Business
Stocks mixed ahead of Federal Reserve’s interest rate decision
Stock prices in London closed mostly higher on Wednesday, as the US Federal Reserve’s interest rate decision comes closer.
“Risk appetite remained firm heading into a busy 48-hour period for markets, where major central banks decide on interest rates, technology companies will report their quarterly results, and more to the point, (US President Donald) Trump will meet (Chinese premier) Xi Jinping in a meeting expected to last three hours,” said StoneX’s Fawad Razaqzada.
The FTSE 100 index closed up 59.40 points, or 0.6%, at 9,756.14. The FTSE 250 ended down 35.85 points, or 0.2%, at 22,448.27, and the AIM All-Share closed up 2.10 points, or 0.3%, at 772.89.
Next led the FTSE 100, up 8.8%.
The Leicester-based clothing retailer’s full price sales in the 13 weeks to October 25 were up 11% on-year, £76 million ahead of guidance. Next raised its fourth-quarter full price sales growth outlook to 7.0% from 4.5%, adding £36 million to its forecast.
Next also said it intends to return remaining surplus cash at the end of January with a special dividend which, based on the latest guidance, would be around £3.10 per share.
Stocks in New York were higher. The Dow Jones Industrial Average was up 0.6%, the S&P 500 index was 0.3% higher, and the Nasdaq Composite was up 0.5%.
Nvidia was 2.7% higher, after the AI chip juggernaut became the world’s first five trillion dollar (£3.8 trillion) company with its share price rising by 4.9% to 210.90 dollars at the open of trading on Wall Street.
This follows continued strong sales, a flurry of new deals and expectations that the company may soon regain access to China.
Nvidia chief executive Jensen Huang is expected in South Korea this week, where he will attend the sidelines of the Apec summit at which M Trump will meet his Chinese counterpart Mr Xi, with issues related to AI development expected to be discussed.
The yield on the US 10-year Treasury was quoted at 4.00%, widening from 3.98%. The yield on the US 30-year Treasury was quoted at 4.57%, widening from 4.55%.
“Across the Pacific, the Federal Reserve is widely tipped to cut rates (by 25 basis points) again tomorrow,” said Mr Razaqzada. “Should chair Jerome Powell sound more dovish than markets expect, the US dollar index could find itself under renewed downward pressure.”
Earlier on Wednesday, the Bank of Canada cut the overnight rate by 25 basis points to 2.25% from 2.50%. The decision was in line with market expectations.
Attention will also be on Thursday’s meeting between Mr Trump and Mr Xi, where investors hope some progress will be made in the trade talks. Any further delays or scaling back of tariff measures would likely provide a further boost to sentiment.
“However, even if the Trump–Xi summit brings a positive surprise, it may not be enough to offset the dollar’s broader drift lower … Dollar positioning is less one-sided than earlier in the year, which could limit any outsized reaction to dovish rhetoric,” Mr Razaqzada continued.
“Recent soft CPI data has already reduced the chances of a hawkish surprise. That means the USD/JPY could potentially move back below 150.00, especially if the BoJ (Bank of Japan) springs a hawkish surprise or signals a steeper path to normalisation than expected.”
The pound was quoted at 1.3236 dollars at the time of the London equities close on Wednesday, lower compared with 1.3279 dollars on Tuesday. The euro stood flat at 1.1660 dollars. Against the yen, the dollar was trading at 152.10 yen, slightly down compared with 152.14 yen.
In European equities on Wednesday, the CAC 40 in Paris closed down 0.2%, while the DAX 40 in Frankfurt ended down 0.7%.
The European Central Bank (ECB) is expected to enact another interest rate hold in what is likely to be an uneventful decision on Thursday, before focus moves to the final meeting of the year in December.
In a September decision which was widely expected, the ECB left the rate on the deposit facility at 2.00%, on the main refinancing operations at 2.15%, and on the marginal lending facility at 2.40%. It was the second hold in succession. Prior to a hold in July, it had cut for seven meetings in a row.
In Madrid, Banco Santander rose 4.3%. The banking firm’s attributable profit rose 2.1% on-year to 3.50 billion euros in the third quarter, leaving it on track to achieve its 2025 targets. In the UK, UBS said Santander’s profit was around 30% ahead of expectations
Also on Wednesday, Santander urged the UK government to consider changes to the Financial Conduct Authority’s proposed redress scheme for historical car finance commissions.
UK chief Mike Regnier warned that the current plan could have “unintended consequences for the car finance market”, including reduced credit supply and damage to the automotive sector.
Brent oil was quoted at 64.52 dollars a barrel at the time of the London equities close on Wednesday, up from 64.33 dollars late on Tuesday.
Gold was quoted higher at 3,997.24 dollars an ounce against 3,957.04 dollars.
