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UK Shares Gain on Better-than-Expected GDP Report; Entain Shines

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The UK's FTSE 100 rallied 0.29% on Thursday's close after government data showed better-than-expected economic growth in February, while the US blockade of Iranian ports continues as the Trump administration seeks a peace agreement with Iran.

The UK's gross domestic product expanded 0.5% month over month in February, following a revised 0.1% growth in January, the Office for National Statistics said. The reading beat market expectations for a 0.1% uptick.

"The large upside surprise to GDP growth in February will reignite concerns about residual seasonality in the GDP statistics, but nonetheless confirms that the economy made a good start to the year," Berenberg said. "On an annual basis, growth picked up from 0.7% yoy to 1.0% yoy as a strong February made up for a disappointing end to 2025. Sadly, the start of the Iran war on 28 February will stop the upswing in its tracks."

In corporate news, Entain (ENT.L) climbed 6.02% to become one of the top risers on the blue-chip index after reiterating its 2026 guidance for online net gaming revenue to rise between 5% and 7% on a constant currency basis. The sports betting and gaming company's net gaming revenue rose 3% for the first quarter, with online net gaming revenue rising 5% and retail net gaming revenue down 3%.

"Our strong and resilient business has started the year well, and we continue to build on this momentum. Our sharper focus and optimisation initiatives reinforce our conviction in delivering sustainable growth and improving cash generation. Entain remains well positioned to be a long-term industry winner, seizing the many opportunities ahead, and I am confident in our future," Chief Executive Officer Stella David said.

On the flip side, Rentokil Initial (RTO.L) fell 0.82% at closing. The pest control and hygiene services company logged a 4.3% yearly rise in first-quarter revenue while projecting full-year performance in line with market expectations.

"Q1 organic growth was slightly ahead at 3.4% (vs our forecast of 3.0%)," RBC Capital Markets said. "Within that US Pest Control Services growth was 2.8% - slightly better than Q4's 2.6%, despite the tough weather in Jan. This was partly offset by weaker growth in International, due to tough Pacific [comparables] and Middle East impacts."

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Asia Markets

S&P 500 Hits Record Amid Reports Iran Ceasefire to be Extended to Reach Peace Deal

US equity indexes closed mixed on Wednesday as strong gains in growth sectors pushed the S&P 500 to an all-time high amid speculation that the two-week Iran ceasefire could be extended to find a lasting peace agreement.The Nasdaq Composite advanced 1.6% to 24,016.02. The S&P 500 rose 0.8% to 7,022.95. The Dow Jones Industrial Average, however, slipped 0.2% to 48,463.72.The US and Iran are considering extending their two-week ceasefire to negotiate a peace deal, Bloomberg reported, citing a person familiar with the matter. Mediators are seeking technical talks to overcome the most contentious issues -- the reopening of the Strait of Hormuz and Iran's nuclear program -- preventing an agreement that would extend beyond next week, when an initial truce will expire, the person told Bloomberg.The CBOE Volatility Index, also known as the fear index, fell 1% to 18.17.Trump said the war with Iran was close to over, telling the world to brace for an "amazing two days," as the army chief of mediator Pakistan arrived in Tehran in a bid to prevent a renewed conflict, Reuters reported. Pakistan's military confirmed Field Marshal Asim Munir had arrived in Tehran, the news report said. A senior Iranian source told Reuters that Munir, who had mediated the last round of talks, was heading to Iran "to narrow gaps" between the two sides.West Texas Intermediate crude oil futures fell 0.2% to $91.06, and Brent crude futures were little changed at $94.84. Both the WTI and Brent futures were up as much as 1% earlier in the session.Technology, consumer discretionary, communication services, and financials led gainers in the final leg of trading. Industrials and materials were among the decliners. Except for Amazon.com (AMZN), all the other Magnificent-7 stocks ended higher. Tesla (TSLA) led the pack, with a gain of 7.6%.Tesla has completed the tape-out of its AI5 chip and is advancing development of AI6 and Dojo3, CEO Elon Musk said on X on Wednesday. Tape-out marks the final design stage before a chip is sent to manufacturing.Morgan Stanley (MS) posted stronger-than-expected Q1 results as sharp gains in investment banking and trading activity helped boost revenue to a record.In economic news, the New York Federal Reserve's Empire State manufacturing index rebounded to 11.0 in April from minus 0.2 in March, above the expectations for a 0.0 print in a Bloomberg-compiled survey. The Empire State index is the first manufacturing sector reading for April and suggests a return to expansion.Most US Treasury yields rose, with the 10-year up 2.3 basis points to 4.28% and the two-year higher by one basis point to 3.76%.Meanwhile, the National Association of Home Builders' monthly housing market index fell to 34 in April, its lowest since September 2025, from a revised 38 in March, compared with the 37 forecast in a Bloomberg-compiled poll.In precious metals, gold futures fell 0.7%% to $4,816.1 and silver futures declined 0.3% to $79.32.

