Stock prices in London were in the green on Wednesday morning, with FTSE 100 firm Intermediate Capital enjoying a boost after hailing ‘strong fundraising.’
PSNB totalled £17.81 billion in December, up from £11.8 billion in November. The November figure was revised up from £11.25 billion, and the December one far outpaced FXStreet-cited market consensus of £13.4 billion.
For the year that ended December, UK government borrowing totalled £129.9 billion, the second-highest calendar year figure since monthly records began in 1993.
The FTSE 100 index opened up 22.80 points, 0.3%, at 8,571.09 with investors apparently unconcerned about the impact of President Trump’s policies on the global economy. The FTSE 250 was up 78.95 points, 0.4%, at 20,674.68, and the AIM All-Share was up 4.14 points, 0.6%, at 723.25.
The Cboe UK 100 was up 0.2% at 859.23, the Cboe UK 250 was up 0.4% at 18,071.75, and the Cboe Small Companies was down % at 15,746.11.
Intermediate Capital Group led the FTSE 100, up 4.8%.
The private equity investor reported ‘strong fundraising’ totalling $7.2 billion in the third quarter ended December 31, with $22 billion raised in calendar 2024 - more than double the amount raised the prior year.
Assets under management totalled $107 billion as of December 31, up 28% annually.
easyJet was the second-lowest constituent, down 3.0% despite a relatively chipper trading statement.
The Luton-based airline expects a headline pretax loss of £61 million, an improvement on the prior year’s £65 million. Revenue rose 13% on-year to £2.04 billion from £1.80 billion.
For financial 2025 its outlook is positive, ‘consistent’ with its company-compiled consensus which forecasts headline pretax profit of £709 million for financial 2025, up 16% on-year.
Among small-caps, Engage XR rose 42%.
The virtual communications company promised to ‘today unveil its comprehensive education offering for the first time at the world-leading EdTech conference, Bett 2025, in London’.
The education package allows educators to ‘utilise a comprehensive suite of teaching software to enable them to create and share content with pupils’, the firm said.
In European equities on Wednesday, the CAC 40 in Paris was up 0.1%, while the DAX 40 in Frankfurt was down 0.7%.
The pound was quoted at $1.2324 early on Wednesday in London, up compared to $1.2319 at the equities close on Tuesday. The euro stood at $1.0419, flat against $1.0417. Against the yen, the dollar was trading higher at JP¥155.65 compared to JP¥155.43.
In Asia on Wednesday, the Nikkei 225 index in Tokyo was up 1.6%. In China, the Shanghai Composite was down 0.9%, while the Hang Seng index in Hong Kong was down 1.6%. The S&P/ASX 200 in Sydney closed up 0.3%.
China on Wednesday vowed to defend its ‘national interests’ after Trump said that a 10% duty on Chinese imports could come as soon as February 1.
‘We have always believed that there are no winners in a trade war or a tariff war,’ foreign ministry spokeswoman Mao Ning said, adding China was ‘firmly committed to safeguarding national interests’.
Further, China insisted it had ‘never interfered’ in the Panama Canal, after US President Donald Trump threatened to seize the waterway and complained Beijing was effectively ‘operating’ it.
‘China does not participate in the management and operation of the canal and has never interfered in the affairs of the canal,’ Mao commented.
In the US on Tuesday, Wall Street ended higher, with the Dow Jones Industrial Average up 1.2%, the S&P 500 up 0.9% and the Nasdaq Composite up 0.6%.
Brent oil was quoted lower at $78.41 a barrel early in London on Wednesday from $79.51 late Tuesday.
Gold was quoted higher at $2,752.37 an ounce against $2,740.35 on Tuesday.
Still to come on Wednesday’s economic calendar, Ireland releases wholesale price data and the US Redbook index read is due.
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