ADVFN UK Market News

Author: Fiona Craig

  • Brent and WTI Retreat as Markets Monitor Strait of Hormuz Crude Flows

    Brent and WTI Retreat as Markets Monitor Strait of Hormuz Crude Flows

    Oil prices declined in Asian trading on Thursday, interrupting a three-session advance as investors considered developments in the US-Iran conflict and indications that more crude was moving through the Strait of Hormuz.

    At 04:42 ET (08:42 GMT), November Brent Oil Futures were down 0.2% at $95.43 per barrel, while West Texas Intermediate (WTI) declined by the same percentage to $90.83 per barrel.

    The two benchmarks had reached their highest levels in five weeks during the preceding three sessions as renewed military exchanges between the United States and Iran raised concerns about potential disruption to Middle Eastern oil supplies.

    Trump Comments Follow Renewed US-Iran Military Exchanges

    US forces carried out strikes on Iran’s southern coast on Wednesday, followed by retaliatory action from Tehran against US positions across the region. The exchanges represented the most intense military activity between the two countries since July.

    US President Donald Trump said on Wednesday that the latest American campaign against Iran would not continue for an extended period.

    Trump also said the US had targeted Iranian radar and missile systems, together with capabilities connected with laying mines around the Strait of Hormuz.

    Hormuz Crude Shipments Reach 17 Million Barrels on Monday

    Oil markets continued to monitor traffic through the Strait of Hormuz following the disruption to shipments caused by the conflict.

    US Energy Secretary Chris Wright said 17 million barrels of crude moved through the waterway on Monday, the highest daily volume since flows were reduced by the conflict.

    Vessel movements remained variable. Preliminary Kpler figures indicated that four commodity vessels transited the strait on Tuesday, compared with an average of approximately 13 over the preceding 10 days.

    US Commercial Crude Stocks Record First Decline in Five Weeks

    US commercial crude inventories decreased by 4.5 million barrels last week, marking their first weekly decline in five weeks. The result compared with analysts’ expectations for a small increase.

    Gasoline stocks fell by 1.2 million barrels. Distillate inventories, which include diesel and heating oil, increased by approximately 800,000 barrels.

    OPEC+ Meeting Turns Attention to October Production Policy

    OPEC+ is expected to keep its oil production policy for October unchanged when members meet on Sunday.

    The meeting comes after the scheduled unwinding of a 1.65 million-barrel-per-day tranche of production cuts. For September, OPEC+ had raised output quotas by 188,000 barrels per day.

  • US Stock Futures Little Changed as Oil Retreats and Broadcom Issues Revenue Forecast: Dow Jones, S&P, Nasdaq, Wall Street

    US Stock Futures Little Changed as Oil Retreats and Broadcom Issues Revenue Forecast: Dow Jones, S&P, Nasdaq, Wall Street

    US equity futures traded close to unchanged levels as investors considered developments in the US-Iran conflict, movements in bond markets and the latest corporate updates ahead of Friday’s US employment report.

    At 03:50 ET, S&P 500 Futures stood at 7,671.1 points, while Nasdaq 100 Futures were at 29,211.25 and Dow Jones Futures were at 53,195, with all three contracts showing limited movement.

    The futures performance followed gains on Wall Street as equities recovered from their weaker start to September. Investors continued to await Friday’s labour market figures for additional information on the economic backdrop ahead of future Federal Reserve policy decisions.

    Brent and WTI Decline Following Three-Day Advance

    Crude oil prices moved lower during Asian trading on Thursday, ending a three-session run of gains as investors monitored the latest developments involving the US and Iran.

    Brent crude futures fell 0.4% to $95.25 per barrel, while WTI futures declined 0.2% to $90.80. Both benchmarks had advanced by almost 1% during Wednesday’s session, reaching their highest levels in around five weeks.

    Prices moved lower after US President Donald Trump said the renewed attacks against Iran would not continue for long. US officials also indicated that energy flows through the Strait of Hormuz were recovering.

    Developments around the Strait of Hormuz remained under scrutiny because of the route’s importance to international energy shipments.

    Missile and Drone Strikes Target US Bases in Kuwait

    Iran carried out missile and drone strikes targeting US bases in Kuwait late Wednesday, according to state-run Press TV.

    Kuwait’s Armed Forces said air defence systems were intercepting “hostile targets,” but did not identify their source.

    The reported action followed US strikes against Iranian targets near the Strait of Hormuz and subsequent Iranian missile and drone attacks on US infrastructure elsewhere in the Gulf.