The biggest risers on the FTSE 100 were Next, up 1,175.0p at 14,580.0p, GSK, up 108.0p at 1,752.0p, Glencore, up 19.8p at 371.25p, Fresnillo, up 108.0p at 2,256.0p, and Beazley, up 28.0p at 933.5p.
The biggest fallers on the FTSE 100 were Relx, down 102.0p at 3,396.0p, Sage Group, down 30.5p at 1,144.0p, Rentokil Initial, down 11.0p at 420.6p, Rightmove, down 16.61p at 667.99p, and Compass Group, down 62.0p at 2,536.0p.
On Thursday’s economic calendar, there are several eurozone releases alongside the ECB rate call, including unemployment, gross domestic product, and consumer confidence.
On Thursday’s UK corporate calendar, there are third-quarter results from Shell, Spectris and Standard Chartered.
Trading updates are also scheduled from multiple firms including Coca-Cola HBC, Haleon, WPP and Computacenter.
Contributed by Alliance News
A woman has been awarded $6m in a verdict that could have implications for hundreds of other cases in the US.
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Tesco and Sainsbury’s customers are paying more than Waitrose shoppers for some common branded groceries if they are not using a loyalty scheme, analysis by Which? has found.
The watchdog compared a list of 245 branded items including Heinz, Nescafe and Mr Kipling in February, finding that it was, on average, most expensive for customers at Sainsbury’s and Tesco who were not using the Nectar or Clubcard loyalty schemes.
Which? acknowledged that most shoppers are part of a membership scheme, but said some may be unwilling to sign up to loyalty cards for reasons such as data privacy, while others have no choice because of eligibility criteria.
Tesco customers who are under 18 can not sign up to a Clubcard, although the supermarket has announced it will review this before the end of the year.
The Which? list of items was most expensive at Sainsbury’s for non-Nectar members at £942.66 – 14% more than the cheapest retailer in the study Asda, which cost £823.58.
Tesco followed behind Sainsbury’s, with its non-Clubcard price totalling 11% more than Asda at £916.56.
Which? said it did not include discounters Aldi and Lidl in the study because they did not stock a sufficiently large range of branded goods.
Both Tesco and Sainsbury’s – the UK’s two largest grocers – were more expensive for non-members of their loyalty schemes than Waitrose, which cost £899.05.
Waitrose was 9% more expensive than Asda and emerged as a “more competitive option”, Which? said.
Which? found several products that were cheaper at Waitrose, including Amoy Straight To Wok Noodles, which were on average £1.25 at both Waitrose and Morrisons but most expensive at Sainsbury’s and Tesco without a loyalty card at an average of £2.15 – a 72% difference.
Sea salt and vinegar Ryvita Thins were also cheapest on average at Waitrose at £1.25, but shoppers buying this product at Morrisons, Tesco, and Sainsbury’s without a loyalty card would all have paid an average of £2.30, making them 84% more expensive.
For customers with a Clubcard, Which? found that the same list of groceries at Tesco fell to £837.43 on average – just 2% more expensive than Asda.
Which? found various instances of branded products where the Tesco Clubcard price was the cheapest on average.
Carex Hand Wash was 95p at Tesco with a Clubcard but £1.70 at Waitrose where it was the most expensive.
Another example showed Kellogg’s Crunchy Nut cornflakes was £1.55 on average in February, while the highest average price among the supermarkets was at Waitrose where it cost £2.50.
Which? said the figures showed the “dramatic price gulf” created by loyalty pricing.
In one example at Tesco, Which? found a 200ml bottle of L’Oreal Paris Elvive Bond Repair Shampoo was double the price on average for shoppers without a Clubcard – at £13 compared to £6.50.
The higher price was also found at both Morrisons and Sainsbury’s.
Which? found that a 200g jar of Kenco Smooth coffee cost shoppers at Tesco and Sainsbury’s without a loyalty card £8.35 – the highest price on the market.
In contrast, the same jar was £7 at Waitrose and £6.32 at Asda, on average.
Similarly, Waitrose had the cheapest average price for Nescafe Gold Blend at £6.25, while non-members at Sainsbury’s were asked to pay £8.35.
Meanwhile, Which? found customers who used a Nectar card at Sainsbury’s could expect to pay only 3% more than Asda at £848.56 for the entire list of items.
Morrisons averaged 4% more expensive than Asda when using a More card and 5% more expensive without one.
Ocado was also 5% more expensive than Asda.
Which? retail editor Reena Sewraz said: “Our analysis reveals a shocking truth and shows the impact loyalty schemes have had on grocery pricing.
“Branded favourites can actually be cheaper at Waitrose than at the UK’s biggest supermarkets for shoppers who don’t use a loyalty card – something that would have seemed unthinkable until a few years ago.
“If you’ve got your heart set on specific brands, your best bet is to shop around, keep a close eye on the unit price, and stock up whenever you see a good deal – otherwise, you’re likely to end up paying way over the odds.
