The FTSE 100 index closed Wednesday down 0.5% to 7682 points, mainly dragged by the mining sector and amid a downturn in global markets as repriced rate-cut expectations and increased tensions in the Middle East led to further risk-off sentiment, IG senior market analyst Axel Rudolph said in a note. "Lower-than-expected U.S. job openings, while the manufacturing sector remains in contraction territory, also weigh on stock indices ahead of this evening's Federal Open Market Committee minutes," he said. Miner Anglo American led the fallers with shares closing down 5.0%, followed by Rentokil and Pershing Square Holdings, down 4.95% and 4.0%, respectively. On the green side, Centrica was the top riser, with shares up 3.15%, followed by pharma giant GSK, up 2.7% after Jefferies upgraded its rating on the stock to buy.


COMPANIES NEWS:

Entain Appoints Eminence Capital's Ricky Sandler as Nonexecutive Director

Entain said that it has appointed Ricky Sandler as a nonexecutive director with immediate effect and that they will work together to find an extra nonexecutive director.


MARKET TALK:

Watches of Switzerland to Benefit From Rolex Price Increase in U.K.

1150 GMT - Rolex's price increase of around 4% in the U.K. is positive news for Watches of Switzerland, given that retail prices are the most relevant metric for the group's business model, Barclays analysts say in a note. However, it is slightly disappointing that prices in the U.S. remain unchanged, they add. "No change in Rolex prices in the U.S. may have more to do with dollar strength/pricing differentials between geographies, than concerns over the resilience of U.S. demand," they say. It could also be related to concerns over softer trading and a drop in secondary market prices, they say. Rolex represents around 50% of the luxury-watch retailer's revenue, and the U.K. represents around 55% of group revenue, they say. Shares are down 0.6% at 672.0 pence. (michael.susin@wsj.com)

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Walgreens 1Q Earnings Seen Down, Eyes Set on 'Boots' Business, CFO, Outlook

Walgreens Boots Alliance's upcoming quarter will show signs of reset for the drugstore chain, JPMorgan analysts say in a research note. Although earnings will be down significantly, part of the positive story for Walgreens is predicted on a cleaner set of financials going forward, analysts say. Investors will look for comments about the timing of naming a permanent CFO, the cadence of improvement going forward in FY24, whether it it looking to sell its Boots business, and thoughts on proposed alternative pharmacy reimbursement models. Shares fall 0.7% to $26.46 in pre-market trading. (sabela.ojea@wsj.com; @sabelaojeaguix)

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Traditional U.K. Asset Managers Lack Investment Appeal

1113 GMT - There is no strong case to own any traditional asset managers, Numis Securities says. Issues that traditional active asset classes have faced for some time, such as persistent net outflows, fee pressure and higher costs, look set to remain as structural problems, Numis says. While a more risk-on market would likely "lift all ships" on a shorter-term basis and many firms might face takeovers amid industry consolidation, investors should still be wary of making any long-term investments, Numis analyst David McCann writes. Numis downgrades Ashmore to sell from hold, citing a lackluster medium-to-long-term investment performance. It maintains hold recommendations on abrdn, AssetCo, Jupiter, Liontrust, Man Group and Polar Capital and 'reduce' ratings on Ninety One and Schroders. (philip.waller@wsj.com)

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Burberry's Turnaround May Need More Investor Patience

1031 GMT - Burberry is a "show-me story requiring further investor patience", Stifel says, downgrading the luxury-goods group to hold from buy. "We see the progress on Burberry's turnaround and elevation journey as being held back by an adverse external environment in 2024," Stifel analyst Rogerio Fujimori says in a note. "We view Burberry as a cheap stock that lacks catalysts for re-rating and requires further investor patience as the earnings downgrade cycle doesn't appear over yet." Stifel also cuts its price target to 1550 pence from 1950p and its forecast for FY25 pretax earnings before interest by 12%, leaving the brokerage's new FY25 estimates 5% below consensus. Shares fall 2.5% to 1365p. (philip.waller@wsj.com)


Contact: London NewsPlus, Dow Jones Newswires


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