FTSE 100 opens flat as Gulf tensions support Brent crude, while Standard Life reports higher profit and IQE posts strong revenue growth.
Market Overview
The FTSE 100 opened broadly unchanged at 10,830.97, while the Euronext 100 slipped 0.01 per cent to 1,910.43 and Germany’s DAX edged 0.01 per cent lower to 26,043.94. European sentiment remained cautious as the US-Iran confrontation and proposed restrictions around the Strait of Hormuz raised concerns over energy supplies, while investors also assessed the prospect of an ECB rate increase. In the US, the Nasdaq closed lower at 26,506.99 and the S&P 500 fell to 7,718.60.
Commodity markets reflected the geopolitical uncertainty, with Brent crude and gold higher, while copper and natural gas moved lower. Bitcoin fell against sterling. Currency moves were limited, with the US dollar, Swiss franc and Australian dollar strengthening marginally against the pound, the euro unchanged and the Japanese yen slightly weaker. Oil remained supported by concerns that further US-Iran attacks on shipping could prolong disruption to Middle East supplies.
Market Numbers
FTSE 100: Down (0.001%), 10,830.97
Euronext 100: Down (0.01%), 1,910.43
DAX: Down (0.01%), 26,043.94
NASDAQ: Down, 26,506.99
S&P 500: Down, 7,718.60
In the Headlines
Profit rises – Standard Life (LSE:SDLF)
Standard Life reported a 25% increase in first-half adjusted operating profit to £563 million, alongside higher cash generation and assets under administration. The retirement savings group is also pursuing its proposed £2 billion acquisition of Aegon UK, which would expand its position in the UK pensions and savings market.
Revenue growth – IQE (LSE:IQE)
Compound semiconductor materials supplier IQE reported a 43% rise in first-half revenue to £64.6 million, supported by stronger photonics and wireless sales and demand from AI data centres, defence and advanced sensing. The company expects full-year revenue growth of more than 30% and plans to move to the London Stock Exchange’s Main Market by 2027.
Currencies (vs GBP)
USD: Up (+0.01%), $1.3517
CHF: Up (+0.00%), Fr.1.0948
EUR: Unchanged (0.00%), €1.1639
JPY: Down (-0.00%), ¥211.145
AUD: Up (+0.01%), $1.8757
Bitcoin (BTC/GBP): Down, £58,619.49
Commodities
Copper: Down
Gold: Up
Brent Crude: Up
Natural Gas: Down
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