FTSE 100 opens steady as investors monitor PMI data and geopolitics while ABF warns on profits, Topps Tiles flags weaker trading and Brent crude rises.
Market Overview
UK markets opened mixed, with the FTSE 100 edging 0.001 per cent higher to 10,497.60, while the Euronext 100 slipped 0.02 per cent to 1,925.91, and the DAX fell 0.04% to 24,986.41. Overnight, the Nasdaq closed higher at 26,213.72 and the S&P 500 gained to 7,499.36 as investors balanced stronger US technology stocks against caution ahead of PMI data, eurozone inflation figures, central bank commentary and developments surrounding Iran-Qatar diplomacy.
Commodity markets reflected ongoing geopolitical uncertainty. Brent crude firmed as hopes for renewed US-Iran engagement faded, while copper and natural gas weakened and gold also fell. Against sterling, the US dollar strengthened, the euro, Swiss franc and Australian dollar were little changed, while the Japanese yen weakened. Bitcoin traded slightly higher versus sterling.
Market Numbers
FTSE 100: Up (+0.00%), 10,497.60
Euronext 100: Down (-0.02%), 1,925.91
DAX: Down (-0.04%), 24,986.41
NASDAQ: Up, 26,213.72
S&P 500: Up, 7,499.36
In the Headlines
Profit warning – Associated British Foods (LSE:ABF)
Primark owner Associated British Foods warned full-year profits are expected to be lower after higher natural gas prices increased costs at its sugar business. The update highlights continued pressure on energy-intensive operations despite resilient retail trading.
Retail slowdown – Topps Tiles (LSE:TPT)
Topps Tiles said prolonged hot weather added to already challenging trading conditions, with the heatwave reducing customer footfall. The update underlines the pressures facing UK discretionary retailers despite broader signs of consumer resilience.
Currencies (vs GBP)
USD: Down (-0.02%), $1.3250
CHF: Up (+0.01%), Fr.1.0716
EUR: Unchanged (0.00%), €1.1609
JPY: Down (-0.01%), ¥215.4925
AUD: Unchanged (0.00%), $1.9169
Bitcoin (BTC/GBP): Up, £44,310
Commodities
Copper: Down
Gold: Down
Brent Crude: Up
Natural Gas: Down
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