UK equities moved higher on Wednesday as global markets reacted positively to reports that the United States and Iran had agreed to a two-week ceasefire ahead of a deadline previously set by President Donald Trump.
Sterling also strengthened during early trading while European markets posted gains. As of 0704 GMT, the blue-chip FTSE 100 was up 2.7%, while the British pound climbed 1.04% against the dollar to 1.3430. Germany’s DAX rose 5.2%, and France’s CAC 40 advanced 1.8%.
“…I agree to suspend the bombing and attack of Iran for a period of two weeks. This will be a double sided CEASEFIRE! The reason for doing so is that we have already met and exceeded all Military objectives, and are very far along with a definitive Agreement concerning Longterm PEACE with Iran, and PEACE in the Middle East,” Trump posted on Truth Social.
UK round-up
UK Prime Minister Keir Starmer is travelling to the Middle East on Wednesday to meet regional allies and support ongoing ceasefire efforts following the agreement reached overnight.
Starmer welcomed the development, saying the ceasefire offers a moment of relief for both the region and the wider world. During the visit, he is expected to hold discussions focused on ensuring that the reopening of the Strait of Hormuz remains permanent. The waterway is one of the most important global routes for oil shipments.
House prices in the UK declined by 0.5% in March, bringing the average property value to £299,677, according to data released by Halifax.
The drop follows a 0.3% rise in February, while annual house price growth slowed to 0.8%, down from 1.2% the previous month.
Amanda Bryden, Head of Mortgages at Halifax, said the slowdown reflects uncertainty linked to the conflict in the Middle East. Concerns about rising energy costs have pushed up inflation expectations, which in turn has lifted mortgage rates and reduced confidence that interest rates will be cut this year.
Shell plc (LSE:SHEL) said its indicative refining margin for the first quarter of 2026 increased to $17 per barrel. The company also warned that extreme commodity price volatility is expected to result in a significant working capital outflow.
Shell added that working capital movements for the quarter are projected to fall between negative $15 billion and negative $10 billion, reflecting the impact of sharp price swings on inventories and receivables.
Renishaw plc (LSE:RSW) announced the appointment of John Shipsey as Chief Financial Officer and Executive Director, effective 13 April 2026.
Shipsey brings extensive senior leadership experience to the precision engineering company. He previously served as CFO at Dyson for 12 years, Smiths Group for five years and Featurespace for two years.
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