Author: David Pinnell

FTSE 100 opens flat as weak UK retail sales weigh. BlackRock Smaller Companies buys back shares, Trustpilot reshapes its board and Brent edges up.

Market Overview

European markets opened cautiously on Friday. The FTSE 100 was broadly flat, down 0.002 per cent at 10,724.72, after UK retail sales volumes fell 0.4 per cent in September, a weaker result than forecast, and consumer confidence dropped sharply ahead of next week’s Budget. The Euronext 100 edged up 0.068 percent to 1,845.68. The DAX fell 0.177 percent to 25,326.66 as civil unrest in France pushed French government bond yields to 24-year highs and investors moved out of continental equities. On Wall Street, the Nasdaq closed down 2.90 per cent at 28,958.69 and the S&P 500 fell 1.21 per cent to 7,663.43, as concerns over AI-related spending and debt financing weighed on technology shares.

Geopolitical risk remains the main macro driver. Brent crude edged higher, staying near five-month highs on fears of a US-Iran conflict and Houthi strikes on Saudi energy infrastructure, which have added to inflation concerns ahead of next week’s central bank meetings. Gold was unchanged, while copper and natural gas slipped slightly. Bitcoin eased against sterling. The pound was mixed: marginally weaker against the US dollar, slightly firmer against the yen, Australian dollar and Swiss franc, and flat against the euro.

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Market Numbers

FTSE 100: Down (-0.002%), 10,724.72
Euronext 100: Up (+0.068%), 1,845.68
DAX: Down (-0.177%), 25,326.66
NASDAQ: Down, 28,958.69
S&P 500: Down, 7,663.43

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In the Headlines

Share buyback – BlackRock Smaller Companies Trust (LSE:BRSC)
BlackRock Smaller Companies Trust bought back 85,000 ordinary shares at an average of 266 pence each and is holding them in treasury, which now holds 61,143,655 shares, or 20.47 per cent of issued capital. From 26 October, the trust’s voting share capital falls to 237,548,950 shares, the figure shareholders should use for FCA disclosure thresholds.

Board changes – Trustpilot Group (LSE:TRST)
Trustpilot is changing its board committees from 1 November. Joe Hurd will chair the Trust & Transparency Committee, Claire Davenport will take responsibility for workforce engagement, and John-Paul Savant will join the Audit & Risk Committee. The company says the changes are meant to strengthen oversight of trust, transparency and risk, which are central to how it is valued as a review platform.

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Currencies (vs GBP)

USD: Down (-0.0037%), $1.3403
CHF: Up (+0.0018%), Fr.1.099
EUR: Unchanged (0.00%), €1.1945
JPY: Up (+0.0179%), ¥209.804
AUD: Up (+0.0131%), $1.9096
Bitcoin (BTC/GBP): Down (-0.32%), £61,084.5

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Commodities

Copper: Down
Gold: Unchanged
Brent Crude: Up
Natural Gas: Down

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.

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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

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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.

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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

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Commodities

Copper: Down
Gold: Down
Brent Crude: Up
Natural Gas: Up

FTSE 100 dips as Middle East tensions keep Brent above $100, while Iofina reports Q3 iodine output and ECR Minerals commissions Maddens gold plant.

Market Overview

London opened almost flat, with the FTSE 100 down 0.010 per cent at 10,839.22. Middle East tensions are keeping oil prices high, and Iran’s army chief has said the Strait of Hormuz will stay closed. Continental markets were firmer. The Euronext 100 rose 0.025 per cent to 1,863.20 and the DAX gained 0.411 per cent to 25,487.05, as European stocks headed for their best week since August. Sovereign yields have eased from recent multi-decade highs and technology shares have recovered from Thursday’s AI and semiconductor sell-off. On Wall Street, the Nasdaq 100 closed down 0.05 per cent at 29,935.60, while the S&P 500 rose 0.33 per cent to 7,744.06. Inflation and the outlook for US interest rates remain the main concern.

Brent crude edged lower. Investors are weighing reports that Washington may lift sanctions on some shadow-fleet tankers to bring down record freight rates, alongside the International Energy Agency’s agreement to release the rest of its emergency stocks. Analysts say a significant risk premium remains while there is no US-Iran agreement. Gold eased slightly from elevated levels, copper edged higher and natural gas firmed marginally ahead of winter. Bitcoin rose against sterling. The pound was marginally softer at the open against the dollar, euro, Swiss franc, yen and Australian dollar. Sentiment in the UK is also being shaped by the 28 October Budget, where the Chancellor is expected to raise taxes on banks.

