- UK stocks opened modestly lower on Wednesday after Barclays led a slew of earnings updates with a giant credit impairment charge.

Investors were also awaiting the latest update on US monetary policy from the Fed, due later on Wednesday.

At 0827, Britain's benchmark FTSE 100 index was down 7.62 points, or 0.1%, at 6,121.64.

Barclays slumped 3.2% to 108.32p after its profit more than halved on the back of a £3.7bn credit impairment charge linked to the Covid-19 crisis.

The bank said impairment charges in the second half would be below the first, but still above levels experienced in recent years.

Mining titan Rio Tinto rose 0.8% to £48.035, even as it booked a 20% drop in first-half profit amid disruptions from the Covid-19 crisis.

Rio Tinto also lifted its interim dividend, by 3%, citing a strong balance sheet.

Clothing retailer Next jumped 9.0% to £57.42 as it upgraded its annual profit guidance, having experienced a lower-than-expected fall in second-quarter sales.

Next's full-price sales for the three months through June fell 28% on-year, which the company said was 'much better' than it had expected.

Pharmaceutical giant GlaxoSmithKline edged up 0.1% to £16.0585 after it and partner Sanofi agreed to supply up to 60m doses of a potential Covid-19 vaccine to the UK government.

House builder Taylor Wimpey sank 6.9% to 123.75p on swinging to a first-half loss after Covid-19 lockdowns forced the temporary closure of its sites.

Taylor Wimpey did not declare an interim dividend, but said it expected to recommence dividend payments in 2021, with regards to the 2020 final dividend, amid a recovery in demand.

Luxury car marker Aston Martin revved 7.5% higher to 53.3p, despite its first-half losses widening sharply as sales plunged.

Aston Martin said more than 90% of its dealer network globally was now open following an easing of lockdowns.

Medical technology group Smith and Nephew slumped 6.3% to £15.28, having swung to a first-half loss after restrictions were placed on elective surgery in the fight against Covid-19.

Healthcare facility investor Primary Health Properties gained 1.5% to 152.8p as it upped its dividend after it swung to a first-half profit, on the back of higher rental income and positive property revaluations.

Packaging company Smurfit Kappa rallied 6.4% to £26.40, even as it posted a 16% fall in first-half profit after revenue was hit by weaker demand owing to the Covid-19 crisis, adverse foreign exchange movements and a fall in box prices.

Smurfit Kappa, however, declared an interim dividend of 80.9c per share, which was the equivalent amount of its withdrawn 2019 final dividend.

Engineering and industrial software group Aveva was broadly unchanged at £41.59 as its revenue fell 3.5% in the fiscal first quarter.

Budget carrier Wizz Air ascended 4% to £35.32, despite it swinging to a deep first-quarter loss after the Covid-19 crisis forced it to ground most of its fleet.

Wizz said it was operating at about 70% of capacity at the end of June, compared to an average of 11.5% in the first quarter.

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