FX.co ★ FTSE 100 Rises the Most since July to Fresh Record

On Wednesday, the FTSE 100 surged by 1.1% to reach a historic high of 9452, marking its most impressive performance since July. The increase was primarily fueled by a robust rally in pharmaceutical stocks. AstraZeneca experienced an extraordinary gain of 11%, its highest since 2014, while GSK and Hikma leapt by 6.1% and 6% respectively. This surge was prompted by Pfizer's agreement with the Trump administration to reduce drug prices by up to 85% and to sell directly to American consumers, thus avoiding tariffs. Experts noted that this move clarified pricing strategies and sparked optimism that other pharmaceutical companies might adopt similar approaches. Elsewhere, JD Sports saw its shares rise by over 5%, buoyed by Nike’s announcement of a smaller-than-anticipated 1% decline in sales, driven by strong performance in wholesale and running shoe segments. Simultaneously, data from Nationwide indicated stability in UK house prices, with prospects of gradual strengthening. In the United States, a disappointing ADP employment report heightened forecasts for further Federal Reserve interest rate cuts this year, while investors remained attentive to developments regarding the government shutdown.