Market Numbers

FTSE 100: Down (-0.01%), 10,839.22
Euronext 100: Up (+0.02%), 1,863.20
DAX: Up (+0.41%), 25,487.05
NASDAQ: Down (-0.05%), 29,935.60
S&P 500: Up (+0.33%), 7,744.06

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In the Headlines

Q3 production update – Iofina (LSE:IOF)
Iofina reported third-quarter iodine production of 205.2 tonnes and said it is advancing work on new plants. The update gives investors a view of operating output as the company works to expand its production base.

Plant commissioning – ECR Minerals (LSE:ECR)
ECR Minerals has commissioned its Maddens gold processing plant, and underground development is progressing. This moves the company closer to processing ore on site while gold prices remain historically high.

Currencies (vs GBP)

USD: Down (-0.005%), $1.3271
CHF: Down (-0.022%), Fr.1.0984
EUR: Down (-0.0008%), €1.1836
JPY: Down (-0.019%), ¥209.865
AUD: Down (-0.008%), $1.9182
Bitcoin (BTC/GBP): Up (+0.28%), £61,641.0

Commodities

Copper: Up
Gold: Down
Brent Crude: Down
Natural Gas: Up

FTSE 100 flat as DAX gains ahead of US CPI; Great Portland Estates lifts London rents, Thor Explorations trims guidance and copper edges higher.

Market Overview

European markets opened mixed and cautious as investors waited for US September inflation data. The FTSE 100 was little changed, slipping 0.0033 per cent to 10,649.97, while the Euronext 100 edged up 0.0317 per cent to 1,859.18. The DAX was the stronger performer, opening 0.4934 per cent higher at 25,384.54 after a recent technical breakout, although resistance remains just above current levels. In the US, the Nasdaq 100 closed 0.3105 per cent lower at 30,569.48 and the S&P 500 finished down 0.02 per cent at 7,805.45. US headline CPI is expected to rise from 3.4 per cent, and markets fully price a Federal Reserve rate rise in December. In the UK, Bank of England chief economist Huw Pill said he was sceptical that all of the rate rises priced by markets would be needed, and Governor Andrew Bailey said the pass-through of the energy shock to UK prices had so far been more subdued.

Commodities were mostly steady. Copper moved higher and natural gas edged up, while gold was flat. Brent crude dipped slightly but stayed inside its recent trading range. Fading hopes of a diplomatic breakthrough with Iran and continued disruption in the Strait of Hormuz kept energy markets in focus, although higher Iraqi exports offered some offset. Bitcoin traded modestly higher against sterling. Sterling was unchanged against the US dollar and the euro, slightly weaker against the Australian dollar and the yen, and fractionally firmer against the Swiss franc, as investors weighed the Bank of England’s rate path ahead of the US data.

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Market Numbers

FTSE 100: Down (-0.003%), 10,649.97
Euronext 100: Up (+0.031%), 1,859.18
DAX: Up (+0.493%), 25,384.54
NASDAQ: Down (-0.310%), 30,569.48
S&P 500: Down (-0.02%), 7,805.45

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In the Headlines

Lettings strength – Great Portland Estates (LSE:GPE)
Great Portland Estates signed 40 leases and renewals worth £19.0 million in annual rent in the six months to 30 September, 4.1 per cent above March estimated rental values. It also completed its fully pre-let 30 Duke Street scheme in St James’s on time and on budget. The results point to continued demand for prime managed space in central London ahead of interim results in November.

Guidance trimmed – Thor Explorations (LSE:THX)
Thor Explorations poured 15,515 ounces of gold at its Segilola mine in Nigeria in the third quarter and reported revenue of about US$81.7 million. Heavy rainfall led it to cut 2026 production guidance to 70,000–72,000 ounces. Cost guidance and the quarterly dividend were both maintained, which may help limit the impact of the lower output target on investor sentiment.