    Investors continued to assess developments in the region and their potential implications for energy shipments through the Strait of Hormuz.

    Williams Links Higher Bond Yields to US Economic Strength

    New York Fed President John Williams said the increase in longer-term bond yields reflected the strength of the US economy rather than concerns over inflation.

    Speaking to CNBC, Williams attributed higher borrowing costs to the economic outlook, which he said was supported in part by investment in artificial intelligence, data centres and technology.

    Federal Reserve Governor Christopher Waller was scheduled to deliver remarks later on Thursday, providing investors with another opportunity to assess the monetary policy outlook before the Fed’s next decision.

    Broadcom Forecasts Fourth-Quarter Revenue of About $34.8 Billion

    Broadcom (NASDAQ:AVGO) projected fiscal fourth-quarter revenue of approximately $34.8 billion, compared with the Wall Street consensus forecast of around $35.05 billion.

    The company expects AI chip sales of $21.7 billion, slightly above expectations of approximately $21.33 billion.

    The reported results were broadly consistent with Wall Street forecasts, according to the source material, while Broadcom’s overall revenue projection for the fourth quarter came in below analysts’ average estimate.

  • European Stocks Edge Higher as US Payroll Data Weighs on Rate Expectations: DAX, CAC, FTSE100

    European Stocks Edge Higher as US Payroll Data Weighs on Rate Expectations: DAX, CAC, FTSE100

    European equities moved slightly higher on Thursday, with the STOXX 600 attempting to stabilise after three consecutive sessions of declines as investors assessed lower bond yields and comments from a Federal Reserve official.

    The pan-European STOXX 600 rose 0.12% after reaching a more than one-month low on Wednesday. Germany’s DAX gained 0.2%, while France’s CAC 40 and London’s FTSE 100 were broadly unchanged.

    The moves followed declines across European markets earlier in the week as sovereign bond yields increased and energy prices rose amid military exchanges in the Persian Gulf.

    German 10-year Bund yields had reached 3.37%, their highest level since 2011, while US 10-year Treasury yields approached 4.80%.

    Oil prices had also moved above $90 a barrel earlier in the week amid developments involving the US and Iran in the Strait of Hormuz.

    Fed’s Williams Says Policymakers Should “Wait and See”

    Investors were also assessing comments from New York Fed President John Williams regarding the outlook for US interest rates.

    Williams said on Wednesday that policymakers should “wait and see” incoming economic data before deciding on further monetary tightening.

    The comments came ahead of the Federal Open Market Committee meeting scheduled for September 16.

    US private payroll data also came in below market expectations. Private-sector employment increased by 38,000 jobs in August, contributing to declines in US Treasury and Asian sovereign bond yields.

    Attention was set to turn to comments from Federal Reserve Governor Christopher Waller later in the day for further indications regarding the outlook for monetary policy.

    Oil Prices Ease as Markets Await Eurozone PPI

    Crude oil prices moved lower on Thursday after trading above $90 a barrel earlier in the week.

    Investors were also awaiting Eurozone Producer Price Index data scheduled for later in the session, ahead of the European Central Bank’s monetary policy meeting on September 10.

    Among individual stocks, Deutsche Telekom (TG:DTE) shares rose 1.4% following a report that activist investor Elliott had built a stake in the company.

  • Eurozone Composite PMI Holds at 52.0 in August

    Eurozone Composite PMI Holds at 52.0 in August

    Eurozone private-sector activity expanded at the same pace in August as in July, according to the latest Purchasing Managers’ Index data from S&P Global.

    The S&P Global Eurozone Composite PMI Output Index remained unchanged at 52.0, matching July’s eight-month high. The index stayed above the 50.0 threshold separating expansion from contraction and was close to its long-term average of 52.3.

    The Services PMI Business Activity Index declined slightly to 51.6 from 51.7 in July, reaching a two-month low.

    Spain and Italy Lead Expansion

    Southern eurozone economies contributed to the expansion, with Spain and Italy recording increases in economic activity. Germany posted its fastest rate of growth since March, while France recorded an eighth consecutive monthly contraction.

    New orders increased at the same pace as in July, representing the joint-fastest improvement in demand since November 2025.

    The eurozone private sector also recorded its first increase in new export orders in four and a half years, with the improvement driven by manufacturing.

    Employment Increases for First Time in 2026

    Employment across the eurozone private sector increased for the first time in 2026. Workforce numbers rose at a rate broadly in line with the survey average.