Dow JonesNasdaq CompositeS&P 500$AMZN$MS$TSLA
Asia Markets

US Equity Indexes Mixed as Trump Aims to Cool Geopolitical Risk

US equity indexes traded mixed in midday trading on Wednesday as investors weighed President Donald Trump's attempts to downplay the possibility of an extended war in Iran.The Nasdaq Composite advanced 0.8% to 23,836.9, and the S&P 500 rose 0.3% to 6,990.45. The Dow Jones Industrial Average, however, declined 0.4% to 48,346.9. S&P traded within a hair's breadth of its all-time high of 7,002.28.Technology, consumer discretionary, communication services, and financials were the gainers. Industrials and materials led the decliners.Trump said the war with Iran was close to over, telling the world to brace for an "amazing two days," as the army chief of mediator Pakistan arrived in Tehran in a bid to prevent a renewed conflict, Reuters reported. Pakistan's military confirmed Field Marshal Asim Munir had arrived in Tehran, the news report said. A senior Iranian source told Reuters that Munir, who had mediated the last round of talks, was heading to Iran "to narrow gaps" between the two sides.Meanwhile, Iran's military has threatened shipping in the Red Sea if the US continues its blockade of Iranian ports, after US Central Command said the blockade has "completely halted" Tehran's economic sea trade, CNN reported.West Texas Intermediate crude oil futures rose 0.6% to $91.86, and Brent crude futures climbed 0.9% to $95.69, off their respective session highs."The bottom line is that despite the market's rally since last week, the current ceasefire remains fragile," Thierry Wizman, global foreign-exchange and rates strategist at Macquarie Group, said in a note. "It is currently not letting the oil flow anyway. And if agreement is not reached on the nuclear issue, hostilities may restart, including in the Red Sea."Most US Treasury yields rose, with the 10-year up 2.7 basis points to 4.28% and the two-year higher by 1.9 basis points to 3.77% as elevated crude oil futures risked firing up the inflation rate.In precious metals, gold futures fell 0.5%% to $4,826.60 and silver futures declined 0.2% to $79.42.In company news, Morgan Stanley (MS) posted stronger-than-expected Q1 results as sharp gains in investment banking and trading activity helped boost revenue to a record.Tesla (TSLA) has completed the tape-out of its AI5 chip and is advancing development of AI6 and Dojo3, CEO Elon Musk said on X on Wednesday. Tape-out marks the final design stage before a chip is sent to manufacturing. Shares of the electric vehicle manufacturer surged 6.3% intraday, among the top gainers on the S&P 500 and Nasdaq.In economic news, the New York Federal Reserve's Empire State manufacturing index rebounded to 11.0 in April from minus 0.2 in March, above the expectations for a 0.0 print in a Bloomberg-compiled survey. The Empire State index is the first manufacturing sector reading for April and suggests a return to expansion.The National Association of Home Builders' monthly housing market index fell to 34 in April from a revised 38 in March, compared with expectations for 37 in a survey compiled by Bloomberg. The index was below 40 a year ago and is at its lowest since September 2025.

Dow JonesNasdaq CompositeS&P 500$MS$TSLA
Asia Markets

Exchange-Traded Funds, US Equities Mixed After Midday

Broad Market IndicatorsBroad-market exchange-traded fund IWM fell while IVV rose. Actively traded Invesco QQQ Trust (QQQ) added 0.5%.US equity indexes traded mixed after midday Wednesday as President Donald Trump's comments downplaying the possibility of an extended war in Iran kept geopolitical risk contained.EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each gained about 0.2%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) was up 0.3%; iShares US Technology ETF (IYW) and iShares Expanded Tech Sector ETF (IGM) each added about 0.5%.The State Street SPDR S&P Semiconductor (XSD) fell 0.4%, and iShares Semiconductor (SOXX) was down 1.7%.FinancialThe State Street Financial Select Sector SPDR (XLF) rose 0.7%. Direxion Daily Financial Bull 3X Shares (FAS) climbed up 2.1%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), declined 2.2%.CommoditiesCrude oil rose 0.5%, and the United States Oil Fund (USO) eased 0.2%. Natural gas fell 0.3%, and the United States Natural Gas Fund (UNG) dipped 0.2%.Gold on Comex lost 0.4%, and the State Street SPDR Gold Shares (GLD) fell 0.9%. Silver shed 0.2%, and iShares Silver Trust (SLV) declined 0.5%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) eased 0.3%. The Vanguard Consumer Staples ETF (VDC) fell 0.3%, and iShares Dow Jones US Consumer Goods (IYK) was 0.6% lower.The State Street Consumer Discretionary Select Sector SPDR (XLY) rose 1.2%. VanEck Retail ETF (RTH) lost 0.4%, while the State Street SPDR S&P Retail (XRT) added 0.6%.Health CareThe State Street Health Care Select Sector SPDR (XLV) fell 0.9%, iShares US Healthcare (IYH) declined 0.7%, and Vanguard Health Care ETF (VHT) was also 0.7% lower. IShares Biotechnology ETF (IBB) fell 0.5%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) lost 1.8%. Vanguard Industrials Index Fund (VIS) and iShares US Industrials (IYJ) also declined.CryptocurrencyIn midday activity, bitcoin (BTC-USD) shed 0.3%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) fell 0.5%, ProShares Ether ETF (EETH) added 1.3%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was down 0.4%.

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