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Currencies (vs GBP)

USD: Unchanged (0.00%), $1.3257
CHF: Up (+0.0009%), Fr.1.104
EUR: Unchanged (0.00%), €1.1835
JPY: Down (-0.0057%), ¥209.884
AUD: Down (-0.0084%), $1.8982
Bitcoin (BTC/GBP): Up (+0.29%), £62,868.62

Commodities

Copper: Up
Gold: Unchanged
Brent Crude: Down
Natural Gas: Up

FTSE 100 opens flat as gilts steady, Wetherspoon revenue rises while higher costs hit profit, Capita responds to NAO review and Brent edges up.

Market Overview

London opened almost unchanged, with the FTSE 100 slipping 0.0003 per cent to 10,428.23 as gilts steadied after Thursday’s sell-off. On the Continent, the Euronext 100 rose 0.0231 per cent to 1,857.93 and the DAX gained 0.2243 per cent to 24,995.29. That leaves European shares heading for their worst week since April, after France’s 2027 draft budget pushed its 10-year bond yield to the highest level since 2002. In the US, the Nasdaq closed up 0.04 per cent at 26,871.60 and the S&P 500 added 0.19 per cent to 7,666.45, as investors waited for September non-farm payrolls. Markets see that data as key to whether the Federal Reserve raises rates in October.

Brent crude moved slightly higher, holding on to gains. Reports that Washington is weighing another aircraft carrier group and more troops for the Middle East kept attention on the Strait of Hormuz. The restart of Saudi Arabia’s East-West Pipeline and worries about global demand limited further gains. Copper and natural gas edged up, while gold eased a little despite steady demand for safe-haven assets. Bitcoin rose firmly against sterling. The pound was marginally firmer against all its major peers as investors reassessed risk after the gilt sell-off. Eurozone flash inflation figures, where energy costs are expected to lift the headline rate, are also due today.

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Market Numbers

FTSE 100: Down (-0.00%), 10,428.23
Euronext 100: Up (+0.023%), 1,857.93
DAX: Up (+0.224%), 24,995.29
NASDAQ: Up (+0.04%), 26,871.60
S&P 500: Up (+0.19%), 7,666.45

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In the Headlines

Annual results – J D Wetherspoon (LSE:JDW)
The pub operator’s revenue rose 5.2 per cent to £2.24 billion in the year to 26 July 2026. Profit before tax and separately disclosed items fell 28 per cent to £58.6 million, because wage, energy and repair costs rose faster than sales. Like-for-like sales rose 8.6 per cent in the first nine weeks of the new financial year, and the group expects this year’s profit before tax to be in line with market consensus.

NAO review – Capita (LSE:CPI)
Capita has responded to the National Audit Office’s decision to review how it runs the Civil Service Pension Scheme. The company acknowledged that its performance is still below what scheme members and the Government expect. It said it has made operational progress, including more automation and stronger governance, but did not put a figure on any possible financial impact from the review.

Currencies (vs GBP)

USD: Up (+0.0053%), $1.3198
CHF: Up (+0.0027%), Fr.1.0962
EUR: Up (+0.0085%), €1.1733
JPY: Up (+0.0083%), ¥208.44
AUD: Up (+0.0005%), $1.9049
Bitcoin (BTC/GBP): Up (+3.15%), £65,023.8

Commodities

Copper: Up
Gold: Down
Brent Crude: Up
Natural Gas: Up

FTSE 100 flat at the open as the DAX gains; Capita secures £30 million financing, Strategic Minerals net assets double and Brent crude eases

Market Overview

London opened almost unchanged this morning. The FTSE 100 slipped 0.0009 per cent to 10,679.89, while European markets were firmer: the Euronext 100 rose 0.0560 per cent to 1,890.94 and the DAX gained 0.6936 per cent to 25,441.79. Sentiment was helped by reports that the US and Iran are discussing a phased path out of the conflict, centred on Tehran reopening the Strait of Hormuz in exchange for sanctions relief. Elevated bond yields and global rate-hike expectations continued to weigh on the wider picture. On Wall Street, the Nasdaq closed 0.01 per cent higher at 26,939.37 and the S&P 500 finished 0.02 per cent lower at 7,704.13.

In commodities, Brent crude eased after sharp gains in the previous session as the diplomatic reports tempered supply fears. Physical risks remain, with sharply reduced vessel traffic through the Strait of Hormuz and renewed Houthi missile strikes on Saudi Arabia. Copper and natural gas edged lower, while gold was slightly firmer. Bitcoin fell against sterling. The pound was mixed, gaining slightly against the yen and the Australian dollar and softening marginally against the Swiss franc and the euro. Investors are also watching the Trump-Xi summit in Washington and Europe’s gas storage deficits.

