FTSE 100 opens flat as the DAX slips; KCR grows rental income, HICL seeks policy backing, and Brent crude edges higher on Gulf tensions.
Market Overview
European markets opened lower on Thursday as escalating conflict in the Gulf pushed oil prices higher and weaker metals prices weighed on miners. The FTSE 100 opened little changed, down 0.003 per cent at 10,752.55, as losses in mining stocks were offset by support from energy names. The Euronext 100 slipped 0.0912 per cent to 1,872.90, while the DAX fell 0.920 per cent to 25,409, as a sell-off in European chip stocks followed overnight losses across Asian semiconductor supply chains and French 10-year borrowing costs rose above 5 per cent on concerns over the country’s deficit. On Wall Street, the Nasdaq closed up 1.05 per cent at 26,702.86 and the S&P 500 rose 0.58 per cent to 7,757.17, although mixed US tech earnings have renewed questions over returns on AI spending.
In commodities, Brent crude moved higher as reported attacks on shipping near the Strait of Hormuz and on Saudi Arabia kept supply concerns in focus, with the IMF citing exceptionally high uncertainty across the region. Natural gas edged up, while copper and gold eased, with gold pressured by concerns that higher oil prices could add to inflation. Bitcoin fell against sterling. Sterling was broadly steady, edging lower against the dollar, yen and Swiss franc, flat against the euro and fractionally firmer against the Australian dollar.
Market Numbers
FTSE 100: Down (-0.003%), 10,752.55
Euronext 100: Down (-0.09%), 1,872.90
DAX: Down (-0.92%), 25,409
NASDAQ: Up, 26,702.86
S&P 500: Up, 7,757.17
In the Headlines
Rental income rises – KCR Residential REIT (LSE:KCR) KCR Residential REIT grew revenue by 15 per cent to £2.17 million in the year to 30 June 2026, with core rental income up 19 per cent and its first positive operating cashflow before financing. However, weak Central London residential conditions and regulatory uncertainty over the Osprey portfolio led to £2.28 million of impairments, outweighing operating gains, as the company targets cost cuts and selective acquisitions to build scale.
Investment policy vote – HICL Infrastructure (LSE:HICL) HICL Infrastructure is seeking shareholder approval at a general meeting on 16 November for a revised investment policy that extends its remit beyond traditional PFI and PPP concessions, including a new “enhancer” category of higher-return assets capped at 25 per cent of total assets. The trust is targeting an annualised total return above 10 per cent over the medium term while keeping its existing dividend policy, marking a shift towards capital growth alongside income.
Currencies (vs GBP)
USD: Down (-0.0014%), $1.3395
CHF: Down (-0.0009%), Fr.1.104
EUR: Flat (0.0000%), €1.1923
JPY: Down (-0.0011%), ¥211.836
AUD: Up (+0.0026%), $1.9057
Bitcoin (BTC/GBP): Down (-1.12%), £61,347.0
Commodities
Copper: Down
Gold: Down
Brent Crude: Up
Natural Gas: Up
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