StockMarketWire.com - UK stocks are falling on Wednesday amid overnight pressure from the US and Asia and ahead of the US Federal Reserve' monthly interest rate decision later in the session.

At 08:58, the benchmark FTSE 100 was 0.30%, or 23.10 points, lower at 7,623.67.

Retailer Next jumped 8.65% to 6,102p after it said it had increased its full-price sales and profit guidance for the second half following better-than-expected sales performance in the second quarter.

Medical equipment manufacturer Smith & Nephew rose 3.14% to 1,921p after it said it had raised its full-year revenue guidance amid 'positive momentum' across the business globally in the first half of 2019.

Just Eat added 1.55% to 761.60p even as it reported a sharp decline in half-yearly profits amid higher costs as the food delivery company ramped up investments to improve its delivery service.

Defence company BAE Systems climbed 1.58% to 551.19p after it reported a jump in half-yearly profits as ongoing operational improvements helped bolster performance.

Restaurant and pub operator Mitchells & Butlers added 1.51% to 302p after it saw strong food sales in its third quarter even as drink sales suffered slightly from comparisons with 2018, which was boosted by the World Cup.

British housebuilding company Taylor Wimpey fell 4.08% to 169.34p as it saw a drop in its half-year pre-tax and operating profit due to higher build costs and geographic mix. However, it expected full-year results to be 'in line' with expectations.

Vodafone rose 0.5% to 152p after it said it had completed the sale of 100% of Vodafone New Zealand for a cash consideration equivalent to an enterprise value of NZ$3.4bn (€2.1bn), with sale proceeds going towards reducing its net debt.

Lloyds Banking Group lost 4.7% to 52.49p after it delivered a modest beat on second-quarter profits expectations, but said it expected its capital build for the year to come it at the lower end of expectations as it set aside more funds to meet a ramp in payment protection insurance claims.

Hedge fund group Man Group added 3.12% to 172.05p after it said its assets under management increased 5% in the first half of 2019 amid strong absolute performance from its quant alternative strategies, however outflows were higher year on year.

Shopping centre landlord Intu dropped 19.04% to 56.88p after it reported wider losses in the first half of the year, blaming a 'challenging' period in which several retailers entered insolvency arrangements.

Private equity and infrastructure investor 3i Group edged 1.32% lower to 1,120p even as it reported a rise in fiscal first-quarter net assets, led by good growth in its private equity portfolio.

Evraz grew 1.48% to 674.82p after it said second-quarter steel output was flat quarter-on-quarter, but sales rose 7.7% on higher demand.

Wealth management group St. James's Place fell 5.7% to 983.60p after it said 'challenging external factors' weighed on new inflows in the first six months of 2019.

Insurer Direct Line shed 1.64% to 318.60p after it reported a fall in pre-tax profits as lower average premiums in motor and lower partnership volumes weighed on overall premiums.

Pest control company Rentokil added 4.32% to 430p after the company saw increases in revenue and operating profit in the first half of 2019 and left its full-year guidance unchanged as it confirmed the sale of its stake in CWS-boco.

Real-estate investment trust PRS REIT slipped 0.53% to 94p after it said it would pay an interim dividend of 2p per ordinary share for the fourth-quarter period covering 1 April to 30 June 2019.

Glencore lost 0.53% to 271.55p after it reported a fall in copper output in the first half of the year, led by weaker-than-expected performance in its African copper business and the miner also flagged a $350m hit on its cobalt business following a drop in prices.

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