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Asia Markets

UK's FTSE 100 Jumps on Renewed Optimism Over US-Iran Deal; British Economy Shrinks

Britain's FTSE 100 index ended the trading week 1.63% higher, buoyed by renewed investor optimism over an interim peace agreement between the US and Iran.Washington and Tehran could sign a deal to reopen the Strait of Hormuz next week on the sidelines of the Group of Seven summit in Switzerland, Bloomberg News reported, citing senior officials. The terms of the memorandum of understanding are still subject to approval by Iran's Supreme Leader Mojtaba Khamenei, an unnamed European official told the news outlet.News of a potential deal sent oil prices down over 2% on Friday. BP (BP.L) and Shell (SHEL.L) also tumbled 1.98% and 1.69%, respectively, making them the two biggest losers on the blue-chip index.In corporate news back home, Flutter Entertainment (FLTR.L) plans to delist its ordinary shares from the London bourse on Aug. 3, but will continue to list in New York. The online sports betting and gaming company edged down 3.33% in London at close.On the economic front, Britain's monthly gross domestic product fell 0.1% in April 2026, in line with expectations, following a 0.3% rise a month ago, data from the Office for National Statistics showed. The latest figure, which marks the first economic contraction since August 2025, was driven by a fall in services, offset by growth in construction. Meanwhile, production stagnated during the month."While UK GDP grew by 0.7% in the three months to April, the contraction in April is more indicative of growth prospects for the economy going forward. We expect UK GDP growth to slow in the second quarter," according to Yael Selfin, vice chair and chief economist at KPMG in the UK.The week ahead will see a barrage of economic data in the UK, including inflation, labor market figures, the Bank of England's interest rate decision, retail sales, and public sector net borrowing.

FTSE 100$BP.L$FLTR.L$SHEL.L
International

BofA: Bank of England to Hold Key Rate in June Meeting; Two Hikes Expected in July, September

BofA Global Research forecasts the Bank of England will retain its key rate at 3.75% at its June 18 monetary policy meeting, with a 7-2 vote in favor of a hold and risks of a 6-3 vote."Dovish inflation/labour market data, lack of explicit guidance on June and MPC's patient approach is likely to mean a hold. The dovish data should reduce the urgency for the BoE to act, especially with swing voters not showing a rush to hike," analysts said Thursday in a preview note.Looking forward, the research firm anticipates the UK central bank to raise its benchmark rate in July and September amid expectations of continued high energy prices through 2026 and increased risks of second-round effects."Moreover, the BoE is currently taking some comfort from the tightening in financial conditions weighing on inflation, but the BoE actually needs to credibly deliver on the hikes priced in to maintain those tight financial conditions," BofA added.Three quarterly rate cuts to 3.5% are then projected to follow, beginning from the second quarter of 2027, with risks of 3.25% and earlier reductions.

FTSE 100
UK Economy Contracts in April as Iran War Impacts Bite
US Markets

UK Economy Contracts in April as Iran War Impacts Bite

The British economy contracted for the first time in eight months as the impact of the ongoing war in the Middle East began to be felt more broadly across businesses.The UK's gross domestic product fell 0.1% month over month in April 2026, following a 0.3% increase in March 2026, data from the Office for National Statistics showed Friday. The reading, which matched the market forecast, marks the first monthly fall in GDP since August 2025.A 0.2% fall in services drove the decline in GDP, offsetting a 0.1% rise in construction, largely due to a negative contribution from administrative and support service activities and from arts, entertainment and recreation. The ONS said some of the declines "are likely to be attributed to the outbreak of conflict in the Middle East affecting UK-based businesses."Meanwhile, production showed no growth in April, following a 0.2% fall in March."We expect this slowdown to intensify as higher energy costs feed through the economy, with the impact likely to be felt most accurately in the third quarter as the energy price cap rises," said Fergus Jimenez-England, associate economist at the National Institute of Economic and Social Research, following the data release. "That said, we expect the Bank of England to leave interest rates unchanged at next week's meeting."On a yearly basis, the British economy grew 1.2% in April, against the prior 1.2% expansion and the consensus estimate of a 1.3% gain.Separately, the country's goods and services trade deficit rose by 7.7 billion pounds sterling to 9.9 billion pounds in the three months to April, ONS data showed the same day. The goods deficit increased by 7.6 billion pounds to 62.5 billion pounds, while the services surplus declined by 200 million pounds to 52.6 billion pounds.