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Market Numbers

FTSE 100: Down (-0.0009%), 10,679.89
Euronext 100: Up (+0.0560%), 1,890.94
DAX: Up (+0.6936%), 25,441.79
NASDAQ: Up (+0.01%), 26,939.37
S&P 500: Down (-0.02%), 7,704.13

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In the Headlines

£30 million facilities – Capita (LSE:CPI)
Business services provider Capita has secured £30 million of new financing from Shawbrook Bank: a £15 million revolving credit facility and a £15 million term loan, both maturing in September 2029. The funds will go towards general corporate purposes and refinancing existing debt. They add to the group’s existing £325 million facility and support its liquidity position.

Redmoor resource upgrade – Strategic Minerals (LSE:SML)
AIM-listed Strategic Minerals reported first-half 2026 results in which net assets more than doubled and the inferred resource at its Redmoor tungsten-copper-tin project in Cornwall rose 49 per cent. Cash stood at US$10.0 million after an £8.7 million fundraise, which strengthens the company’s ability to fund pre-feasibility work at its flagship asset.

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Currencies (vs GBP)

USD: Down (-0.0166%), $1.3209
CHF: Down (-0.0009%), Fr.1.0941
EUR: Down (-0.0017%), €1.1614
JPY: Up (+0.0071%), ¥209.82
AUD: Up (+0.0074%), $1.8859
Bitcoin (BTC/GBP): Down (-0.50%), £63,473.2

Commodities

Copper: Down
Gold: Up
Brent Crude: Down
Natural Gas: Down

UK equities opened little changed on Thursday, with the FTSE 100 flat at 10,815.79 against Wednesday’s close of 10,816.14, as investors weighed renewed tension around the Strait of Hormuz against a stronger-than-expected UK retail sales reading. The Euronext 100 eased 0.09 per cent to 1,897.51 at the open and Germany’s DAX slipped 0.47 per cent to 25,596.46, even as European equities looked to build on a recovery that snapped a two-week slide following reassurance from the Federal Reserve. Wall Street’s overnight session pointed to a firmer tone into the UK open, with the Nasdaq Composite closing up 1.69 per cent at 26,418.30 and the S&P 500 adding 1.14 per cent to finish at 7,637.76.

Commodities were broadly softer at the open, with copper, gold, Brent crude and natural gas all trading lower; Brent extended a third consecutive daily decline as supply concerns eased and diplomatic efforts around the Middle East came into focus. Bitcoin moved against that trend, rising versus sterling. Sterling itself was little changed across major crosses, edging fractionally firmer against the euro, yen and Australian dollar while softening slightly against the US dollar and Swiss franc, as markets continued to digest the recent shift in Federal Reserve messaging.

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Market Numbers

FTSE 100: Flat (0.00%), 10,815.79
Euronext 100: Down (-0.09%), 1,897.51
DAX: Down (-0.47%), 25,596.46
NASDAQ: Up (+1.69%), 26,418.30
S&P 500: Up (+1.14%), 7,637.76

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In the Headlines

Kalahari Licence Sale – Galileo Resources PLC (LSE:GLR)
Galileo Resources provided an update on the sale of two of its Kalahari Copper Belt licences. The update advances the group’s disposal process for these non-core assets and matters to shareholders as confirmation of terms and completion would sharpen the company’s near-term portfolio focus.

Azteca Funding Round – Cadence Minerals PLC (LSE:KDNC)
Cadence Minerals confirmed it has raised £1.80 million to advance its Azteca project. The fundraising gives the company additional working capital, immediately relevant to investors tracking the project’s progress toward its next development milestones.

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Currencies (vs GBP)

USD: Flat (0.00%), $1.3356
CHF: Down (-0.01%), Fr.1.1018
EUR: Up (+0.01%), €1.1639
JPY: Up (+0.01%), ¥208.5705
AUD: Up (+0.01%), $1.8772
Bitcoin (BTC/GBP): Up (+2.02%), £58,200.5

Commodities

Copper: Down
Gold: Down
Brent Crude: Down
Natural Gas: Down

UK markets open flat as Trainline unveils a £100m buyback and Berkeley holds its £1.4bn profit target. Brent crude eases, sterling firms.