    Companies continued to reduce outstanding workloads, although backlogs declined at a slower rate than in previous months.

    Input cost inflation eased slightly in August, while the rate of increase in output prices was unchanged from July. Both measures remained above levels recorded before the outbreak of the Middle East war.

    S&P Global Economist Comments on Third-Quarter Activity

    Joe Hayes, Senior Principal Economist at S&P Global Market Intelligence, said: “August’s PMI data puts the euro area on track for a solid quarter of growth in Q3. Momentum in the industrial economy has picked up nicely and the service sector has shaken off the initial weakness seen after energy prices surged at the start of the Middle East war.”

    The August PMI data were collected between August 10 and August 25, 2026.

  • European Natural Gas Prices Decline for Second Session After Recent Rally

    European Natural Gas Prices Decline for Second Session After Recent Rally

    European and British wholesale natural gas prices declined for a second consecutive session on Thursday, following a multi-day increase that had taken benchmark contracts above levels reached earlier during the Middle East conflict.

    The benchmark Dutch front-month contract fell 1.7% to €72.23 per megawatt-hour (MWh), moving lower from the multi-year high of €74.32 reached earlier in the week.

    In Britain, the equivalent NBP wholesale gas contract declined 2.7% to 178.08 pence per therm. The contract had moved above 183 pence in the previous session, reaching its highest level since late 2023.

    Trading desks attributed Thursday’s decline to profit-taking following the recent increase in prices.

    Strait of Hormuz Disruption Remains a Supply Factor

    Geopolitical developments continued to affect the European natural gas market as military engagements between U.S. forces and Iran disrupted commercial navigation through the Strait of Hormuz.

    A second round of U.S. air strikes targeted Iranian military sites in the Persian Gulf, while Iran carried out retaliatory missile strikes against U.S. facilities in Jordan. Commercial tanker traffic through the Strait of Hormuz remained at a fraction of pre-war levels, according to the satellite vessel-tracking data cited in the source material.

    The Strait of Hormuz handles approximately one-fifth of global seaborne liquefied natural gas shipments, with Qatar accounting for a significant portion of those volumes.

    Disruption to the route has increased competition between European energy importers and Asian utilities for alternative spot LNG cargoes from the Atlantic basin.

  • TotalEnergies Becomes Operator of Namibia’s PEL83 Licence in Asset Swap With Galp

    TotalEnergies Becomes Operator of Namibia’s PEL83 Licence in Asset Swap With Galp

    TotalEnergies (LSE:TTE) (EU:TTE) has completed an asset swap with Galp covering three exploration licences in Namibia’s offshore Orange Basin, including PEL83, which contains the Mopane oil discovery.

    Under the transaction, TotalEnergies becomes operator of PEL83 with a 40% interest. In exchange, Galp receives a 10% interest in PEL56, which contains the Venus discovery, and a 9.39% interest in PEL91.

    The transaction changes the ownership structure across the three exploration blocks and expands TotalEnergies’ operated interests in the Orange Basin.

    TotalEnergies Holds Interests Across Three Orange Basin Licences

    Following completion of the transaction, TotalEnergies operates PEL83 with a 40% interest, PEL56 with a 35.25% interest and PEL91 with a 33.09% interest.

    The company is also progressing its entry as operator of PEL104.

    PEL83 contains the Mopane discovery, while PEL56 contains the Venus discovery. TotalEnergies is now the operator of the licences containing both discoveries.

    More About TotalEnergies SE

    TotalEnergies is an integrated energy company with operations in approximately 120 countries. Its activities include oil and biofuels, natural gas and biogas, low-carbon hydrogen, renewable energy and electricity.

    The company has operated in Namibia since 1964 and employs approximately 70 people in the country. It also operates 43 fuel service stations and is Namibia’s third-largest fuel distributor, according to the source material.

    Alongside its offshore exploration activities, TotalEnergies is pursuing low-carbon projects in Namibia. Its interests in the country include the PEL56, PEL83 and PEL91 exploration licences, as well as its planned entry as operator of PEL104.

  • Market Open: Journeo Elizabeth Line Orders, Jet2 Bookings

    Market Open: Journeo Elizabeth Line Orders, Jet2 Bookings

    FTSE 100 opens flat as Journeo wins Elizabeth line orders, Jet2 bookings rise and Brent crude eases amid continuing Iran tensions.