FTSE 100
International

UK Monthly Services Output Down 0.2% in April

Britain's services output fell 0.2% month over month in April, following a 0.3% gain in March, according to data from the Office for National Statistics published Friday.On a yearly basis, the index rose 1.7%, against the 1.5% increase earlier.

FTSE 100
International

British Monthly Construction Output Up 0.1% in April

Construction output in the UK inched up 0.1% month over month in April, following a 1.5% increase in March, the Office for National Statistics said Friday.On a yearly basis, construction output was 1% lower, compared with the 0.3% decrease earlier and the market forecast of a 1.7% decline.

FTSE 100
International

UK Trade Deficit Widens in Quarter to April

Britain's goods and services trade deficit rose by 7.7 billion pounds sterling to 9.9 billion pounds in the three months to April, the Office for National Statistics said Friday.The UK's goods trade deficit increased by 7.6 billion pounds to 62.5 billion pounds, while the services trade surplus declined by 200 million pounds to 52.6 billion pounds.

FTSE 100
International

UK's Monthly Manufacturing Output Rises 0.4% in April

The UK's monthly manufacturing production edged up 0.4% in April, following a 1.2% increase in the prior month, the Office for National Statistics said Friday.Analysts expected a 0.2% fall for the month.On a yearly basis, British manufacturing output rose 1%, compared with the 1.2% growth earlier and the consensus estimate of a 0.4% gain.

FTSE 100
International

British Monthly Industrial Production Flatlines in April

The UK's monthly industrial production stalled in April, following a 0.2% fall in March, the Office for National Statistics said Friday.Analysts expected a 0.1% increase for the month.On a yearly basis, UK industrial output declined 0.2%, against the zero growth earlier and the consensus estimate of a 0.1% drop.

FTSE 100
International

UK's Monthly GDP Contracts 0.1% in April

The UK's gross domestic product fell 0.1% month over month in April, following a 0.3% increase in March, the Office for National Statistics said Friday.The reading, which matched the market forecast for the month, marks the first monthly fall in UK GDP since August 2025.On a yearly basis, the British economy grew 1.2%, against the prior 1.2% expansion and the consensus estimate of a 1.3% gain.

FTSE 100
Asia Markets

British Equities Gain Ahead of Key Economic Releases; Halma Stock Plummets

London's FTSE 100 rallied 0.48% on Thursday's close ahead of Friday's release of key UK economic data, including April gross domestic product figures that could offer clues on the economy's strength and the Bank of England's policy path."We expect the Monetary Policy Committee to hold Bank Rate at 3.75% at next week's meeting on June 18," Oxford Economics UK said. "The vote split will probably be slightly narrower than in April's decision, with Megan Greene likely to join Huw Pill in voting for a hike due to shared concerns that second-round effects could prove larger than expected."Elsewhere, the European Central Bank raised its three key interest rates by 25 basis points at its June meeting, citing inflationary pressures linked to the Middle East conflict. The move marked the ECB's first rate increase since 2023.On the economic front, the Royal Institution of Chartered Surveyors house price balance stood at -35% in May 2026, unchanged from the revised April 2026 reading. The figure missed the consensus estimate of -31% and remained the weakest since November 2023."The May RICS survey is best described as a market trying to stop the bleeding rather than one that is healing," RBC Capital Markets said. "The headline numbers remain deeply negative across demand, supply and prices, but the direction of travel is at least no longer uniformly downward. For the first time since January, new buyer enquiries and agreed sales stopped falling further into negative territory, both holding steady month- on-month at net balances of -34% and -37% respectively."In corporate news, Intertek Group (ITRK.L) climbed 1.65% after Swedish private equity firm EQT secured an extension of the deadline to make a firm offer for the British assurance, testing, and certification company to June 18.Halma (HLMA.L) fell 15.38%, making it the index's worst performer, despite reporting higher fiscal 2026 attributable profit and revenue year over year. The life-saving technology group also expects low double-digit organic revenue growth in constant currency for fiscal 2027.Geopolitical risks also remained in focus as the US and Iran traded fresh attacks for a second day, raising concerns over regional stability and potential disruptions to global energy supplies despite ongoing diplomatic efforts.