Market Overview

UK and European markets opened broadly steady on Friday, with the FTSE 100 little changed at 10,608.95, having closed the previous session at 10,608.92. The Euronext 100 opened firmer at 1,888.44, up around 0.09 per cent, while Germany’s DAX advanced to 25,478.84, a rise of roughly 0.46 per cent, as stronger-than-expected UK GDP data helped offset lingering concerns over tensions in the Strait of Hormuz. Wall Street had closed lower overnight, with the Nasdaq Composite down 0.65 per cent at 26,081.73 and the S&P 500 off 0.58 per cent at 7,591.70, as investors weighed the European Central Bank’s recent hawkish rate rise and awaited further signals on the path for US monetary policy.

Elsewhere, commodity markets were mixed, with copper and gold firmer while Brent crude and natural gas eased back after a volatile run driven by Middle East supply concerns. Bitcoin slipped against sterling, reflecting a more cautious tone across risk assets. Sterling was broadly stable overnight, edging higher against the US dollar and the euro but softer against the Swiss franc, as traders continued to digest this week’s European Central Bank rate rise alongside signs of resilience in the UK economy. Overall sentiment remained cautious, with energy market volatility and central bank policy the dominant macro themes heading into the session.

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Market Numbers

FTSE 100: Up (+0.00%), 10,608.95
Euronext 100: Up (+0.09%), 1,888.44
DAX: Up (+0.46%), 25,478.84
NASDAQ: Down, 26,081.73
S&P 500: Down, 7,591.70

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In the Headlines

Buyback boost – Trainline plc (LSE:TRN)
Trainline reported net ticket sales of £3.3 billion for the first half, broadly flat year-on-year, and announced a new £100 million share buyback alongside reaffirmed full-year guidance. The move underlines management confidence despite a modest decline in international ticket sales.

Profit target held – Berkeley Group Holdings (LSE:BKG)
Berkeley reaffirmed its target to deliver £1.4 billion of pre-tax profit over four years, though it said trading since May has been affected by the prolonged Middle East conflict and UK political uncertainty. The housebuilder is scaling back production by around a quarter over the period as buyer caution persists.

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Currencies (vs GBP)

USD: Up (+0.01%), $1.351
CHF: Down (-0.01%), Fr.1.0985
EUR: Up (+0.00%), €1.1636
JPY: Down (-0.00%), ¥208.6855
AUD: Up (+0.00%), $1.8878
Bitcoin (BTC/GBP): Down, £57,202.93

Commodities

Copper: Up
Gold: Up
Brent Crude: Down
Natural Gas: Down

UK shares open little changed as Wall Street rallies on Fed rate-hold hopes; Arrow Exploration lifts output and Bitcoin climbs 3.67%.

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Market Overview

UK and European markets opened little changed on Friday, with the FTSE 100 marginally lower and the Euronext 100 modestly firmer, while Germany’s DAX slipped from its previous close. Wall Street’s overnight session was far stronger, with the Nasdaq Composite closing up 1.40 per cent and the S&P 500 closing up 1.06 per cent, as investors positioned ahead of Friday’s US non-farm payrolls report, which analysts regard as pivotal to the Federal Reserve’s rate decision at its September meeting. Commentary from Fed Governor Christopher Waller pointing to encouraging signs of disinflation has tempered earlier fears of a rate rise, while ongoing tension between the United States and Iran continues to weigh on sentiment in energy markets.

In commodities, copper, gold and natural gas all edged higher on the day, while Brent crude eased marginally despite remaining on course for a sharp weekly gain as the standoff between the United States and Iran around the Strait of Hormuz continues to stoke concerns over global energy supply. Bitcoin rose sharply against sterling, extending its rebound after a volatile week. Sterling was little changed against major peers, with only marginal moves against the US dollar, euro, yen, Swiss franc and Australian dollar as currency markets held steady ahead of the US jobs data.

