FTSE 100 rises, led by Glencore, Next earnings; banks slide

The FTSE 100 index edged 0.01% higher to 10,888.3 points, while the FTSE 250 reached a record high, driven by strong earnings and a midcap rally.

London's FTSE 100 edged higher on Wednesday after strong earnings from Glencore and retailer Next, although gains were capped by a selloff in banking ‌stocks following a report that China plans to tax returns from offshore insurance products.

The blue-chip FTSE 100 index closed up 0.01% to 10,888.3 points, while the midcap FTSE 250 climbed 0.7% to 24,632.63 points, notching another closing record high.