UK markets open flat as Bellway lifts completions, Seeing Machines reports record royalties and Brent crude remains sensitive to Iran tensions.
Market Overview
The FTSE 100 opened broadly unchanged, up 0.001 per cent at 10,862.85, while the Euronext 100 was also effectively flat at 1,972.91 and Germany’s DAX edged 0.01 per cent higher to 26,327.10. European markets remained cautious as renewed US-Iran tensions and uncertainty over the Strait of Hormuz kept energy risks in focus, while softer UK retail sales added pressure domestically. Overnight in the US, the Nasdaq closed lower at 26,605.36 and the S&P 500 also declined to 7,753.11, with investors looking ahead to US inflation data and assessing elevated technology valuations.
Commodity markets were softer at the open, with copper, gold, Brent crude and natural gas all declining from their previous closes. Oil nevertheless remained supported by fading hopes of a US-Iran agreement and continuing concerns over flows through the Strait of Hormuz. Bitcoin rose against sterling. Currency moves were limited, with the US dollar, Swiss franc, euro and Japanese yen strengthening marginally against sterling, while the Australian dollar weakened slightly.
Market Numbers
FTSE 100: Up (0.001%), 10,862.85
Euronext 100: Up (0.001%), 1,972.91
DAX: Up (0.01%), 26,327.10
NASDAQ: Down, 26,605.36
S&P 500: Down, 7,753.11
In the Headlines
Higher completions and cash – Bellway (LSE:BWY)
The housebuilder reported a 10.8% increase in housing completions to 9,695 homes, while housing revenue rose to £3.14 billion and net cash strengthened to £157.7 million. Stronger cash generation is supporting continued share buybacks, although Bellway remains cautious over subdued demand and housing market conditions.
Record automotive royalties – Seeing Machines (LSE:SEE)
The driver and occupant monitoring technology group reported adjusted revenue growth of 45%, with automotive production volumes rising sharply and royalty revenue more than doubling. The improved revenue mix helped Seeing Machines achieve a profitable second half and move closer to full-year breakeven, supported by growing automotive adoption and European driver-monitoring requirements.
Currencies (vs GBP)
USD: Up (0.001%), $1.3511
CHF: Up (0.001%), Fr.1.0942
EUR: Up (0.01%), €1.1702
JPY: Up (0.001%), ¥215.0305
AUD: Down (-0.01%), $1.9151
Bitcoin (BTC/GBP): Up, £47,442.65
Commodities
Copper: Down
Gold: Down
Brent Crude: Down
Natural Gas: Down
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