BofA warns Fed risks policy mistake with early rate cuts
Investing.com -- British stocks rallied on Thursday, with the FTSE 100 climbing to a new all-time high, surpassing its March record, while the pound fell below $1.36 and WPP named a Microsoft executive as its new CEO.
The blue-chip index FTSE 100 closed over 1% higher, and the British pound fell 0.1% against the dollar to below 1.36.
Mining stocks led the gains, with Rio Tinto (NYSE:RIO) (LON:RIO), Glencore (OTC:GLNCY) (LON:GLEN), Anglo American (JO:AGLJ) (LON:AAL), Fresnillo (LON:FRES), and Endeavour ranking among the top risers, boosted by higher iron ore, copper, and gold prices.
Meanwhile, DAX index in Germany fell 0.2%, the CAC 40 in France rose 0.3%.
WPP taps new CEO
WPP (LON:WPP) said that Microsoft (NASDAQ:MSFT) executive Cindy Rose will become its new Chief Executive Officer, effective September 1, 2025.
Rose, currently Chief Operating Officer of Global Enterprise at Microsoft, will succeed Mark Read, who will step down after seven years as CEO.
The incoming executive has been a non-executive director on WPP’s board since 2019.
Activist Standard cuts Johnson Matthey (LON:JMAT) holding in half
Activist investor Standard Investments has reduced its stake in Johnson Matthey by half after a six-month campaign that pushed the British specialty chemicals company into a major restructuring.
Standard’s total holding fell to 4.75% from a previously disclosed 9.52%, according to regulatory filings.
The investment firm sold into a share price rally that has recovered to over £18 ($24.50), up more than 35% from a low of around £13.52 when its public pressure campaign began in December 2024.
Vistry reports profit drop
Vistry Group (LON:VTYV) reported a 34% year-on-year drop in first-half profit before tax to £80 million on Thursday.
The housebuilder completed approximately 6,800 units in the six months ended June 30, down from 7,792 a year earlier.
Group revenue for the period is expected to be about £1.8 billion, with the sales rate holding at an average of 1.022 per outlet per week.
PageGroup profit, cash decline as permanent hiring drops
Pagegroup PLC (LON:PAGE) reported a second-quarter gross profit of £194.8 million, marking a 10.5% decline year-over-year in constant currency.
Permanent recruitment fell 11.3%, while temporary recruitment declined 8.2%.
Net cash stood at around £10 million at the end of June, compared to £54 million in the previous quarter.
U.K. regulator sets new delivery deadlines to curb Royal Mail (LON:IDSI) delays
Britain’s media regulator has set new minimum acceptable delivery deadlines for Royal Mail to prevent long delays and changed some existing delivery targets that could help the postal service save up to £425 million ($578.3 million).
Thames Water reportedly eyes last-ditch offer
Thames Water is considering a last-ditch rescue bid from former Liberal Democrat energy spokesman Rupert Redesdale and investment firm Muinin Holdings, the Financial Times reported on Thursday.
Revolut reportedly in talks for funding at $65 bln valuation
London-based fintech giant Revolut is in talks to secure new funding at a valuation of $65 billion, according to a Financial Times report on Wednesday.
Latest on Trump and tariffs
On the geopolitical front, U.S. President Donald Trump sent letters Wednesday dictating new U.S. tariff rates on at least seven more countries’ imports, adding to the 14 letters sent earlier this week.
He also announced a 50% tariff on Brazil after a disagreement with President Luiz Inacio Lula da Silva, who promised to implement reciprocal measures.
European investors were somewhat encouraged as the European Union avoided the latest tariffs, with EU trade chief Maros Sefcovic saying good progress had been made and a deal could be reached within days.