Daily market update: FTSE 100, US indices, Next, GSK, Glencore

A positive mood on Wall Street extended into European markets on Wednesday on increased hopes for a US-China trade deal.

US indices closed at record levels, with sentiment also supported by reports Nvidia will announce new AI chip supply contracts with major South Korean operators like Samsung and Hyundai. The FTSE 100 built on its own all-time highs this morning, with miners doing a lot of the heavy lifting and positive corporate updates from Next and GSK also contributing.

A key test of investors’ optimism looks set to come later with the US Federal Reserve’s decision on interest rates and earnings reports from Alphabet, Meta and Microsoft.

Next

It is hard to think of a company which has mastered the art of being on the stock market better than Next. The company consistently pitches its guidance conservatively allowing it to then surpass expectations when it comes time to report on trading.

Today’s third-quarter update is no exception as sales come in comfortably ahead of expectations once again and, given Next’s habit of under promising and over delivering, it is striking to see another upgrade to full-year profit guidance.

The company is seeing really impressive growth in sales of third-party brands on its platform and is making meaningful progress with its nascent international business.

The core brand is also demonstrating resilience in what remains a tricky consumer backdrop, with competitors struggling to match Next’s mastery of the basics of retail.

It gets the right products in front of customers, whether that’s in-store or online, at an attractive enough price point to keep the tills ringing and uses its store network extremely effectively to help facilitate online sales.

Next also offers plenty of transparency over how it makes decisions on what to do with its surplus cash and how it goes about returning this to shareholders. Given the shares are trading at record levels it’s making the call that a special dividend makes more sense than purchasing its own stock.

This considered stance is refreshing given many firms will happily launch share buybacks when their shares are making all-time highs.

GSK

GSK’s shares have really got a shot in the arm this month and that’s been topped off by the company delivering a strong third-quarter performance.

After a string of positive news on drug developments the company has delivered a sizeable upgrade to full-year guidance following strong sales growth and evidence that efforts to streamline the business are paying off.

Outgoing CEO Emma Walmsley’s efforts in the job may not have been rewarded by the market during her tenure but this update at least suggests she is handing over a business which is in pretty rude health.

With nearly a year left in the role Walmsley will want to continue to build on the company’s recent success and provide the best possible starting position for her nominated successor, chief commercial officer Luke Miels.

A big challenge will be dealing with a looming patent cliff for its HIV business as a key drug sees its patent expire in 2028. The lack of meaningful footprint in the fast-growing obesity space has also held GSK back, so investors will hope a recent tie-up with Novo Nordisk in this area pays dividends.

Glencore

Glencore’s latest update comes copper-bottomed with strong quarterly increase in production of the metal supporting a surge in the shares to their highest level since January after what has been a tricky year for the business.

As a whole, copper output is still down sharply for the first nine months of 2025 thanks to operational issues and this has seen the guided range for the full year tightened a little. But the market set this to one side and seized on the improving trend.