Business
Stocks climb and pound firms as bond yields ease
Stocks in London rallied on Wednesday amid a calmer day on bond markets, supported by figures showing the UK services sector grew at its fastest rate since April 2024.
The FTSE 100 index closed up 61.30 points, or 0.7%, at 9,177.99. The FTSE 250 ended 150.18 points higher, or 0.7%, at 21,313.07, and the AIM All-Share finished up 2.90 points – 0.4% – at 768.47.
In Europe, the Cac 40 in Paris ended up 0.9%, while the Dax 40 in Frankfurt closed 0.5% higher.
The yield on UK 30-year government bonds fell to 5.61% on Wednesday from 5.71% at the time of the London equities close on Tuesday, while the yield on the 10-year bond narrowed to 4.75% from 4.81%.
The moves help ease some of the immediate pressure on Chancellor Rachel Reeves who set the date for her autumn Budget at November 26.
She acknowledged the economy is “not working well enough” and promised a “tight grip” on spending in her Budget, amid speculation about tax rises to plug a hole in the Government’s finances.
Ms Reeves said she had asked the Office for Budget Responsibility to prepare an independent forecast on the late November date to accompany the Budget.
Speaking to the House of Commons Treasury Committee, Bank of England governor Andrew Bailey said: “I do think it’s important not to focus on the 30-year bond rate… it is actually not a number that is being used for funding.”
He said that despite “dramatic commentary” he would not “exaggerate” the cost of government borrowing.
Mr Bailey said his main concern regarding the economy was the downside risks for the labour market.
In addition, he said there is “considerably more doubt” about how quickly and deeply the Bank can cut rates.
The pound rose to 1.3448 dollars late on Wednesday afternoon in London, compared with 1.3389 at the equities close on Tuesday. The euro firmed to 1.1679 dollars, against 1.1659. Against the yen, the dollar was trading lower at 147.95 compared with 148.20.
In better news for the Chancellor, the UK service sector grew in August at the fastest rate since April 2024, as output and new work climbed, a report from S&P Global showed.
The S&P Global UK services purchasing managers’ business activity index rose to 54.2 points in August from 51.8 in July, topping the flash reading of 53.6 released late last month.
“August data highlights a welcome acceleration of output growth and a swift rebound in order books after July’s dip, leaving the UK service economy on a much stronger footing as the end of summer comes into view,” said Tim Moore, economics director at S&P Global Market Intelligence.
Rob Wood, chief UK economist at Pantheon Macroeconomics, said the PMI signals growth close to potential, putting the Monetary Policy Committee in a tricky position, given that inflation is heading to double the 2% target shortly.
“The PMI suggests that rate setters will have to keep policy on hold for the rest of this year at least, as growth running around potential will fail to create the spare capacity needed to bring persistent wage and price inflation down,” he added.
In New York, markets were mixed after Tuesday’s hefty falls. The Dow Jones Industrial Average was down 0.4%, the S&P 500 rose 0.3% and the Nasdaq Composite was 0.8% higher.
Alphabet rose 9.5% and Apple 2.3% after a US antitrust ruling on Tuesday which rejected the US government’s demand that Alphabet sell its Chrome web browser was seen as a big win for the Google parent and the iPhone maker.
The yield on the US 10-year Treasury was quoted at 4.22%, narrowed from 4.28% on Tuesday. The yield on the US 30-year Treasury was quoted at 4.91%, lowered from 4.98%.
Data showed the number of job openings in the US surprisingly fell in July.
The number of job openings amounted to 7.181 million in July, falling from 7.357 million in June and 7.504 million 12 months earlier. The reading fell short of the FactSet-cited consensus of a rise to 7.373 million.
On London’s FTSE 100, Ashtead rose 0.8% as it raised cash flow guidance and stuck with its 4% rental revenue growth view for the current financial year.
The London-based industrial equipment hire company reported a pretax profit of 511.6 million dollars for the first quarter that ended July 31, falling 6.0% from 544.4 million dollars the year before.
Ashtead expects free cash flow between 2.2 billion and 2.5 billion dollars for the current financial year, compared with prior guidance for 2.0 billion to 2.3 billion dollars.
Chief executive Brendan Horgan said results were “solid” with revenues, profits and free cash flow “in line with our expectations as we continue to take advantage of secular tailwinds and the structural progression of our industry”.
On the FTSE 250, Hilton Food plunged 17% after it said a shortage of white fish prompted “significant” raw material inflation and softer UK demand, contributing to a drop in half-year profitability.
The Huntingdon-based food packaging company reported pre-tax profit of £24.3 million for the 26 weeks that ended June 29, falling 4.7% from £25.5 million the year before.
Weaker UK seafood demand has been driven by quota cuts leading to “significant” raw material inflation, the firm said.
Fresnillo and Endeavour Mining rose 8.1% and 3.6% respectively, reflecting the latest gains in the gold price.
JPMorgan thinks the gold price could reach 4,000 dollars per ounce by the second quarter of 2026 and 4,250 dollars by the end of next year.
Gold climbed to 3,565.82 dollars an ounce on Wednesday against 3,511.91 on Tuesday.
A barrel of Brent traded at 67.62 dollars late on Wednesday afternoon, down from 68.81 on Tuesday, after a Reuters report that the Opec+ group will consider a fresh increase to production when it meets over the weekend.
The biggest risers on the FTSE 100 were Fresnillo, up 155.0 pence at 2,074.0p, Endeavour Mining, up 96.0p at 2,760.0p, Babcock International, up 34.0p at 1,066.0p, Antofagasta, up 66.0p at 2,197.0p, and IAG, up 10.2p at 391.0p.
The biggest fallers were Pearson, down 38.5p at 1,047.0p, BT Group, down 3.6p at 206.1p, BP, down 6.8p at 427.3p, Airtel Africa, down 3.4p at 215.2p and Shell, down 36.5p at 2,694.0p.
Contributed by Alliance News
Business
Ganga Expressway inaugurated by PM Modi: UP’s longest expressway between Meerut & Prayagraj; check travel time, route, speed limit – top facts & images – The Times of India
Ganga Expressway, the longest expressway so far in Uttar Pradesh, was inaugurated by Prime Minister Narendra Modi on Wednesday. The 594 kilometres long Ganga expressway is a six-lane expressway that aims to reduce the travel time between Meerut and Prayagraj to just 6 hours!Uttar Pradesh has over 60% of India’s total access-controlled expressway network. Recently, Chief Secretary Manoj Kumar pointed out that of the nearly 2,900 km of such highways across the country, close to 1,200 km are located in the state.Meerut District Magistrate and Collector Vijay Kumar Singh on Tuesday said the project has generated tremendous excitement among the public. He noted that the expressway will greatly enhance connectivity to Prayagraj as well as the state capital, Lucknow.Experts say the expressway’s length is particularly significant. According to the Department for Promotion of Industry and Internal Trade, road transport remains economically efficient for freight over distances of up to about 600 km, while rail becomes more viable beyond that point. At 594 km, the Ganga Expressway falls almost exactly within this crucial range for cargo movement.