FTSE 100$HLMA.L$ITRK.L
International

RICS: UK House Price Balance Stable in May

The UK Royal Institution of Chartered Surveyors house price balance stood at -35% in May, unchanged from the revised reading in the previous month, according to residential market survey data released Thursday.The latest reading missed the consensus estimate of -31% and remained the weakest since November 2023.House price expectations for the next three months deteriorated to -45% from -39%, suggesting further downward pressure on prices.

FTSE 100
Asia Markets

UK Shares Edge Higher After Latest US-Iran Clash; Experian Declines

London's FTSE 100 gained 0.27% on Wednesday's close as US strikes in response to the alleged downing of an American helicopter over the Strait of Hormuz led Iran to attack a US base in Jordan and 21 other Gulf targets."Tehran has denied responsibility for shooting down the helicopter, although Iranian officials issued sharp warnings following the US operation," Deutsche Bank Research said. "The exchange has underscored the fragility of the April ceasefire and cast fresh doubt over President Trump's repeated assertions that a broader peace deal was close."In corporate news, Experian (EXPN.L) dropped 2.41% to take a spot among the worst performers on the blue-chip index after Deutsche Bank Research lowered the data and technology company's price target to 35 pounds sterling from 40 pounds, with a buy rating."In [business-to-business], our core thesis is that the AI platform shift strengthens the group's market position. For Experian, software is distribution not product... We expect the AI platform shift to further accelerate falling costs for these products - and expect the group to have an opportunity to pursue additional, richer value pools as a result. Experian has a preferential position to take advantage of these opportunities: it has scaled distribution, sits within complex embedded credit decisioning infrastructure, and is a highly trusted counterparty to regulated institutions," analysts said.On the flip side, Tritax Big Box REIT (BBOX.L) gained 4.86% after it received approval from the UK Secretary of State for its proposed data center in Manor Farm, Heathrow, UK. The decision comes earlier than Tritax expected.Meanwhile, mid-cap constituent WH Smith (SMWH.L) tumbled 16.17% after it lowered its fiscal 2026 outlook, citing uncertainty due to the Middle East conflict and gross margin pressures. The travel retailer now expects headline group pretax profit and non-underlying items of 75 million pounds to 90 million pounds, compared with the previous forecast of 90 million pounds to 105 million pounds.

FTSE 100$BBOX.L$EXPN.L$SMWH.L
International

KOF: Global Coincident Barometer Stabilizes in June; Leading Barometer Up

The KOF Swiss Economic Institute said Wednesday the world economy continued to see moderate growth in June as its global coincident barometer remained stable while its leading barometer rose.The Coincident Global Economic Barometer edged up 0.1 point from the prior month to 103.2 points amid a negative contribution from Asia, Pacific & Africa. Meanwhile, the Leading Global Economic Barometer increased 0.9 point to 101.2 points, thanks to the region's positive contribution offsetting the Western Hemisphere's negative contribution."While both remain slightly above average, the leading indicator has been lower than the coincident indicator for the second consecutive month. From a regional perspective, this is solely driven by sentiment in the Asia-Pacific and African regions. There, the outlook is below average, probably reflecting the consequences of the energy shortage caused by the de facto closure of the Strait of Hormuz," KOF director Jan-Egbert Sturm said.

