don't think Sarina should have taken, especially when you've got Chloe there. Chloe is ready to go and she showed that when she came on. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 'I thought it was strange. Again, you're talking about somebody who is obviously not fit enough. 'Then, we know that [Lauren] Hemp can come back and work back as well and help and you've got Ona Batlle, Aitana Bonmati and Athenea del Castillo all on that side, that's the most attacking they can be on that side, and you've got Lauren James whose natural game is not to track back and try stop those players. 'She's half fit and it just felt like, 'Oh my gosh, what's going on?!'' More Trending Given the journey Kelly had gone on following a 'dark' time in her career at the start of the year, Wright had to fight back the tears when the Arsenal forward stepped up to convert the winning penalty. 'Who in history has had the opportunity to do that? She has won us a tournament the last kick,' he went on. 'I got emotional as well when she did it. I just had a feeling and I felt like I was going to cry. 'I was just so pleased for her and I wanted it to happen and I wanted it to happen for us a country.' Did Wiegman make a mistake bringing off Russo? For more stories like this, check our sport page. Follow Metro Sport for the latest news on Facebook, Twitter and Instagram. MORE: Legendary Lioness hero 'tipped for glittering TV career' after Euros 2025 win MORE: When is the next Women's World Cup and where is it being held? MORE: Lionesses trophy parade: England celebrate historic Euro 2025 victory in London