“While loyalty cards definitely offer some savings, if you don’t use one you’re better off heading to Asda, where the pricing is usually cheaper on a range of branded goods.”
A Sainsbury’s spokesman said: “We have invested over £1 billion in recent years to help keep prices low and we know more customers are choosing to do their shop at Sainsbury’s.
“We are committed to helping customers access great quality at lower prices and remain focused on offering outstanding value across thousands of products through our Aldi price match scheme, Nectar prices, Your Nectar Prices and our own-brand value lines.”
A spokesman for Tesco said: “It’s no secret that Tesco Clubcard unlocks exceptional savings for the 24 million UK households who have one.
“More than 80% of our sales are made with a Clubcard – but it’s just one of the ways our customers get great value.
“Though everyday low prices we keep prices consistently low on thousands of branded products, and our Aldi price match ensures shoppers can be confident they’re getting competitive prices.”
Business
MLB faces a historic shift as potential lockout, media rights and other league changes loom
Thursday’s Opening Day may be the calm before the storm for Major League Baseball.
The league’s collective bargaining agreement with its players expires at the end of this season. Owners, with the commissioner’s backing, are almost sure to push for a salary cap (which would likely come with a salary floor to get players to the negotiating table).
MLB owners have never been able to get a cap passed by the players union. It’s unclear if the end of the 2026 season will lead to a different result, but MLB Players Association Interim Executive Director Bruce Meyer told ESPN last month he expects a lockout is “all but guaranteed.”
In addition to the CBA’s expiration, there are major shifts underway for baseball media rights. One-third of the league’s teams didn’t have local TV deals in place for this season until this week.
Nine MLB teams – the Washington Nationals, Seattle Mariners, Milwaukee Brewers, St. Louis Cardinals, Miami Marlins, Tampa Bay Rays, Cincinnati Reds, Kansas City Royals, and Detroit Tigers – announced Wednesday their brand new MLB-operated team channels will be carried by DirecTV.
Most of those teams had previously been part of Main Street Sports (previously Diamond Sports Group), which operates FanDuel Sports Networks (previously Bally Sports). That entity has been teetering with liquidation, and the teams terminated their contracts with the company due to missed payments earlier this year.
A 10th team, the Atlanta Braves, is launching a new network called BravesVision. The Braves and Charter’s Spectrum announced a multiyear distribution agreement earlier this week.
MLB ideally wants the rights to all 30 teams in its control by the end of the 2028 season so that it can sell the in-market local games as a national package to a streamer. That would become the modern replacement to regional sports networks, and it would likely be a new, coveted package for streaming services such as ESPN and Amazon Prime Video.
Also at the end of the 2028 season, MLB’s national media rights for all of its packages will expire, allowing the league to redistribute games to its partners and potentially select new ones.
NBC, ESPN, Fox and a combined CBS/Turner have dominated national rights for the past few decades.
“The key in media negotiations now is having all of your rights available,” MLB Commissioner Rob Manfred told me last year. “If you have all of your content – all of your playoffs, all of your regular season – available, there will be buyers, and I’m confident there will be buyers at a higher price for us.”
Manfred has even floated the idea of expanding to 32 teams and realigning the league geographically, upending or even eliminating the American and National leagues that have existed for more than 100 years.
Soaring TV ratings
It’s, of course, unclear how much of this hypothetical change will actually come to fruition.
But the potential for transformation at MLB is greater than at any of the other Big 4 professional leagues in the U.S.
And yet, baseball isn’t struggling — on the contrary. The implementation of the pitch clock in 2023 has led to shorter games, rising attendance and higher TV ratings.
Rob Manfred, Commissioner of the MLB, attends the annual Allen and Co. Sun Valley Media and Technology Conference at the Sun Valley Resort in Sun Valley, Idaho, U.S., on July 9, 2025.
David A. Grogan | CNBC
More than 50 million people in the U.S., Canada and Japan watched Game Seven of the World Series last year – the most-watched baseball game in 34 years. MLB recently wrapped up the World Baseball Classic – a global preseason tournament – which captured nearly 11 million viewers on Fox and Fox Deportes for its final game.
MLB team valuations rose 13% from last year. The average MLB team is now worth $2.95 billion, according to CNBC Sport data.
Still, the profitability of the league is in far worse shape than it is for the NFL, NBA and NHL, according to CNBC’s calculations. In 2025, MLB’s 30 teams had an EBITDA — earnings before interest, taxes, depreciation and amortization — margin of under 2%. Team average revenue was $426 million with average EBITDA of $7 million, including non-MLB ballpark events. In contrast, the comparable margin for the NFL was 20%; the NBA, 21% and the NHL, 22%, according to CNBC’s most recent valuations.
The new CBA at the end of this season could be the first significant step toward a very different MLB. But, similar to the WNBA, which announced its new CBA earlier this week, MLB must ensure negotiations to get a new labor agreement don’t jeopardize a wave of positive momentum.
Time to hold the line
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