Author: David Pinnell

UK markets open flat as metals rally offsets weak retail sales; Hunting cuts EBITDA guidance, eEnergy secures funding, Bitcoin surges vs GBP.

Market Overview

UK and European markets opened little changed on Friday, with the FTSE 100 and Euronext 100 both essentially flat and the DAX modestly firmer, following a weaker session on Wall Street overnight where the Nasdaq closed down 1.00 per cent and the S&P 500 fell 0.87 per cent. A rally in precious and industrial metals has helped support London-listed miners even as fresh UK retail sales data pointed to softer consumer spending. Sentiment across European equities remains cautious after a difficult week for the region, with escalating US sanctions rhetoric on Iran keeping energy markets on edge, a bout of global bond market volatility earlier in the week, and hawkish signals from both the Federal Reserve and the European Central Bank over the inflation outlook.

Commodities were mixed at the open, with copper firmer while gold was little changed. Brent crude and natural gas both eased back slightly. Bitcoin moved sharply higher against sterling, extending a strong run for the cryptocurrency. Sterling was mixed against major peers, edging marginally higher against the US dollar but softer against the yen, the euro and the Swiss franc, and little changed against the Australian dollar. Broader macro attention remains fixed on the standoff over Iran sanctions and its implications for oil supply, alongside central bank commentary suggesting interest rates could stay higher for longer.

Market Numbers

FTSE 100: Down (-0.001%), 10,748.07
Euronext 100: Up (+0.001%), 1,933.58
DAX: Up (+0.061%), 25,998.95
NASDAQ: Down (-1.00%), 26,067.17
S&P 500: Down (-0.87%), 7,641.16

In the Headlines

Guidance cut – Hunting PLC (LSE:HTG)
Hunting lowered its 2026 EBITDA guidance after a Kuwait Oil Company tender re-run was delayed, a setback expected to reduce next year’s earnings by around 10 million dollars. The news follows a weaker first half for the oilfield services group, though management raised the interim dividend, signalling confidence in the longer-term outlook.

Funding secured – eEnergy Group plc (LSE:EAAS)
eEnergy Group arranged two loan facilities totalling 1 million pounds to bridge a working capital shortfall after roughly 3.2 million pounds of payments from its Mace solar projects were delayed by incomplete documentation. The funding addresses a near-term cash-flow gap while the company awaits the outstanding payments.

Currencies (vs GBP)

USD: Up (+0.004%), $1.3643
CHF: Down (-0.008%), Fr.1.0909
EUR: Down (-0.002%), €1.1673
JPY: Down (-0.020%), ¥216.756
AUD: Flat (0.000%), $1.9164
Bitcoin (BTC/GBP): Up £55,956.99

Commodities

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

Market Overview

UK and European markets were little changed in early trade on Friday, with the FTSE 100 opening at 10,772.54, fractionally below Thursday’s close, while the Euronext 100 edged up to 1,975.08 and Germany’s DAX advanced to 26,445.99 at the open. Wall Street had closed higher overnight, with the Nasdaq Composite ending at 26,803.03, up 0.81 per cent, and the S&P 500 finishing at 7,798.99, up 0.65 per cent, as investors weighed easing US inflation pressure against renewed tension in the Gulf. Flat US producer price data reduced expectations of further Federal Reserve tightening, while attacks on tankers in the Strait of Hormuz and a US threat of an indefinite naval blockade of Iran kept energy markets alert to supply risk.

Commodity markets reflected the same Gulf-driven caution, with Brent crude and natural gas both firmer at the open and gold ticking higher as a safe-haven hedge, while copper eased alongside broader softness in base metals. Bitcoin retreated against sterling to £46,599.41, down 1.58 per cent, as risk appetite cooled. Currency moves were modest, with sterling little changed against the dollar, euro, Swiss franc, yen and Australian dollar overnight, leaving the pound broadly steady ahead of further inflation data and developments in the Middle East.

Market Numbers

FTSE 100: Down (-0.001%), 10,772.54
Euronext 100: Up (+0.007%), 1,975.08
DAX: Up (+0.56%), 26,445.99
NASDAQ: Up (+0.81%), 26,803.03
S&P 500: Up (+0.65%), 7,798.99

In the Headlines

Profit Jump – Aviva plc (LSE:AV.)
Aviva’s first-half operating profit rose 24 per cent to £1.33 billion, driven by strong growth in general insurance and continued integration of Direct Line, with cash remittances up 47 per cent to £1.50 billion. The results reinforce confidence in the group’s 2028 targets and underline robust demand across UK personal lines.

Cygnus Timetable – Central Asia Metals plc (LSE:CAML)
Central Asia Metals has set out the timetable for its proposed all-share acquisition of ASX-listed Cygnus Metals, with a shareholder vote due on 4 September and completion expected in early October. The deal would add further development and exploration assets to CAML’s existing Kazakhstan and North Macedonia operations, broadening its base metals portfolio.

Currencies (vs GBP)

USD: Up (+0.00%), $1.349
CHF: Up (+0.00%), Fr.1.0983
EUR: Down (-0.02%), €1.1696
JPY: Down (-0.00%), ¥215.0815
AUD: Up (+0.00%), $1.9098
Bitcoin (BTC/GBP): Down (-1.58%), £46,599.41

Commodities

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

FTSE 100 flat as Lloyds flags mortgage pain; Europe near best week since June. Oxford Biomedica falls on guidance cut; Brent crude eases.

