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The UK benchmark swung on US-Iran peace-framework developments, ending one week up 1.63% but later closing 0.39% lower as a 60-day deal awaited signing.

Asia Markets

UK Stocks Drop on Renewed US-Iran Tensions

Britain's FTSE 100 closed Thursday trading 0.75% in the red amid increased uncertainty surrounding ceasefire talks between the US and Iran after the two sides traded fresh strikes.Renewed instability in the Middle East kept investors on edge after the US struck military targets in Iran, while Tehran launched missiles toward a US air base in Kuwait in retaliation. The developments pushed oil prices higher, raising concerns over renewed inflationary pressures globallyBack home and in corporate news, SSE (SSE.L) delivered earnings growth for fiscal 2026 and raised its full-year dividend to 0.687 pound sterling per share from 0.642 pound per share, while its adjusted capital investment jumped 20% to 3.6 billion pounds, mainly in its electricity transmission business, SSEN Transmission. The utility fell 1.03% at close."We met all our financial and operational targets and delivery of our fully-funded [33 billion-pound] investment plan to 2030 - focusing on Networks, Renewables and Flexibility - is well under way," Chief Executive Martin Pibworth said. "That investment is central to long‑term value creation."Meanwhile, Johnson Matthey (JMAT.L) reported a loss for the year ended March 31, 2026, compared with a profit a year ago, while keeping its total dividend. For fiscal 2027, it anticipates low to mid single digit percentage growth in group underlying operating profit at constant precious metal prices and constant currency. The chemicals company edged down 0.18%.Johnson Matthey also agreed to buy US-based selective catalytic reduction catalysts manufacturer Cormetech for an enterprise value of $360 million. Closing of the deal is expected in June or July, subject to regulatory approvals.On the economic front, UK vehicle output declined 1.2% year over year to 58,513 units in April, while exports rose 0.8%, according to data from the Society of Motor Manufacturers and Traders. Chief Executive Mike Hawes said the latest figures "suggest production is stabilising, albeit at reduced levels, when the ambition remains to grow the sector."

FTSE 100$JMAT.L$SSE.L
International

SMMT: UK's Total Vehicle Production Down 1.2% in April

Britain's total vehicle manufacturing fell 1.2% year over year to 58,513 units in April, the Society of Motor Manufacturers and Traders said Thursday.Car production tumbled 0.7% to 56,135 units, while commercial vehicle output declined 10.9% to 2,378 units.For the four months to April, total vehicle manufacturing slumped 10.7% to 266,601 units.

FTSE 100
Asia Markets

UK's FTSE 100 Closes Higher; BP Extends Losses

Britain's FTSE 100 extended its winning streak, closing Wednesday trading 0.13% higher, as investors assessed the latest corporate and regulatory updates.BP (BP.L) fell 2.72% a day after announcing the removal of Chairman Albert Manifold, citing concerns related to "important governance standards, oversight and conduct." The energy giant did not provide further details, but BBC News reported about complaints, including Manifold's "overbearing" behavior and "bullying."Manifold said he was dismissed "without warning and without explanation" in an emailed statement to Bloomberg News. "I dispute entirely the characterization of my conduct and I will not allow a false narrative to go unchallenged."On the earnings front, Greencore Group (GNC.L) posted a loss of 30.8 million pounds sterling for the six months ended March 27, compared with a profit of 19.8 million pounds a year earlier, sending its shares down 9.02%. The convenience foods producer's revenue, meanwhile, rose to 1.32 billion pounds from 922 million pounds earlier.In regulatory news, Britain's Office of Gas and Electricity Markets, or Ofgem, will raise by 13% the energy price cap for the July 1 to Sept. 30 period. This means that the average gas and electricity bill will increase to 1,862 pounds a year from 1,641 pounds."Today's price change reflects continued volatility in global energy markets. This means higher wholesale gas prices, driven by ongoing conflict in the Middle East, is impacting the price we pay for energy," Ofgem Chief Executive Officer Tim Jarvis said.Speaking of the Middle East conflict, Iran's state TV said Tehran received a draft outline for a possible agreement with the US. Under the reported terms, Iran would restore commercial shipping through the Strait of Hormuz to pre-war levels within a month, while US forces would pull back forces from the area and lift a naval blockade.

