Nvidia and TSMC to unveil first domestic wafer for Blackwell chips, Axios reports
Investing.com -- London stocks edged higher on Wednesday, with the pound under pressure, while European defense shares advanced after comments from former U.S. President Donald Trump signaling stronger support for Ukraine.
The blue-chip index FTSE 100 rose 0.3% and the British GBP/USD dropped 0.6% against the dollar to 1.3447.
The DAX index in Germany also gained 0.3%, while the CAC 40 in France fell 0.6%.
JD Sports profit falls on U.S. weakness, maintains outlook
JD Sports Fashion PLC (LON:JD) reported a 13.5% decline in first-half profit as challenges in its U.S. business impacted overall performance, while maintaining its full-year guidance despite cautious comments about the trading environment.
The sportswear retailer posted a profit of £351 million for the six months ending August 2, down from £405.6 million in the same period last year. The results aligned with guidance provided by the company last month.
Despite the profit drop, JD Sports reaffirmed its full-year forecast, projecting profit before tax and adjusting items to fall within market expectations of £853 million to £914 million ($1.15-$1.23 billion), with consensus estimates at £878 million.
On The Beach shares sink on profit warning, B2B exit
In other retail news, On The Beach Group PLC (LON:OTB) shares plunged over 20% after the online travel company forecast full-year profit below market expectations.
The company projected adjusted profit before tax for the fiscal year ending September 30, 2025, to be between £34.5 million and £35.5 million on a continuing basis, excluding its B2B operations.
This falls short of analyst consensus of £38.4 million. The company also announced plans to wind down its loss-making B2B segment, which operates as Classic Collection.
Trump’s shift on Ukraine boosts European defense shares
Meanwhile, European defense stocks gained following U.S. President Donald Trump’s comments indicating stronger support for Ukraine’s territorial recovery.
Trump expressed confidence that Ukraine could reclaim all territories lost to Russia, including Crimea and parts of Donetsk and Luhansk, with backing from NATO and the European Union.
Defense companies including SAAB AB ser. B (BS:SAABBs), Hensoldt Ag (ETR:HAGG), RENK Group AG (ETR:R3NK), Leonardo SpA (BIT:LDOF), Thales (EPA:TCFP), Rheinmetall AG (ETR:RHMG), Dassault Aviation SA (EPA:AM), Qinetiq Group PLC (LON:QQ), and BAE Systems PLC (LON:BAES) rose.
Lilly’s Ricks calls UK drug pricing among Europe’s lowest
Eli Lilly CEO Dave Ricks, in an interview with the Financial Times, described the UK as having some of the least favorable drug pricing policies in Europe.
He cautioned that unless the government raises prices and scraps the VPAG rebate system, which compels pharmaceutical firms to hand over part of their UK sales to the National Health Service, the country risks losing access to new treatments.