^DFMGI^FADGIFTSE 100^SSMI^SXXP^TASI
Asia Markets

British Shares Fall Back Amid Renewed Peace Talks; GSK to Buy Nuvalent

London's FTSE 100 dropped 1.41% on Tuesday's close as oil prices trended down with Iran and Israel's renewed efforts towards restoring peace.US President Donald Trump told reporters that Washington was "very close to having a good strong powerful deal" and that they "could have an idea on Iran in one or two days now," Deutsche Bank Research noted. Israel and Iran agreed to halt direct military strikes on each other the night before.In corporate news, drugmaker GSK (GSK.L) fell 0.50% after agreeing to acquire US-based oncology-focused biopharmaceutical company Nuvalent for $10.6 billion. "The acquisition provides GSK with immediate new sales growth opportunities, improving profit contributions from 2027, and a platform in lung cancer for rapid expansion with Ris-Rez, our B7-H3 targeted ADC in phase III clinical development," GSK Chief Executive Luke Miels said.Information analytics group Relx (REL.L) launched a share buyback program of up to 200 million pounds sterling. The new program will run until June 26, and shares acquired under the scheme will be held in treasury. The stock was flat at close.On the economic front, the UK's retail sales rose 3.4% year over year on a like-for-like basis in May, following a 3.4% decline in April, according to data from the British Retail Consortium. The reading, which surpassed the expected 0.6% increase for the month, marks the strongest retail sales growth since April 2025 due to demand for outdoor and summer goods amid a heatwave."While the sunshine gave retail a welcome lift, this momentum should not be taken for granted. Household finances remain under pressure, consumer confidence is still fragile, and many retailers continue to face rising costs. If Government wants to keep inflation in check and support growth, it must urgently tackle the taxes and levies that are driving up energy bills. Without action, cost pressures will build further, limiting retailers' ability to invest and pushing prices up for customers," BRC Chief Executive Helen Dickinson said.Meanwhile, the UK launched a long-term artificial intelligence hardware strategy aimed at supporting domestic chipmakers and expanding national computing infrastructure. A 400 million-pound-sterling fund will support the initiative, as the UK seeks to equip its next national AI supercomputer with next-generation chips, UK Chancellor Rachel Reeves said at an AI Adoption Summit. Reeves also confirmed that the British government plans to launch a formal tender process for the new national supercomputer in Edinburgh.

FTSE 100$GSK.L$REL.L
International

BRC: UK Retail Sales Recover in May

Retail sales in the UK rose 3.4% year over year on a like-for-like basis in May, following a 3.4% decline in April, according to data from the British Retail Consortium published Tuesday.The reading, which surpassed the expected 0.6% increase for the month, marks the strongest retail sales growth since April 2025.BRC attributed the recovery to robust demand in outdoor and summer goods due to a heatwave, alongside an additional boost in food sales from the early bank holiday.

FTSE 100
Asia Markets

UK Shares Little Changed Amid Geopolitical Movements; Tate & Lyle Accepts Takeover Bid

London's FTSE 100 ended 0.05% higher on Monday as investors monitored renewed tensions between Iran and Israel after the two sides exchanged air strikes overnight for the first time since the April ceasefire.Sentiment improved later in the session after the US pushed to preserve the truce and Iran said it had ended its current wave of strikes against Israel."The de-escalatory tone appears particularly evident from the US side, with Trump reportedly urging Israel not to strike back earlier last night, telling Axios that 'The Iranian strikes didn't hurt anybody. Hopefully Israel is not going to retaliate," Deutsche Bank Research said.In corporate news, Tate & Lyle (TATE.L) surged 14.77% after the food and beverage products supplier agreed to a recommended cash acquisition offer from US-based Ingredion for a valuation of 2.7 billion pounds sterling.On the downside, water supply company Severn Trent (SVT.L) dropped 1.42% after Deutsche Bank Research reduced its price target to 31.50 pounds from 33 pounds with a hold rating."UK government policy has been highly supportive for UK utilities, encouraging record investment. However, prediction markets price in a high probability (>80%) of a new Labour Prime Minister being selected this year, with Andy Burnham the favourite (Oddschecker). Mr Burnham advocates for stronger 'public control' of UK water and energy utilities, creating some uncertainty," analysts said.Investors are now looking ahead to a busy week of UK economic data, including the British Retail Consortium's retail sales monitor on Tuesday, the RICS House Price Balance on Thursday, and monthly gross domestic product, industrial and manufacturing production, index of services, and trade balance reports on Friday.