FTSE 100$BP.L$GNC.L
UK Energy Price Cap to Rise 13% as Middle East Conflict Drives Up Gas Costs
US Markets

UK Energy Price Cap to Rise 13% as Middle East Conflict Drives Up Gas Costs

The UK Office of Gas and Electricity Markets, or Ofgem, on Wednesday announced a 13% increase in the domestic energy price cap for the third quarter due to rising wholesale gas prices stemming from the ongoing war in the Middle East.Under the regulator's current typical domestic consumption values, the typical annual energy bill for an average household paying by direct debit is set to rise to 1,862 pounds sterling from 1,641 pounds starting in July.While this increase is the first since the conflict in the Middle East began, Ofgem noted that prices "remain well below" the peak of the 2022 energy crisis when the government intervened to limit bills at 2,500 pounds.Around 40% of households are on fixed tariffs and will not be impacted by the July hike, the regulator said. For others, gas bills will jump 24%, while electricity rises just 5%, which Ofgem attributed to growing renewable energy generation."We understand many will be concerned about rising prices. While energy use typically falls over the summer months, there are still practical steps households can take to manage costs, including exploring fixed tariffs or changing their payment method. Smart meter customers can also take advantage of half price or cheap electricity at the weekends," Ofgem Chief Executive Officer Tim Jarvis said, adding they are funding the "biggest transformation" in a generation to build a "secure and resilient" energy system for Great Britain.Reacting to the news, UK Energy Secretary Ed Miliband wrote in a post on social media site X that the "rise in the price cap because of a war we did not choose is deeply unwelcome news for households across the country." Looking ahead to winter, Miliband said the government is planning for "all contingencies," adding that de-escalation of the conflict is vital to lowering the price of global oil and gas prices.

FTSE 100
Asia Markets

UK Equities Gain; BP Shares Fall Amid Chair Removal

British equities traded in the green on Tuesday, with the FTSE 100 closing 0.24% higher, as investors returned from Monday's Spring Bank Holiday to a handful of corporate and economic developments.BP (BP.L) was in focus after the oil major said Albert Manifold would step down as chair and director with immediate effect following board concerns over governance standards, oversight, and conduct. The company, which said the decision was unanimous, was one of the worst performers on the blue chip index, down 4.03% at close.On the flip side, Metlen Energy & Metals (MTLN.L) surged 6.46% to become the FTSE 100's top stock after the European Commission cleared its proposed joint venture with Greek electric utility Public Power Corp.Kingfisher (KGF.L) climbed 1.71% after reporting steady total sales year over year for the fiscal first quarter ended April 30 on a constant currency basis. The British home improvement retailer maintained its adjusted pretax profit guidance of 565 million pounds sterling to 625 million pounds."Kingfisher has reported a Q1 trading update today which is a shade better than consensus overall," RBC Capital Markets said. "Adjusting for calendar effects Q1 [like-for-like] of -0.7% yoy vs consensus at -0.9% yoy, with sales including marketplace +0.8% yoy. We think this should be reassuring given a later start to spring this year."Meanwhile, the UK's shop price inflation edged up to 1.2% year over year in May from 1% in April, the British Retail Consortium said. The latest reading exceeded the consensus estimate of 1.1%, driven by rising shipping and raw material costs amid the Middle East conflict."While retailers work hard to keep prices down for customers, they continue to face significant cost pressures, including higher energy bills and disruption linked to the conflict in Iran," said BRC Chief Executive Helen Dickinson. "Businesses cannot absorb these costs indefinitely, which risks pushing prices higher in the months ahead. To help protect households, Government should take action to reduce business costs. Reducing the non-commodity charges, taxes and levies that make up more than two-thirds of energy bills, and cutting red tape would help keep inflation down."Looking ahead, the economic calendar is light this week, with April car production due Thursday and nationwide housing prices for May due Friday.

FTSE 100$BP.L$KGF.L$MTLN.L
International

CBI: UK Retail Sales Balance Picks Up in May

The Confederation of British Industry distributive trade survey's retail sales balance improved to -46% in May from -68% in the prior month, according to data published Tuesday.The consensus estimate was -52% for the month, according to Investing.com.

FTSE 100
International

BRC: UK Shop Price Inflation Up to 1.2% in May

The UK's shop price inflation edged up to 1.2% year over year in May from 1% in April, the British Retail Consortium said Tuesday.The latest reading exceeded the consensus estimate of 1.1%.As food inflation continued to soften, BRC attributed the increase in shop price inflation to rising shipping and raw material costs amid the Middle East conflict.