The FTSE 100 opened broadly flat on Friday, up marginally at 10,867.91 from yesterday’s close, after Lloyds Banking Group flagged pressure on UK mortgage rates. The Euronext 100 added 0.08 per cent to 1,967.32 and Germany’s DAX rose 0.33 per cent to 26,227.08, with European equities on course for their strongest weekly performance since June as a robust corporate earnings season lifted sentiment across pharmaceuticals, power infrastructure and telecommunications. On Wall Street, the Nasdaq Composite closed down 0.06 per cent at 26,348.35 and the S&P 500 slipped 0.18 per cent to 7,709.96 overnight, with investors weighing upcoming US labour market data and continued uncertainty over the path of Federal Reserve policy.

Commodity markets reflected renewed geopolitical unease, with gold, Brent crude and natural gas all easing back from yesterday’s close as tensions around the Strait of Hormuz kept energy markets on edge following reports of restricted vessel transit through the chokepoint. Copper firmed on the open, while bitcoin held steady against sterling. Sterling was little changed against the US dollar and the euro, edging fractionally higher against the yen, the Australian dollar and the Swiss franc, as currency markets took a cautious tone.

Market Numbers

FTSE 100: Up (0.001%), 10,867.91
Euronext 100: Up (0.08%), 1,967.32
DAX: Up (0.33%), 26,227.08
NASDAQ: Down (-0.06%), 26,348.35
S&P 500: Down (-0.18%), 7,709.96

In the Headlines

US Expansion Drives Growth – Sanderson Design Group (LSE:SDG)
Sanderson Design Group reported a 6 per cent rise in first-half revenue to £51.4 million, driven by strong North American demand and a 137 per cent jump in direct-to-consumer online sales. Management reaffirmed full-year profit expectations despite continued softness in the UK home furnishings market.

Guidance Cut Despite Client Wins – Oxford Biomedica (LSE:OXB)
Oxford Biomedica lowered its 2026 revenue guidance to between £180 million and £200 million after client order delays and a six-month setback at its North Carolina facility, despite record client wins and 9 per cent first-half growth. Shares fell sharply as the guidance cut renewed concerns over execution following previous forecast misses.

Currencies (vs GBP)

USD: Up (0.00%), $1.3455
CHF: Up (0.01%), Fr.1.0931
EUR: Down (-0.00%), €1.1675
JPY: Up (0.01%), ¥213.1535
AUD: Up (0.01%), $1.9131
Bitcoin (BTC/GBP), £47,773.12

Commodities

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

FTSE 100 steady at the open as Lloyds beats profit forecasts with a new 2030 plan and LSEG shares slip despite raised guidance, amid US-Iran tensions.

Market Overview

European and US equity markets opened on a cautious footing on Thursday, with the FTSE 100 easing marginally to 10,907.37, down 0.01 per cent, and the Euronext 100 slipping to 1,899.63, also down 0.01 per cent, both broadly flat after Wednesday’s session. Germany’s DAX was down 0.19 per cent at 25,411.24 shortly after the Frankfurt open. Wall Street set a weaker overnight tone, with the Nasdaq Composite closing down 1.74 per cent at 24,442.94 and the S&P 500 down 1.52 per cent at 7,316.15, as investors weighed the escalating conflict between the United States and Iran following fresh US strikes, and awaited the Bank of England’s latest interest rate decision.

Among commodities, copper and natural gas edged higher while gold and Brent Crude eased back, even as Middle East tensions continue to underpin energy prices. Bitcoin was firmer against sterling. Sterling itself was broadly steady, edging higher against the US dollar, Australian dollar and euro while easing slightly against the yen and Swiss franc, leaving the currency largely rangebound as markets braced for the Bank of England’s rate call.

Market Numbers

FTSE 100: Down (-0.01 per cent), 10,907.37
Euronext 100: Down (-0.01 per cent), 1,899.63
DAX: Down (-0.19 per cent), 25,411.24
NASDAQ: Down (-1.74 per cent), 24,442.94
S&P 500: Down (-1.52 per cent), 7,316.15

In the Headlines

Profit beat, new 2030 plan – Lloyds Banking Group (LSE:LLOY)
Lloyds Banking Group posted a second-quarter profit of £2.3 billion, ahead of analyst forecasts, and unveiled an “Accelerate 2030” strategy targeting a 20 per cent return on tangible equity alongside a new £1 billion share buyback. The results and growth plan reassure investors on the health of the UK banking sector ahead of this week’s Bank of England rate decision.

Shares slip despite guidance raise – London Stock Exchange Group (LSE:LSEG)
London Stock Exchange Group beat first-half earnings expectations and raised its full-year revenue guidance, yet its shares slipped as investors focused on the long-dated timeline of its round-the-clock trading initiative. The move highlights how execution timing, rather than headline earnings, is currently driving sentiment towards UK financial services stocks.

Currencies (vs GBP)

USD: Up (0.00 per cent), $1.3368
CHF: Down (0.00 per cent), Fr.1.0873
EUR: Up (0.01 per cent), €1.1658
JPY: Down (-0.02 per cent), ¥218.2905
AUD: Up (0.00 per cent), $1.9207
Bitcoin (BTC/GBP): Up, (0.30 per cent), £47,956.56

Commodities

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