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Investing.com -- British stocks rallied on Thursday, with the FTSE 100 climbing to a new all-time high, surpassing its March record, while the pound fell below $1.36 and WPP named a Microsoft executive as its new CEO.

The blue-chip index FTSE 100 closed over 1% higher, and the British pound fell 0.1% against the dollar to below 1.36. 

Mining stocks led the gains, with Rio Tinto (NYSE:RIO) (LON:RIO), Glencore (OTC:GLNCY) (LON:GLEN), Anglo American (JO:AGLJ) (LON:AAL), Fresnillo (LON:FRES), and Endeavour ranking among the top risers, boosted by higher iron ore, copper, and gold prices.

Meanwhile, DAX index in Germany fell 0.2%, the CAC 40 in France rose 0.3%.  

WPP taps new CEO

WPP (LON:WPP) said that Microsoft (NASDAQ:MSFT) executive Cindy Rose will become its new Chief Executive Officer, effective September 1, 2025.

Rose, currently Chief Operating Officer of Global Enterprise at Microsoft, will succeed Mark Read, who will step down after seven years as CEO.

The incoming executive has been a non-executive director on WPP’s board since 2019.

Activist Standard cuts Johnson Matthey (LON:JMAT) holding in half

Activist investor Standard Investments has reduced its stake in Johnson Matthey by half after a six-month campaign that pushed the British specialty chemicals company into a major restructuring.

Standard’s total holding fell to 4.75% from a previously disclosed 9.52%, according to regulatory filings.

The investment firm sold into a share price rally that has recovered to over £18 ($24.50), up more than 35% from a low of around £13.52 when its public pressure campaign began in December 2024.

Vistry reports profit drop

Vistry Group (LON:VTYV) reported a 34% year-on-year drop in first-half profit before tax to £80 million on Thursday.

The housebuilder completed approximately 6,800 units in the six months ended June 30, down from 7,792 a year earlier.

Group revenue for the period is expected to be about £1.8 billion, with the sales rate holding at an average of 1.022 per outlet per week.

PageGroup profit, cash decline as permanent hiring drops

Pagegroup PLC (LON:PAGE) reported a second-quarter gross profit of £194.8 million, marking a 10.5% decline year-over-year in constant currency.

Permanent recruitment fell 11.3%, while temporary recruitment declined 8.2%.

Net cash stood at around £10 million at the end of June, compared to £54 million in the previous quarter.

U.K. regulator sets new delivery deadlines to curb Royal Mail (LON:IDSI) delays

Britain’s media regulator has set new minimum acceptable delivery deadlines for Royal Mail to prevent long delays and changed some existing delivery targets that could help the postal service save up to £425 million ($578.3 million).

Thames Water reportedly eyes last-ditch offer

Thames Water is considering a last-ditch rescue bid from former Liberal Democrat energy spokesman Rupert Redesdale and investment firm Muinin Holdings, the Financial Times reported on Thursday.

Revolut reportedly in talks for funding at $65 bln valuation

London-based fintech giant Revolut is in talks to secure new funding at a valuation of $65 billion, according to a Financial Times report on Wednesday.

Latest on Trump and tariffs 

On the geopolitical front, U.S. President Donald Trump sent letters Wednesday dictating new U.S. tariff rates on at least seven more countries’ imports, adding to the 14 letters sent earlier this week.

He also announced a 50% tariff on Brazil after a disagreement with President Luiz Inacio Lula da Silva, who promised to implement reciprocal measures.

European investors were somewhat encouraged as the European Union avoided the latest tariffs, with EU trade chief Maros Sefcovic saying good progress had been made and a deal could be reached within days.

Investing.com - European stocks were mixed on Thursday, with investors showing a degree of confidence even after U.S. President Donald Trump’s latest salvo of trade tariffs. 

The DAX index in Germany fell 0.2%, the CAC 40 in France climbed 0.3% and the FTSE 100 in the U.K. rose 1.3%. 

New U.S. tariff rates

On Wednesday, U.S. President Donald Trump sent letters dictating new U.S. tariff rates on at least seven more countries’ imports, adding to the letters sent to 14 other countries earlier this week.

He also announced a 50% tariff on Brazil after a spat with his Brazilian counterpart, with Brazil’s President Luiz Inacio Lula da Silva responding that new tariffs would be met with reciprocal measures.

The U.S. president also announced a 50% tariff on copper, making good on his earlier threat of such a move. 

However, European investors have been somewhat buoyed by the fact that the European Union has avoided the latest round of U.S. tariffs, suggesting a deal between the two sides may be close. 

EU trade chief Maros Sefcovic said good progress had been made on a framework trade agreement and a deal may even be possible within days.

German inflation confirmed at ECB’s target

German inflation eased to 2.0% in June, the European Central Bank’s target level, confirming preliminary data.

German consumer prices, harmonised to compare with other European Union countries, had risen by 2.1% year-on-year in May.

The ECB is expected to wait until September to cut its key policy rate again as officials eye ongoing trade uncertainty and the recent appreciation of the euro, according to analysts at Capital Economics.

In June, the ECB slashed borrowing costs for the eighth time in a year, bringing its key deposit rate down by 25 basis points to 2.0%.

Across the pond, investors will keep an eye on the weekly jobless claims data as another gauge of the strength of the U.S. labor market, while Federal Reserve’s Christopher Waller and Mary Daly are set to speak during the session.

Porsche expects hefty tariffs hit 

In the corporate sector, Porsche (ETR:PSHG_p) expects a €300 million ($351 million) hit to results as a consequence of absorbing U.S. import tariffs in April and May, the German luxury sports car manufacturer said ahead of quarterly results.

WPP (LON:WPP) has named Cindy Rose, a senior executive from Microsoft (NASDAQ:MSFT), as its new chief executive, a day after it downgraded profit forecasts.

Rose has been on WPP’s board since 2019 and will take over from outgoing CEO Mark Read at the advertising giant on Sept. 1.

Chocolate manufacturer Barry Callebaut (SIX:BARN) reported a 6.3% drop in sales volume for the first nine months of fiscal year 2024-25, while revenue rose 56.7% in local currencies, driven by higher cocoa prices.

Activist investor Standard Investments has halved its stake in London-listed Johnson Matthey (LON:JMAT) after a six-month campaign that forced the British specialty chemicals company into a major overhaul.

Oil prices fall

Crude prices fell Thursday as investors assessed the uncertain trade environment as well as signs of strong U.S. gasoline demand.

At 11:50 ET, Brent futures traded down 2.1% at $68.72 a barrel and U.S. West Texas Intermediate crude futures fell 2.4% to $66.75 a barrel.

Uncertainty surrounding the potential impact of tariffs on global demand has led to a more cautious buying environment, particularly with geopolitical risk premiums fading as the Israel-Iran truce holds.

Elsewhere, U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Gasoline demand rose 6% to 9.2 million barrels per day last week, the EIA said.