FTSE 100$SVT.L$TATE.L
Asia Markets

UK Equities Close Little Changed; HSBC Unit Faces Criminal Charges in France

London's FTSE 100 closed 0.07% in the green on Friday amid the release of the Bank of England's Decision Maker Panel survey.The survey, conducted May 8 to 22, received 2,086 responses from chief financial officers of small, medium and large businesses in the UK. Results showed that firms expect the year-ahead consumer price index in the country to increase 3.7% in the three months to May.Berenberg said the survey boosted confidence that higher energy prices will not trigger a price-wage spiral despite soft demand and a weak labor market. "We stand by our forecast that the BoE will not raise interest rates as investors expect, but instead resume cuts by year end," Berenberg added.Meanwhile, average house prices in the UK dipped 0.1% month over month in May, in line with the decline in the previous month, according to data from Halifax. Year over year, average house prices in the UK rose 0.5% in May, compared with the 0.4% gain in April.In corporate news, France's National Financial Prosecutor's Office filed charges of organized money laundering and conspiracy to commit offenses such as embezzlement of public funds, breach of trust, or bribery of a public official against HSBC's (HSBA.L) Swiss unit. The charges relate to suspicions that HSBC Private Bank Suisse helped Lebanon's former central bank chief to embezzle more than $300 million between 2002 and 2015.The banking group toldit cannot comment on a legal matter and will continue to cooperate with the ongoing investigation. At closing, its stock declined 0.45%.On the geopolitical front, Iran said it fired warning missiles and drones toward US warships in the Gulf of Oman after accusing Washington of interfering with maritime traffic and seizing oil tankers, while US-Iran diplomatic efforts showed little sign of progress. Oman said operations at its Mina al Fahal oil export terminal were continuing normally despite earlier reports of disruptions.

FTSE 100$HSBA.L
International

Halifax: UK Monthly Average House Prices Down 0.1% in May

Britain's average house prices fell 0.1% month over month in May, matching the previous month's decline, according to data from Halifax published Friday.Analysts expected zero growth for the month, according to Investing.com data.On a yearly basis, average house prices in the UK were 0.5% higher, compared with the 0.4% gain in the previous month and the expected 1% uptick.

FTSE 100
Japan

UK Shares Rise; HSBC, StanChart Fall Amid New China Rules

London's FTSE 100 closed 0.27% in the green on Thursday as Israeli strikes in southern Lebanon continued, hours after the US brokered a ceasefire between the two countries.Israel will continue to attack Lebanon for the time being, Reuters reported, citing Defense Minister Israel Katz. The ceasefire is conditional on a suspension of attacks from Hezbollah, which has rejected the plan, according to the news outlet.On the economic front, Britain's construction sector activity contracted at its fastest pace in six years in May amid weaker orders and heightened economic uncertainty, S&P Global said. The UK Construction PMI fell to 38.2 from 39.7 in April, below the 40.2 consensus estimate, extending the sector's contraction streak to 17 months."Concerns about a prolonged decline in construction order books, alongside unfavourable near-term UK economic prospects, weighed on business optimism in May. This index has fallen sharply since the start of 2026, and confidence levels are now almost as low as those seen ahead of last autumn's Budget," S&P Global Market Intelligence Economics Director Tim Moore said.On the upside, the UK's new car registrations climbed 7.1% year over year to 160,662 units in May, according to data from the Society of Motor Manufacturers and Traders. SMMT said the latest reading reflects the best recorded for the month since 2019 due to the resurgence of private buyers, though it remains 12.6% behind pre-pandemic levels.In corporate news, Rio Tinto Group (RIO.L) dropped 2.79% on the blue-chip index after RBC Capital Markets downgraded the stock to underperform."Rio Tinto has benefitted from a strong flight to quality YTD (+8% since the conflict began) as fears mount around industry costs/availability of key inputs," analysts wrote. "However, with exception of aluminium (28% of EBITDA), it is difficult to see further upside in the commodity basket given the warning signs in the Chinese economy. Furthermore, we would not be surprised to see further expensive corporate action as they seek to bolster copper exposure."Meanwhile, Prudential plc (PRU.L), Standard Chartered (STAN.L) and HSBC (HSBA.L) lost 7.60%, 2.81% and 1.80%, respectively, after the South China Morning Post reported that mainland Chinese residents were facing tighter restrictions on opening offshore accounts at major Hong Kong banks, weighing on financial institutions with exposure to China.

FTSE 100$HSBA.L$PRU.L$RIO.L$STAN.L
International

S&P: UK's Construction PMI Weakens Further in May

Britain's construction sector activity continued to decline in May and at a pace that was the fastest in six years, owing to fewer orders and rising economic uncertainty, S&P Global said Thursday.The S&P Global UK Construction PMI came in at 38.2, lower than 39.7 in the previous month and the consensus estimate of 40.2. The reading marks the index's 17th successive month below the 50 no-change threshold, marking sustained contraction.

FTSE 100

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