Morgan Stanley again adjusts its Fed forecast, now sees 4 cuts in 2026
Investing.com -- British stocks were lower on Wednesday, while the pound gained some ground after falling earlier in the session. There was also major economic data showing that U.K. inflation rose more than expected in June.
U.K. inflation climbed to 3.6% year-on-year in June, up from 3.4% in May, according to data released on Wednesday.
The monthly inflation rate rose by 0.3%, with both figures exceeding analysts’ expectations of 3.4% and 0.2%, respectively. Core CPI, which excludes volatile energy and food prices, increased 0.4% on a monthly basis and 3.7% annually, up from 0.2% and 3.5% in May.
The blue-chip index FTSE 100 declined 0.1% and the British pound is up 0.5% against the dollar to 1.3450 after a spike following reports that President Donald Trump plans to fire Federal Reserve Chairman Jerome Powell soon.
DAX index in Germany dropped 0.5%, the CAC 40 in France fell 0.6%.
AstraZeneca (LON:AZN)’s Alexion (NASDAQ:ALXN) reports failure of rare heart disease drug trial
AstraZeneca’s (ST:AZN) rare disease unit Alexion said its experimental drug anselamimab failed to meet the main goal in a major late-stage trial for patients with a serious and rare heart condition.
The announcement sent AstraZeneca shares lower during the trading session.
In the Phase III CARES trial, anselamimab did not demonstrate a statistically significant benefit compared to placebo in reducing deaths and hospitalizations due to heart issues among patients with advanced light chain (AL) amyloidosis.
Rio Tinto (NYSE:RIO) (LON:RIO) boosts Q2 shipments
In company news, Rio Tinto (ASX:RIO) reported a 13% sequential increase in second-quarter iron ore shipments, reaching 79.9 million tonnes as it recovered from earlier weather disruptions.
Year-on-year shipments decreased 1% due to ongoing port maintenance.
The world’s largest iron ore miner maintained its 2025 shipment guidance of 323-338 million tonnes but expects volumes to be at the lower end following cyclones that impacted first-quarter output.
Antofagasta delivers strong Q2
Antofagasta (LON:ANTO) delivered strong second-quarter results with group copper production rising 3% quarter-on-quarter to 160,100 tonnes, driven by improved output at Los Pelambres and Centinela.
First-half copper production reached 314,900 tonnes, up 11% year-on-year. Gold output increased 13% quarter-on-quarter to 48,300 ounces, while molybdenum production surged 42% to 4,400 tonnes.
The company maintained its full-year guidance for copper output of 660,000-700,000 tonnes and expects net cash costs to finish toward the lower end of the $1.45-1.65/lb range.
Workspace Group rent roll slips 0.3% in Q1
Workspace Group (LON:WKP), London’s flexible workspace provider, reported stable like-for-like rent per square foot at £47.42 in its first quarter ending June 30, 2025, while like-for-like occupancy declined slightly by 0.3% to 82.2%.
The company completed 278 new lettings with a total rental value of £7.1 million per annum. Like-for-like rent roll decreased by 0.3% to £111.6 million.
Workspace shares fell 0.5%.
ICG reports $123 bln AUM for Q1
Intermediate Capital Group (LON:ICGIN) reported assets under management of $123 billion for the first quarter ended June 30, 2025.
This included $82 billion in fee-earning assets under management, which rose 4% quarter-on-quarter and 11% year-on-year, and $19 billion in assets not yet generating fees.