    Market Overview

    The FTSE 100 opened broadly unchanged at 10,756.77 as strength in precious-metal shares helped offset continued concerns over the Iran conflict and Gulf shipping. The Euronext 100 slipped 0.02 per cent to 1,904.68, while Germany’s DAX rose 0.12 per cent to 25,870.31 as European markets stabilised following recent weakness and softer US labour data eased some interest-rate concerns. In the US, the Nasdaq closed higher at 26,217.83 and the S&P 500 gained to 7,666.60.

    Commodity markets were mixed, with copper higher, gold and natural gas unchanged, and Brent crude lower as concerns over Middle East supply disruption eased following indications that renewed US action against Iran may be relatively brief. Bitcoin was up against sterling. The US dollar, euro and Japanese yen strengthened marginally against the pound, the Swiss franc was unchanged and the Australian dollar weakened slightly.

    Market Numbers

    FTSE 100: Up (0.00%), 10,756.77
    Euronext 100: Down (-0.02%), 1,904.68
    DAX: Up (0.12%), 25,870.31
    NASDAQ: Up, 26,217.83
    S&P 500: Up, 7,666.60

    In the Headlines

    Elizabeth Line orders – Journeo (LSE:JNEO)
    Transport technology provider Journeo said subsidiary Infotec has secured initial purchase orders worth £1.3 million for passenger information system upgrades across the Elizabeth line. The orders form the first part of a wider £2.55 million programme and cover new and upgraded displays across 25 stations.

    Summer bookings rise – Jet2 (LSE:JET2)
    Leisure travel group Jet2 reported Summer 2026 booked passengers up 8.8% year on year, with seat capacity increasing 7.6% to 19.9 million. The company also plans to move its shares from AIM to the London Stock Exchange Main Market, which it expects will increase its visibility among UK and international institutional investors.

    Currencies (vs GBP)

    USD: Up (0.01%), $1.3482
    CHF: Unchanged (0.00%), Fr.1.0961
    EUR: Up (0.01%), €1.1637
    JPY: Up (0.02%), ¥214.2405
    AUD: Down (-0.01%), $1.8822
    Bitcoin (BTC/GBP): Up, £57,732.02

    Commodities

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

  • FTSE 100 Edges Higher as Precious-Metal Miners Advance

    FTSE 100 Edges Higher as Precious-Metal Miners Advance

    The FTSE 100 moved slightly higher on Thursday, with gains among gold and silver miners offsetting market uncertainty related to the Iran conflict and shipping through the Strait of Hormuz.

    The FTSE 100 was up 0.12% as of 03:20 ET, or 07:20 GMT. Elsewhere in Europe, Germany’s DAX gained 0.11%, while France’s CAC 40 declined 0.21%. Sterling rose 0.08% against the US dollar to $1.3497.

    Strait of Hormuz Developments Remain in Focus

    The U.S. Central Command said it had redirected 86 commercial vessels through the Strait of Hormuz as part of its naval blockade of Iran, compared with 84 a day earlier. It also said three vessels had been disabled and two others boarded.

    Iran’s Persian Gulf Strait Authority added another 11 vessels to its blacklist, bringing the total to 56. The additions included the tanker Kiku and LNG carrier Mubaraz.

    U.S. President Donald Trump said on Wednesday that he did not expect the renewed fighting to last “too long,” according to Reuters. The report said U.S. forces were assisting oil shipments through the strait and intercepting Iranian drones.

    Trump also proposed renaming the waterway “Trump Strait” in a Truth Social post. Reuters separately reported, citing four sources, that senior administration officials were seeking to prevent further escalation ahead of November’s congressional elections. According to the report, additional military action could be considered after the elections while economic pressure on Tehran continues.

    Secretary of State Marco Rubio said Wednesday that Iran would “continue to feel the squeeze” until it abandons any nuclear weapons ambitions and ends support for terrorism. He also said the U.S. would continue targeting threats to American forces and international shipping.

    The UAE condemned Iran’s Monday strike on the Saudi-owned tanker Sidr near Oman’s Musandam Peninsula, which killed two Filipino crew members. It also condemned Iranian missile and drone strikes on Bahrain, Kuwait, Jordan and Iraq’s Kurdistan region.

    Chinese President Xi Jinping, during a visit to Cairo, called for diplomatic efforts to end the conflict and urged Middle Eastern countries to reject foreign interference during talks with Egyptian President Abdel Fattah el-Sisi.