How will the Ganga Expressway cut down travel time, what districts will it cover, what will be the toll policy, and what cost has it been constructed at? We take a look:
Ganga Expressway: Top Points About UP’s Longest Expressway
Travel time: One of its most noticeable benefits will be the sharp reduction in travel time. The trip between Meerut and Prayagraj, which currently takes around 10 to 12 hours, is likely to be cut to approximately 6 to 7 hours. Access from Delhi: For travellers from the Delhi-NCR region, access will be seamless through the Delhi-Meerut Expressway, followed by a short connecting link at Bijoli to join the Ganga Expressway.

Construction cost: Developed at an estimated cost of Rs 36,230 crore, the Ganga Expressway ranks among Uttar Pradesh’s most ambitious infrastructure initiatives. The Ganga Expressway stretches from Bijoli village in Meerut to Judapur Dandu village in Prayagraj.Speed limit: The expressway has been built for speeds of up to 120 kmph. The six-lane access-controlled expressway, has been designed with the provision for expansion to eight lanes.

Route & Districts covered: The expressway will pass through 12 districts: Meerut, Hapur, Bulandshahr, Amroha, Sambhal, Badaun, Shahjahanpur, Hardoi, Unnao, Rae Bareli, Pratapgarh and Prayagraj. In doing so, it will directly influence more than 500 villages along its alignment.Interchanges & amenities: Its connectivity is further strengthened by 21 interchanges that link the corridor with existing national highways and state roads.

The project also includes major river crossings, notably a 960-metre bridge over the Ganga and a 720-metre bridge across its tributary, the Ramganga. Both structures have been engineered to suit local flood conditions.To support travellers, the expressway will also feature nine public utility complexes equipped with fuel stations, rest areas and food courts.

Emergency Landing Strip: One of the expressway’s standout features is a 3.5-km emergency landing strip in Shahjahanpur district. Already tested by the Indian Air Force, this airstrip adds a strategic defence dimension to the project, enhancing national preparedness in addition to its economic significance, according to an official statement.Integration with other expressways: Ganga Expressway will eventually be integrated with existing and even upcoming corridors. These include the Agra-Lucknow Expressway, the Farrukhabad Link Expressway, the Jewar Link Expressway, and a proposed extension that will connect Meerut to Haridwar.According to reports, plans are underway to extend the expressway by around 146 kms up to Haridwar. This extension will pass through Amroha and Bijnor and cover more than 200 villages.

