Stocks in London were mixed on Wednesday morning as gold reached a new all time high, while Oxford Biodynamics jumped on the first-ever blood test that can diagnose myalgic encephalomyelitis.
Meanwhile, Google is rolling out an AI-powered search mode in more than 40 countries and territories. Elsewhere, ABB is selling its Robotics division to Tokyo-based SoftBank for $5.38 billion, expanding the latter’s footprint in AI-powered automation. And US startup Anthropic plans to open an office in India next year, where demand for AI tools and solutions has surged.
And speaking of India, UK Prime Minister Keir Starmer has travelled to Mumbai with 125 business chiefs, cultural leaders and university bosses in what Downing Street has dubbed the UK’s largest ever trade mission to the country. He said he wants businesses to use the trade deal as a ‘launchpad for growth’, because it offers vastly reduced Indian tariffs for many UK industries.
The FTSE 100 index opened up 27.09 points, 0.3%, at 9,510.67. The FTSE 250 was down 21.10 points, 0.1%, at 21,981.70, and the AIM All-Share was down 0.050 points at 796.27.
The Cboe UK 100 was up 0.3% at 949.68, the Cboe UK 250 was up marginally at 19,228.25, and the Cboe Small Companies was up 0.1% at 18,004.15.
Endeavour Mining led the FTSE 100, up 2.5% after Berenberg maintained its ’buy’ rating and increased the price target to 4,300 pence from 3,200p.
Greencore was second-highest on the FTSE 250, up 3.7%. Bakkavor, which it is working to acquire, led with a 6.3% rise.
The convenience food provider estimates full-year revenue has risen 8% on-year to £1.95 billion, and expects adjusted operating profit of £125 million, beating the consensus forecast range as at Monday which stopped at £121.8 million.
In smaller caps, Aptamer climbed 20%.
The York, England-based synthetic binders provider announced a £360,000 service contract with a ‘major’ pharmaceutical firm, to develop Optimer binders for an ‘undisclosed cancer target’. It retains its licensing revenue rights.
Aptamer also said its sales pipeline is worth £3.4 million as of Wednesday, and estimates its total contract visibility at £1.0 million.
Oxford Biodynamics rose 24%.
Scientists led by experts from the University of East Anglia and from the Oxford, England-based biotechnology firm have developed the first-ever blood test that can diagnose myalgic encephalomyelitis, also known as chronic fatigue syndrome, ME/CFS.
There is no current test for the condition and medics usually diagnose patients based on their symptoms, but as a result, many patients can go undiagnosed for years, so the new test has been called a ‘breakthrough’.
However, other experts and academics have called for more studies to confirm the findings.
In European equities on Wednesday, the CAC 40 in Paris was up 0.2%, while the DAX 40 in Frankfurt was up 0.1%.
The pound was quoted lower at $1.3410 early on Wednesday in London, compared to $1.3440 at the equities close on Tuesday. The euro stood lower at $1.1628, against $1.1672. Against the yen, the dollar was trading higher at JP¥152.43 compared to JP¥151.02.
In Asia on Wednesday, the Nikkei 225 index in Tokyo was down 0.5%. In China, the Shanghai Composite was up 0.5%, while the Hang Seng index in Hong Kong was down 0.7%. The S&P/ASX 200 in Sydney closed down 0.1%.
In the US on Tuesday, Wall Street ended lower, with the Dow Jones Industrial Average down 0.2%, the S&P 500 down 0.4% and the Nasdaq Composite down 0.7%.
‘Investors took a breather from buying US stocks yesterday, near all-time highs, as a report showing Oracle’s profit margins were much lower than expected dampened the euphoria that followed the OpenAI and AMD announcements earlier in the week,’ Swissquote’s Ipek Ozkardeskaya said. ‘But data centre demand is expected to rise exponentially through 2030 largely driven by AI...That outlook helps explain why dip-buyers stepped in as Oracle shares fell to around $270. And that small bump will likely be forgotten quickly, with this morning’s news that Nvidia is considering investing $20bn in Elon Musk’s xAI.’
She continued: ‘The real question isn’t whether AI will grow, but whether market pricing has run ahead of itself. And no I don’t buy for a second that AI models won’t generate revenue. There will certainly be losers, but also major winners.’
Ozkardeskaya noted that ‘the question of a bubble looms’ but added: ‘Evercore ISI, in a note titled A Big Beautiful Bubble, argues that while the S&P 500 is indeed in bubble territory, it likely has room to expand possibly pushing the index to 9,000 by the end of next year with a 33% probability.
‘Eye-popping, yes, but they argue that rate cuts, improving sentiment, stronger earnings, reduced uncertainty and productivity gains from AI could keep investors piling in before the bubble eventually bursts...There’s also still ample room for leveraged investors to join the rally, given that net short positions in the S&P 500 remain deeply negative. The takeaway? Don’t fear the bubble play along.’
The yield on the US 10-year Treasury was quoted at 4.11%, narrowing from 4.13%. The yield on the US 30-year Treasury was quoted at 4.71%, narrowing from 4.73%.
Brent oil was quoted at $65.90 a barrel early in London on Wednesday, up from $65.28 late Tuesday.
Gold was quoted at $4,035.77 an ounce, higher against $3,985.98.
‘Gold began the new week on a steady upward trajectory, reaching a new all-time high...[and] marking eight consecutive weeks of gains since early August,’ XS analyst Linh Tran commented. ‘This development reflects a clear shift in global capital behaviour, as investors increasingly favour defensive safe-haven assets amid the temporary US government shutdown and the delay of key economic data releases.
‘The absence of timely reports such as nonfarm payrolls (NFP) and the unemployment rate has left markets without crucial insights into the state of the US economy. This lack of visibility has prompted investors to return to risk-averse positioning, while expectations that the Federal Reserve (Fed) will maintain a dovish stance have grown stronger.’
Still to come on Wednesday’s economic calendar, look out for speeches from various European Central Bank, Bank of England and US Fed officials, including ECB head Christine Lagarde. Also, the US has EIA crude oil stocks and Federal Open Market Committee minutes.
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