FTSE 100
Asia Markets

FTSE 100 Closes Week Upbeat; AstraZeneca Sees Oncology Approval Progress

London's FTSE 100 ended the trading week 0.22% in the green as investors assessed the latest retail sales and borrowing data.UK retail sales fell 1.3% month over month in April, following a revised 0.6% rise in March, data from the Office for National Statistics showed. The decline was larger than the 0.6% fall expected by analysts."April 2026 will be remembered as the first month that the impact of the Middle East conflict first hit British consumers. We already saw consumer sentiment fall at its fastest rate for four years, and we now have evidence that this translated into shoppers buying less in stores," PwC UK head of retail Jacqueline Windsor said. "Overall, while retailers will be disappointed, April's performance was somewhat expected after a better than expected March, and against strong comparatives from this time last year."Also from the ONS, the country's borrowing reached 24.3 billion pounds sterling in April, 3.4 billion pounds more than the forecast by the Office for Budget Responsibility.In other economic news, GfK's consumer confidence index improved by two points to -23 in May, with four measures rising and one down."Consumers appear to be in a more generous mood in May, with a two-point increase in the headline score and improving perceptions of both personal finances and the wider economy," GfK consumer insights director Neil Bellamy said. "Inflation may have fallen in April, but with price pressures expected to rise again and continued uncertainty around interest rates, it's unlikely May marks the beginning of a sustained improvement."On the corporate front, AstraZeneca (AZN.L) was down 0.64% on Friday's close as its cancer drugs were recommended for approval in the European Union. The first recommendation involved the drugmaker's camizestrant in combination with a cyclin-dependent kinase 4/6 inhibitor for adults with breast cancer, while the second concerns Enhertu, co-developed with Daiichi Sankyo, for patients with previously treated HER2-positive metastatic solid tumors.AstraZeneca and Daiichi Sankyo's Datroway also secured approval from the US Food and Drug Administration for the treatment of adult patients with unresectable or metastatic triple-negative breast cancer who are not PD-1/PD-L1 inhibitor candidates.

FTSE 100$AZN.L
International

UK Public Sector Net Borrowing Rises in April

Public sector net borrowing in the UK, excluding public sector banks, stood at 24.34 billion pounds sterling in April, up from the revised 11.48 billion pounds earlier, according to data from the Office for National Statistics published Friday.Analysts expected 20.7 billion pounds for the month, according to Investing.com data.

FTSE 100
International

UK's Monthly Retail Sales Fall 1.3% in April

Britain's monthly retail sales decreased 1.3% in April after a revised 0.6% gain in March, according to data from the Office for National Statistics published Friday.Analysts expected 0.6% decline for the month.On a yearly basis, UK retail sales flatlined, against the revised 1.4% increase previously and the expected 1.3% gain.Excluding automotive fuel, retail sales were down 0.4% month over month and up 1.1% annually, following the revised growth of 0.1% and the revised 1.5% jump earlier, respectively. The figures compare with the consensus estimates of a 0.3% monthly dip and a 1.5% yearly rise.

FTSE 100
International

GfK: UK Consumer Confidence Improves in May

Britain's consumer confidence indicator rose to -23 points in May from -25 points in April, market research company Growth from Knowledge said Friday.The consensus estimate for the month was -28 points.The reading reflects UK consumers' improved perception of their personal financial situation and the general economy, though the major purchase index fell to its lowest since January 2025.

FTSE 100
Asia Markets

UK Shares Rise as PMI Data Signals Downturn; ConvaTec Declines Post-trading Update

