On Wednesday, the FTSE 100 remained largely unchanged following a 0.5% increase during the previous trading session. The index faced downward pressure primarily due to weakness in mining stocks, triggered by President Trump's unexpected proposal to impose a 50% tariff on copper imports. This led Antofagasta to decline by approximately 3%, while Anglo American and Glencore fell by 2.3% and 2%, respectively. The healthcare sector was not spared, as AstraZeneca and GSK experienced drops of 0.8% and 0.5%, following Trump's suggestion of a significant 200% tariff on pharmaceutical imports unless companies relocate production to the United States within one year.
In contrast, advertising powerhouse WPP suffered the steepest loss of the day, plummeting over 13% after it revised its full-year revenue and margin forecasts, now anticipating a 3–5% decrease in like-for-like sales, compared to its previous projection of flat to a 2% decline. On the positive side, British American Tobacco saw a 2.5% increase, Imperial Brands rose by 1.6%, and Rolls-Royce advanced by 1.2%. Additionally, Legal & General and BP made gains, with increases of more than 1% and 0.9%, respectively.
