British equities edged higher on Wednesday, while the pound eased slightly below the $1.34 mark, following the release of key inflation data indicating that UK consumer prices rose more than anticipated in June.
UK inflation accelerated to 3.6% year-over-year in June, up from 3.4% in May, according to Wednesday’s figures. The monthly inflation rate increased by 0.3%, both surpassing economists’ forecasts of 3.4% and 0.2%, respectively. Core inflation, which excludes food and energy, climbed 0.4% month-on-month and 3.7% annually, compared to May’s 0.2% and 3.5%.
By 11:51 GMT, the FTSE 100 index was up 0.2%, while the British pound rose 0.1% against the US dollar, trading near 1.34. Across Europe, Germany’s DAX gained 0.3%, and France’s CAC 40 was marginally higher by 0.04%.
AstraZeneca’s Alexion Reports Trial Setback in Rare Heart Disease Drug
AstraZeneca’s (LSE:AZN) rare disease division, Alexion, revealed that its investigational drug anselamimab did not achieve its primary endpoint in a pivotal late-stage trial for a rare and serious cardiac condition. The announcement led to a decline in AstraZeneca’s stock during trading.
The Phase III CARES study showed that anselamimab failed to deliver a statistically significant reduction in deaths and hospitalizations related to heart complications, compared to placebo, among patients with advanced light chain (AL) amyloidosis.
Rio Tinto Posts Strong Q2 Iron Ore Shipments
Mining giant Rio Tinto (LSE:RIO) reported a 13% increase in iron ore shipments in the second quarter, reaching 79.9 million tonnes as it bounced back from weather-related disruptions earlier in the year. However, shipments were down 1% year-on-year due to ongoing port maintenance.
The company reaffirmed its 2025 shipment target of 323 to 338 million tonnes but expects volumes to skew toward the lower end after cyclones affected first-quarter production.
Antofagasta Reports Robust Copper Output for Q2
Chile-based miner Antofagasta (LSE:ANTO) posted solid second-quarter results, with copper production rising 3% quarter-on-quarter to 160,100 tonnes, driven by higher output at its Los Pelambres and Centinela sites.
For the first half of the year, copper output totaled 314,900 tonnes, marking an 11% increase from the previous year. Gold production also rose by 13% quarter-on-quarter to 48,300 ounces, while molybdenum output surged 42% to 4,400 tonnes.
The company maintained its full-year copper production forecast of 660,000 to 700,000 tonnes, expecting net cash costs to settle near the lower range of $1.45 to $1.65 per pound.
Workspace Group Sees Slight Dip in Rent Roll for Q1
London-based flexible workspace provider Workspace Group (LSE:WKP) reported steady like-for-like rent per square foot at £47.42 for the first quarter ending June 30, 2025. However, like-for-like occupancy declined modestly by 0.3% to 82.2%.
The company completed 278 new lettings totaling £7.1 million in annual rent value, but its like-for-like rent roll dropped 0.3% to £111.6 million. Shares in Workspace slipped 1.3% following the update.
ICG Reports $123 Billion in Assets Under Management for Q1
Intermediate Capital Group (LSE:ICG) announced assets under management of $123 billion for the quarter ending June 30, 2025. Fee-earning assets reached $82 billion, up 4% from the previous quarter and 11% year-on-year, while non-fee-generating assets stood at $19 billion.
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