London's FTSE 100 closed 0.11% higher on Thursday, despite fresh data showing Britain's private sector slipped into contraction territory in May for the first time in over a year."The belated drop in the UK PMIs in May [signals] an abrupt end to the economy's reported outperformance in April. The slump in the composite PMI from 52.6 in March to 48.5 in April was a major negative surprise (Bloomberg consensus 51.6). If sustained, it would point to [gross domestic product] growth collapsing from 0.6% qoq in Q1 to minus 0.2% qoq in Q2," Berenberg said. "We expect the [Bank of England] to remain on hold not only in June, but for much of the year. If energy prices recede, its next move will probably be to cut.""The UK economy is facing a perfect storm, as rising political uncertainty adds to the growing impact from the war in the Middle East. Businesses are reporting falling output, surging inflation, supply shortages and job cuts in May," S&P Global Chief Business Economist Chris Williamson said. "Things could well get worse in the coming months, as we have been seeing some support to manufacturing from precautionary stock building which will inevitably fade once warehouses are full."Meanwhile, in a statement to Parliament, Chancellor Rachel Reeves said the government remains focused on restoring economic stability and supporting growth, while acknowledging that the conflict in the Middle East poses a material challenge to the global and domestic outlook, particularly through higher energy costs.In corporate news, ConvaTec Group (CTEC.L) declined 4.95% after logging a 4.8% annual gain in organic revenue excluding InnovaMatrix for the four months ended April 30. The medical products and technologies company confirmed its 2026 guidance for group organic revenue growth of 5% to 7% and double-digit growth in adjusted EPS.On the upside, private equity company ICG (ICG.L) climbed 2.89% after fiscal 2026 profit attributable to equity holders of the parent increased year over year to 478.4 million pounds sterling from 451.2 million pounds amid higher revenue."We are experiencing clear demand from institutional allocators globally for our strategies, and are unaffected by challenges being faced by certain evergreen vehicles in the US. I believe ICG is well positioned to continue generating compounding long-term shareholder value," Chief Executive Officer Benoît Durteste said.

FTSE 100$CTEC.L$ICG.L
Equities

UK to Tighten Tax Rules for Oil, Gas Companies' Foreign Branch Profits

British Chancellor of the Exchequer Rachel Reeves said Thursday that she intends to change tax regulations governing profits of oil and gas companies' foreign branches."Currently, some oil and gas groups that operate overseas through foreign branches have structured their tax affairs in a way which ensures they pay little or no Corporation Tax on their UK energy trading profits," according to Reeves. "Today we are putting an end to that practice," she added.The changes are part of broader reforms that aim to raise hundreds of millions of pounds sterling per year.

FTSE 100
International

UK CBI: Total Order Books Balance Declines in May

Total new orders in the UK manufacturing sector dropped to -41% in May from -38% in April, the Confederation of British Industry's industrial trends survey showed Thursday.Analysts expected the reading to stand at -40%.

FTSE 100
International

S&P Global: UK Flash PMI Falls to 13-month Low in May

Britain's private sector economy slipped into the contraction territory for the first time since April 2025, as a steep downturn in services, the sharpest since January 2021, outweighed a robust acceleration in manufacturing production.The S&P Global Flash UK PMI Composite Output Index hit a 13-month low of 48.5 in May, compared with 52.6 in the previous month and the consensus of 51.6, flash data from S&P Global showed Thursday.Meanwhile, the manufacturing PMI held steady at 53.7, against the expected 52.9, according to Investing.com data. On the services side, the PMI came in at a 64-month low of 47.9, against the previous 52.7 and the market forecast of 51.7.

FTSE 100
UK-GCC Landmark Trade Pact Expected to Boost British Economy by GBP3.7 Billion Annually
US Markets

UK-GCC Landmark Trade Pact Expected to Boost British Economy by GBP3.7 Billion Annually

The UK's newly secured free trade agreement with the Gulf Cooperation Council is projected to inject 3.7 billion pounds sterling per year into the British economy.The British government also expects the deal, which is a first between the GCC and a G7 nation, to boost bilateral trade by 19.8%, potentially adding 15.5 billion pounds annually to UK-Gulf trade in the long run, according to a Wednesday release. The member states of the GCC include Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, Oman and Qatar.Under the trade pact, tariffs on food exports, medical equipment and advanced manufacturing will be reduced or cut completely. British services, which account for 80% of the UK economy and half of the country's exports to the GCC, will get guaranteed market access.In a GCC first, the deal also ensures the "free flow of data," allowing UK companies to legally store and process business and financial data outside the Gulf. The GCC also committed to a simpler and more efficient customs process, with standard goods cleared within 48 hours and perishable shipments released within six hours.Once fully implemented, tariffs on 93% of UK exports to GCC are expected to be eliminated, cutting annual duties by 580 million pounds, with 360 million pounds of tariffs to be removed on the first day the agreement takes effect. To implement the deal, the UK and the GCC must finalize the legal text, officially sign the treaty and complete their respective ratification processes.Jasem Albudaiwi, the GCC's secretary general, said the conclusion of the talks will add to "cementing the economic pathways of both regions for generations to come." Meanwhile, British Prime Minister Keir Starmer said the agreement is a "huge win for British business, and for working people who will feel the benefits in the years ahead through higher wages and more opportunities." The UK expects wages to rise by 1.9 billion pounds annually over the long term as a result of the deal.The British Chambers of Commerce Qatar Chairman Emad Turkman expects the deal to generate new business for companies in sectors such as financial services, construction, energy, professional services, hospitality, education and technology.HSBC (HSBA.L) Group Chief Executive Georges Elhedery said the GCC represents a region of "growing strategic importance and long-term opportunity." Elhedery added that the bank, with a footprint spanning the UK and all six Gulf states, sees "first-hand the opportunity this agreement can unlock" and is prepared to help businesses invest and grow.

