Goldman Sachs is out with its near-term forex outlook
Investing.com -- British stocks traded slightly higher and the pound rose on Wednesday after data showed that U.K. inflation cooled in May as expected, though it remained above the Bank of England’s medium-term target.
The blue-chip index FTSE 100 rose about 0.1% and the British pound gained 0.3% against the dollar to above 1.3470.
DAX index in Germany fell 0.5%, while the CAC 40 in France dropped 0.4%.
British inflation slowed as expected in May
U.K. inflation eased slightly in May, though it remained above the Bank of England’s 2% medium-term target ahead of its upcoming interest rate decision.
Consumer prices were 3.4% higher than a year ago, down marginally from April’s 3.5% rise.
On a monthly basis, prices increased by 0.2%, matching forecasts but slowing from March’s sharp 1.2% jump.
Pharma stocks slip as Trump hints at imminent drug tariffs
Shares of AstraZeneca PLC (ST:AZN) and GSK plc (LON:GSK) fell after U.S. President Donald Trump said tariffs on imported drugs could be imposed “very soon.”
AstraZeneca dropped 1% and GlaxoSmithKline (NYSE:GSK) declined 1.2% in London trading. Roche (LON:0QQ6) Holding AG (SIX:RO), Sanofi SA (EPA:SASY), and Indian firms Sun Pharmaceutical (TADAWUL:2070) Industries Ltd. (NSE:SUN) and Dr. Reddy’s Laboratories Ltd ADR (NYSE:RDY) also reported losses.
Trump said during a campaign stop that pharmaceutical manufacturing should return to the United States and that “major” drug tariffs were imminent.
AO World reports 27% profit increase
Ao World (LON:AO) reported a 27% increase in annual profit, driven by strong sales in its consumer-facing business and cost-saving efficiencies.
Unilever (LON:ULVR) taps Peter ter Kulve to lead spun-off ice cream division
Unilever has named its preferred candidate to lead the group’s soon-to-be listed ice cream division.
The company has proposed executive Peter ter Kulve for the position, who has previously faced criticism from the board of its Ben & Jerry’s business.
Ocado (LON:OCDO) to Build new fulfillment hub in Catalonia with Bon Preu
British online supermarket and technology firm Ocado has expanded its partnership with retailer Bon Preu in Catalonia.
The companies plan to build a new customer fulfillment centre for Ocado’s offerings in the region.