FX.co ★ FTSE 100 Rallies On Earnings

U.K. stocks experienced a significant uptick on Wednesday, buoyed by optimistic expectations of Chinese economic stimulus and a series of positive earnings reports.

The FTSE 100 index rose by 125 points, or 1.5%, to reach 8,399, recovering from a 0.2% decline on Tuesday.

HSBC Holdings saw a 4% increase following its announcement of a share buyback program worth up to $3 billion, coupled with stable first-half profit figures.

Mining company Ferrexpo surged by 12% as it reported more than doubling its half-year profits.

Engineering and environmental consultancy firm Ricardo climbed by 4%, with trading results aligning with expectations for FY23/24.

Shaftesbury Capital, a commercial property landlord, gained 2.2% after reporting strong interim results.

Real estate company Taylor Wimpey rose by 1.3%, having adjusted its house sales forecast for the year to the upper range of previous guidance.

Meanwhile, pharmaceutical giant GSK dropped by 1.5%, as its second-quarter profits attributable to shareholders decreased to £1.17 billion, down from £1.62 billion in the same period last year.