Toll: The project will be operated under a toll-based public-private partnership model. Adani Enterprises and IRB Infrastructure Developers have been awarded concession rights for a period of 30 years.For toll collection, two primary toll plazas will be set up at the main entry points in Meerut and Prayagraj. The final toll charges have not yet been announced, however officials have indicated that they are likely to be in line with other expressways in Uttar Pradesh. At present, four-wheelers pay around Rs 2 to Rs 3 per kilometre.
Business
Oil prices decline after UAE says it will exit Opec amid Iran war energy crisis
Stocks mostly advanced in Asia on Wednesday despite losses on Wall Street, while oil prices fell after the United Arab Emirates said it would leave Organisation of the Petroleum Exporting Countries (OPEC) in a blow to the powerful oil cartel.
US futures edged higher. Markets in Japan were closed for a holiday.
Elsewhere in Asia, South Korea’s Kospi rose 0.3 per cent to 6,657.40 and the Hang Seng in Hong Kong gained 1.4 per cent to 26,029.02. The Shanghai Composite index traded 0.3 per cent higher at 4,091.01.
Australia’s S&P/ASX 200 slipped 0.3 per cent, to 8,689.50.
Taiwan’s Taiex lost 0.6 per cent, and India‘s Sensex gained 0.4 per cent.
The price of a barrel of Brent crude oil to be delivered in June fell 0.5 per cent to $110.71 early Wednesday. Brent to be delivered in July dropped 0.6 per cent to $103.74. Brent oil was around $70 per barrel before the war began in late February.
Benchmark US crude fell 0.6 per cent to $99.32 a barrel.
The UAE’s departure from Opec, due to happen on Friday, has been closely watched by oil markets. Opec accounts for roughly 40 per cent of global oil output, and the UAE is one of Opec’s largest oil producers. It has pushed back against Opec production quotas in recent years, wanting to sell more oil to the rest of the world.
“The UAE’s exit will increase (oil) output,” ING Bank strategists Warren Patterson and Ewa Manthey wrote in a research note on Wednesday. “The UAE has been increasingly frustrated over recent years by its output being constrained by Opec production quotas, which have kept it well below its potential.”
But as US-Iran negotiations for a permanent end to the Iran war stalled and the Strait of Hormuz, where roughly one fifth of the world’s oil passed through before the war, was still largely closed, short term impacts on oil prices will still depend mainly on prospects for reopening the waterway, analysts said.
The UAE was the third largest oil producer within Opec before the Iran war. ING said its departure “will reduce Opec’s effectiveness in managing and influencing the global oil market through supply measures.”
Investors are also awaiting more updates on US-Iran peace talks, although limited progress has been made. Iran has offered to reopen the Strait of Hormuz if the United States lifts its blockade on its ports. So far, the US appears to be ruling out a deal that excludes the Islamic Republic’s nuclear programme.
The Federal Reserve is expected to announce a decision on interest rates later Wednesday.
On Tuesday, Wall Street retreated from its recent record highs. The benchmark S&P 500 fell 0.5 per cent from its latest all-time high to 7,138.80. The Dow Jones Industrial Average edged down 0.1 per cent to 49,141.93, and the technology-heavy Nasdaq composite dropped 0.9 per cent to 24,663.80.
Artificial intelligence-related stocks led the losses. Chip company Broadcom lost 4.4 per cent, Nvidia fell 1.6 per cent and Micron Technology lost 3.9 per cent. Alphabet, Amazon, Microsoft and Meta Platforms are reporting quarterly results on Wednesday.
In other dealings early Wednesday the US dollar rose slightly to 159.63 Japanese yen from 159.62 yen. The euro was trading at $1.1708, down from $1.1712.
The yield on the US 10-year Treasury remained at 4.35 per cent.
Business
Maruti profit slips 6.4% in Q4, revenue jumps 29% – The Times of India
New Delhi: Maruti Suzuki had a record year in 2025-26 in terms of revenue and sales, but rising costs took a bite out of profits. The automaker posted consolidated revenue of over Rs 1.8 lakh crore, up 19.9% from the previous year, with total sales of 24.2 lakh vehicles. Net profit, however, barely moved – rising 1.2% to Rs 14,680 crore – as higher material, employee and depreciation costs ate into margins.The March quarter told a similar story: Revenue jumped 28.6% to Rs 52,462 crore, but net profit slipped 6.4% to Rs 3,659 crore.R C Bhargava, chairman, Maruti Suzuki India, said the auto industry is back in a growth phase, helped by stronger consumer demand and govt support, including lower taxes on small cars. He said Maruti expects to roll out about 2.5 lakh more vehicles this year as supply bottlenecks ease and new capacity comes online. The bigger constraint right now, he said, is not whether people want to buy cars but how many the company can actually make. Maruti is adding new production lines that will bring roughly 5 lakh additional units of annual capacity this year.
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