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Market Numbers

FTSE 100: Down (-0.00%), 10,831.45
Euronext 100: Up (+0.03%), 1,907.44
DAX: Down (-0.07%), 25,985.86
NASDAQ: Up (+1.40%), 26,584.06
S&P 500: Up (+1.06%), 7,747.71

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In the Headlines

Production Update – Arrow Exploration Corp (LSE:AXL)
Arrow Exploration reported corporate production above 6,000 barrels of oil equivalent per day, supported by recent drilling, workovers and its Thorsby field acquisition in Alberta, while advancing drilling at its Icaco field in Colombia. The update underlines the company’s ability to sustain output growth across its Colombian and Canadian assets, with attention now turning to the outcome of licence extension discussions in Colombia.

H1 Generation Update – Quantum Data Energy PLC (LSE:QDE)
Quantum Data Energy reported around 4.7 gigawatt hours of electricity generation in the first half of the year, with its Pyebridge asset achieving prices well above the wholesale benchmark, alongside progress at two new projects reaching financial close and completing construction. The update highlights the company’s expanding flexible power generation portfolio at a time of record renewable output and price volatility in the power market.

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Currencies (vs GBP)

USD: Up (+0.00%), $1.3529
CHF: Up (+0.01%), Fr.1.0925
EUR: Down (-0.00%), €1.1634
JPY: Down (-0.01%), ¥210.57
AUD: Up (+0.02%), $1.8789
Bitcoin (BTC/GBP): Up (+3.67%), £59,632.86

Commodities

Copper: Up
Gold: Up
Brent Crude: Down
Natural Gas: Up

UK markets open little changed as Watkin Jones holds FY26 guidance and Goodwin’s profit surges 118 per cent, while Brent crude extends its pullback.

Market Overview

UK shares opened little changed on Friday, with the FTSE 100 essentially flat at 10,792.46 as investors stayed cautious ahead of Federal Reserve Chair Kevin Warsh’s Jackson Hole address. The Euronext 100 opened firmer at 1,914.88, up 0.10 per cent, while Frankfurt’s DAX advanced to 26,494.61, a rise of 0.48 per cent, as European sentiment steadied after a volatile week marked by elevated euro-zone bond yields. Wall Street had closed higher on Thursday, with the Nasdaq Composite up 411.15 points, or 1.57 per cent, to 26,541.35, and the S&P 500 gaining 55.29 points, or 0.72 per cent, to 7,730.99, setting a firmer tone into the European session.

In commodities, copper and gold edged higher while Brent crude slipped further, extending a recent pullback as expanding oil flow through the Strait of Hormuz eased supply concerns despite lingering Iran-related tensions. Natural gas was little changed. Bitcoin softened slightly against sterling, while the pound was broadly steady across major pairs, nudging higher against the dollar, euro and Swiss franc but little changed against the yen and Australian dollar. Attention remained fixed on Warsh’s keynote, with European equities on course for a third successive weekly decline.

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Market Numbers

FTSE 100: Down (-0.00%), 10,792.46
Euronext 100: Up (+0.10%), 1,914.88
DAX: Up (+0.48%), 26,494.61
NASDAQ: Up, 26,541.35
S&P 500: Up, 7,730.99

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In the Headlines

FY26 Guidance Held – Watkin Jones (LSE:WJG)
Build-to-rent developer Watkin Jones said full-year adjusted operating profit is expected to be broadly in line with the first half, after completing two major schemes in Belfast and Cardiff delivering 1,345 rental units. Several anticipated transactions have slipped beyond the year-end due to geopolitical uncertainty and weaker transactional liquidity, though the group expects year-end net cash to exceed £61 million, underscoring balance-sheet resilience despite the deal delays.

Trading Profit Jumps – Goodwin (LSE:GDWN)
Engineering group Goodwin reported trading profit of £77.5 million for the year to April 2026, up 118 per cent, on revenue up 27 per cent to £280 million, and lifted its dividend by 18 per cent. The board has appointed Rothschild & Co to run a sale process for parts of its Mechanical Engineering division — including Steel Castings, International, Noreva, Easat Group and Pumps — with proceeds expected to be substantially returned to shareholders.

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Currencies (vs GBP)

USD: Up (+0.00%), $1.3597
CHF: Up (+0.01%), Fr.1.0929
EUR: Up (+0.01%), €1.1667
JPY: Flat (+0.00%), ¥216.6055
AUD: Flat (+0.00%), $1.8897
Bitcoin (BTC/GBP): Down (-0.13%), £58,986.86

Commodities

Copper: Up
Gold: Up
Brent Crude: Down
Natural Gas: Flat