FTSE 100 opened higher on Wednesday as investor sentiment improved on reports that diplomatic talks between the United States and Iran could take place later this week. European equities broadly advanced, while the British pound strengthened against the dollar.
By 08:20 GMT, the FTSE 100 was up 1.04%. The pound gained roughly 1% against the U.S. dollar, with GBP/USD trading around 1.3420. Across Europe, Germany’s DAX climbed 1.8% and France’s CAC 40 rose 1.6%.
According to a report from The Wall Street Journal, mediators from Turkey, Egypt and Pakistan are working to organise discussions between U.S. and Iranian officials as early as Thursday. Donald Trump is reportedly pursuing a diplomatic path to resolve the conflict involving joint U.S.-Israeli forces and Iran, with Washington said to have presented Tehran with a 15-point peace proposal.
UK roundup
Fresh economic data showed UK inflation remained steady. Consumer price inflation held at 3.0% in February 2026, matching economists’ expectations as the country braces for possible increases in energy costs linked to Middle East tensions.
Headline CPI stayed unchanged at 3.0% year-on-year, the same rate recorded in January. Core CPI — which excludes food and energy prices — rose slightly to 3.2% from 3.1%. Meanwhile, services inflation eased to 4.3% from 4.4%, marking its slowest pace since March 2022.
Corporate news highlights
Diageo (LSE:DGE) said its subsidiary United Spirits Limited agreed to sell its entire stake in Royal Challengers Sports Private Limited for INR 166.6 billion ($1.97 billion) to a consortium that includes Aditya Birla Group, The Times of India Group, Bolt Ventures and Blackstone.
RS Group PLC (LSE:RS1) expects adjusted profit before tax for fiscal 2026 to slightly exceed market expectations despite revenue coming in weaker than anticipated. The company forecasts like-for-like revenue to fall around 0.6% for the year to March 2026, compared with consensus expectations for 0.9% growth.
TT Electronics (LSE:TTG) reported 2025 results showing progress in reducing debt and strengthening liquidity. The company cut debt to about £50 million before leases, extending its revolving credit facility to June 2028. Revenue declined to £485.0 million from £521.1 million the previous year, while adjusted EPS dropped to 5.9 pence from 11.0 pence.
EnQuest (LSE:ENQ) delivered FY25 EBITDA of $504 million, slightly above analyst expectations, and reported a $2 million net profit after settling the Magnus contingent consideration payment. Production averaged 42,945 barrels of oil equivalent per day, up 5% year-on-year.
HICL Infrastructure PLC (LSE:HICL) agreed to sell its 24% stake in the A63 Motorway — its second-largest portfolio asset — for around £311 million, representing a 21% premium to the latest valuation and adding roughly 2.2 pence per share to its net asset value.
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