    IRGC Deputy Commander Mostafa Izadi said Tuesday that the force was “fully prepared against the enemy” and would use its missile and drone capabilities in response to hostile action, according to Iranian state broadcaster IRIB.

    Fresnillo and Endeavour Mining Rise as Gold Advances

    Fresnillo (LSE:FRES) shares gained 1.1%, while Endeavour Mining (LSE:EDV) rose 1.4% as gold and silver prices advanced.

    Gold futures increased 1.3% to $4,471.01 an ounce, while spot gold was up 0.86% at $4,425.85.

    Oil prices moved lower, with Brent crude down 0.98% at $94.70 a barrel and WTI declining 0.90% to $90.23.

    UK Company Updates

    Jet2 (LSE:JET2) reported that summer bookings were 8.8% higher than a year earlier.

    M&G (LSE:MNG) reported half-year profit above expectations, with inflows from Japanese partner Daiichi Life contributing to the period’s performance amid market volatility associated with the Iran conflict.

    EnQuest (LSE:ENQ) narrowed its annual production guidance towards the lower end of its previous range following a five-week outage at the Magnus field caused by a third-party infrastructure disruption. The company also returned to profit for the half year.

    Crest Nicholson (LSE:CRST) forecast an annual operating loss of approximately £10 million, citing subdued demand and competitive pricing as factors affecting sales.

  • Dunelm Shares Rise After Deutsche Bank Upgrades Stock to Buy

    Dunelm Shares Rise After Deutsche Bank Upgrades Stock to Buy

    Dunelm (LSE:DNLM) shares rose on Thursday after Deutsche Bank upgraded the homewares retailer to “buy” from “hold” and increased its price target ahead of the company’s September 8 strategy update.

    The shares were up 3.58% at 861.78 pence at around 08:57 BST, compared with a more modest increase for the FTSE 250 in early trading. The index had declined 0.8% in the previous session.

    Deutsche Bank raised its price target for Dunelm to 1,050 pence from 850 pence. The new target represents approximately 25% above the company’s September 2 closing price of 832 pence.

    Deutsche Bank Focuses on Store Expansion and Digital Strategy

    The brokerage said it expects Dunelm’s September 8 strategy update to act as a positive catalyst. Its areas of focus include the retailer’s store estate, its recently launched app and its longer-term target of achieving a 10% share of the UK market, compared with 7.9% in fiscal 2025.

    Deutsche Bank expects management to discuss an accelerated programme of store openings. The brokerage forecasts nine new locations in fiscal 2027, compared with three in fiscal 2026, as well as further refurbishment opportunities across the existing estate.

    According to Deutsche Bank’s estimates, approximately 10% of Dunelm’s stores are at an age where they could be due for a major refit, while around 60% have not undergone a refurbishment since before the pandemic.

    The brokerage also identified Dunelm’s app, which fully launched in February, as an area to watch. It expects the strategy update to provide information on whether the app is affecting customer conversion and spending, product discovery and recommendations, the in-store experience and customer data collection.

    Fiscal 2027 Profit Forecast Raised to £219 Million

    Deutsche Bank increased its fiscal 2027 profit-before-tax forecast for Dunelm by approximately 4% to £219 million from £210 million. The revision reflects the brokerage’s expectations for higher sales growth and a greater contribution from new stores.

    It forecasts sales growth of around 4% in fiscal 2027, broadly divided between like-for-like growth and additional retail space.

    Before Thursday’s share-price move, Deutsche Bank said Dunelm shares had declined approximately 25% year to date and had underperformed the FTSE 350 Retail Index by around 30%.

  • Frontier Developments Signs Disney Agreement for New Simulation Game

    Frontier Developments Signs Disney Agreement for New Simulation Game

    Frontier Developments (LSE:FDEV) has entered into an agreement with Disney to develop and publish a new video game using intellectual property from Disney’s portfolio.

    The game will be fully funded by Frontier and will be developed within the creative management simulation genre. The company already operates titles in this category through its Planet and Jurassic World Evolution franchises.

    Frontier said the agreement is consistent with its strategy of developing creative management simulation franchises and working with established intellectual property. The Disney project will add another IP-based title to the company’s development portfolio.

    More about Frontier Developments

    Frontier Developments plc is an independent video game developer and publisher based in Cambridge, UK. The company specialises in creative management simulation games and operates franchises including Planet Coaster, Planet Zoo and Jurassic World Evolution.

    Frontier develops its games using its proprietary COBRA technology and maintains a portfolio that includes both new releases and back-catalogue titles.