^DFMGI^FADGIFTSE 100^TASI$HSBA.L
Asia Markets

UK Shares Rise as Inflation Cools; Marks and Spencer Leads Gainers

London's FTSE 100 closed 0.99% higher on Wednesday as investors digested a faster-than-expected decline in inflation and earnings updates from corporate heavyweights."The larger fall in CPI inflation than forecasters expected, from 3.3% yoy in March to 2.8% yoy in April (consensus and Berenberg: 3.0%) suggests that inflation would have dropped to within a hair's breadth of the Bank of England's (BoE's) 2% target without the Iran war," Berenberg said. "In the months ahead, the upward pressure on prices from the Iran war will spread from petrol and diesel to goods and food and likely lift inflation to over 3.5% in H2. Nonetheless, if the services prices that the BoE can influence most continue to behave, the central bank need not raise interest rates in response."Meanwhile, Wood Mackenzie's Horizons report said a prolonged shutdown of the Strait of Hormuz would represent the most significant threat to global energy markets in decades. "The Strait of Hormuz is the most critical chokepoint in global energy markets, and a prolonged closure would become far more than an energy crisis," said Peter Martin, head of economics at Wood Mackenzie.In corporate news, British retailer Marks and Spencer Group (MKS.L) rose 6.64% to top the blue-chip index after profit attributable to owners of the parent for fiscal 2026 declined to 259.4 million pounds sterling from 295.7 million pounds year over year, while revenue jumped to 17.27 billion pounds from 13.82 billion pounds earlier."M&S has released its FY26 results this morning with FY26 Food profits ahead of expectations, but Fashion, Home & Beauty below. We think Food is likely to have continued its momentum into FY27 so far, but store clothing sales have been somewhat weather impacted and are likely to be seeing a more volatile trend. As such we view the results as more of a positive read for the UK grocers and NEXT (online) than Primark," RBC Capital Markets said.On the flip side, Experian (EXPN.L) dropped 2.95% to become the worst performer on the FTSE 100 even as profit and revenue for fiscal 2026 increased year over year. The data and technology company also commenced a program to repurchase up to $1 billion of shares."FY26 demonstrated robust execution with 11% constant [currency] growth and 8% organic growth including 9% in Q4. Benchmark margins increased 60 [basis points] - ahead of the medium term framework and driving 13% constant fx EPS growth. Growth was stable across the quarters and broad based across geographies and verticals," BofA Global Research said.

FTSE 100$EXPN.L$MKS.L
Equities

UK Plans to Allow Parliament to Approve Critical Energy, Infrastructure Projects

UK Chancellor of the Exchequer Rachel Reeves is expected to announce further reforms designed to accelerate critical energy and infrastructure projects by reducing the exposure from judicial review, according to a Wednesday release.Under the headline proposal, the parliament can designate and approve the "most important" clean energy projects as being of "Critical National Importance," shielding them from judicial review except on human rights grounds.For all other nationally significant infrastructure, a fixed legal challenge window would be introduced, after which the planning consent would be updated to address any legitimate concerns.

FTSE 100
Equities

EU Remains Committed to Russian Oil Sanctions Despite Easing by US, UK

The European Commission remains committed to its sanctions on Russian oil and gas imports, chief spokesperson Paula Pinho said during a Wednesday press briefing.When asked about the US and UK easing sanctions on Russian oil imports, Pinho declined to comment on other countries' policies and reiterated "the call for Russians not to be benefiting" from the ongoing war in the Middle East.

FTSE 100^SXXP
International

UK Average House Prices Down 0.4% MoM in March

House prices in the UK declined 0.4% on average in March compared with the previous month's revised 0.5% increase, according to government data published Wednesday.The house price index was steady on an annual basis, with the average property price at 268,132 pounds sterling.

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