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.
Group Eleven Resources – How the EU Secures Critical Metals
Europe is under pressure to act! The projects of Group Eleven Resources (TSXV:ZNG) (USOTC:GRLVF) in Ireland appear quite helpful. This is because the Canadian exploration company has focused on discovering significant zinc deposits and, since its founding, has built up an extensive license portfolio in one of Europe’s most productive zinc regions. Following a well-defined selection process, it now holds numerous exploration licenses covering a total area of more than 500 sq km, making it one of the larger landholders in the Irish zinc belt. The strategic focus is on the PG West, Stonepark, and Ballinalack projects, which are located in close proximity to existing large-scale deposits and thus offer favorable geological and infrastructural conditions. Added to this are all the advantages that Ireland offers as a location: infrastructure, short distances, and efficient laboratory logistics.
Particular attention is being paid to the Ballywire deposit within the PG West project, which was discovered in 2022 and has since been regarded as one of the most significant mineral discoveries in Ireland. The deposit not only exhibits classic zinc and lead grades but also features a complex metal inventory including silver, copper, and technologically relevant trace elements, which significantly expands its economic potential. Since the discovery, numerous drill holes have been completed, demonstrating a continuous extension of the mineralized system and laying the foundation for an increasingly robust geological model. Additional indications of deeper-seated copper and silver zones suggest that the mineralization is structurally controlled and could continue over greater distances.
A recently completed capital raise of approximately CAD 12 million has strengthened the financial base, allowing for a significant expansion of ongoing programs, with additional drilling planned for the coming years, focusing on Ballywire and Stonepark. The Stonepark project, in which the company holds a majority interest, already has a defined zinc-lead resource and is located directly adjacent to one of the largest undeveloped deposits worldwide, suggesting potential for additional synergies.
Against the backdrop of growing European efforts to secure strategic raw materials and increasing indications of a large-scale multi-metal system, Group Eleven thus has the potential to establish itself as a major supplier of critical metals within Europe in the medium term. The current market value of CAD 285 million could rise rapidly, especially if the market properly values the major silver discovery!
CEO Bart Jaworski discusses the latest major silver discovery on Stockhouse.
Rheinmetall – Is a 30% Consolidation Enough?
A major buyer of industrial metals of all kinds is the defense contractor Rheinmetall. The company’s shareholders can look back on a 2,200% return over the past 4 years. However, the stock price has consolidated by over 30% in the last 3 months, which is no longer making all investors happy. As is typical for all defense stocks, the market has driven the German industry leader sharply higher in recent years until its valuation had completely outpaced operational realities. Most recently at EUR 2,005, the company was valued at a 2026 P/E ratio of 52. At the current price of EUR 1,550, the ratio drops to at least around 40, while CEO Papperger is raising the outlook through 2030 to revenue of just under EUR 42 billion—a fivefold increase from 2025 levels. The much-watched price-to-sales (P/S) ratio, currently over 5, would then even drop to 1.8. But why investors are already anticipating the entire development of the next 5 years seems quite bold to us, as NATO countries in particular are currently facing major budget problems. And should the Iran conflict last longer than expected, the EU even faces the threat of a massive energy crisis, complete with a subsequent recession and falling tax revenues! It is therefore highly doubtful that Rheinmetall should be celebrating a boom here. Therefore: Sell while strong!
RENK – Larger NATO Contracts
The “Rheinmetall” overvaluation problem applies 1:1 to Augsburg-based RENK as well. The stock surged to a price of EUR 90 in October, only to then drop by half by the end of March. At RENK, estimated 2026 revenues are valued at a P/S ratio of 3.5, while earnings are valued at a P/E ratio of 32. Currently, the market assumes annual growth of around 20%, which would make a significantly lower P/E ratio between 20 and 25 appropriate. Investors were recently spurred by new orders totaling EUR 157 million from the NATO sphere. The order list includes tank transmissions, as well as training and spare parts. Delivery is scheduled to begin in Q3 2026 and is expected to extend through 2033, for a total duration of 7 years. This increases the corresponding annual revenue by approximately EUR 22.5 million, or 1.5% of planned revenue in the first fiscal year. According to the company, the underlying tank program opens access to additional international markets within the NATO sphere. So far, so good—but with a 3% weekly gain, the stock market reacted only weakly to the relatively good news. The reason: RENK would need 10 such orders to justify its current valuation. 14 out of 16 analysts on the LSEG Refinitiv platform are nevertheless positive and calculate a 12-month price target of over EUR 69. Only the German research firm mwb rates the stock “Hold” with a price target of EUR 53. That sounds much more reasonable!
In a 6-month comparison, Group Eleven Resources has achieved nearly 200% growth, while defense stocks Rheinmetall and RENK are slowly being brought back to economic reality. They have lost between 21% and 39%, and in terms of valuation, they have not hit rock bottom yet. Source: LSEG Refinitiv as of April 6, 2026
The stock markets are waiting for concrete results from the Middle East. Since these simply are not materializing, the volatile ride will likely continue for a few more weeks. Investors should keep in mind that the duration of the conflict will determine the economic parameters for 2026 and beyond. A well-defined diversification strategy, including hedges, has become essential for a portfolio. Commodity stocks represent a smart hedge against inflationary trends.
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Young & Co.’s Brewery (LSE:YNGA) has reached an agreement to acquire Cubitt House London Pubs, a group of eight prominent leasehold pubs and pubs with rooms located across west London. The portfolio includes well-known venues in Mayfair, Chelsea, Marylebone, Notting Hill and Belgravia, along with a ninth Belgravia site currently under development. The transaction, funded through the company’s existing banking facilities, is expected to complete on 22 April 2026.
The acquisition strengthens Young’s presence in several of London’s most affluent neighbourhoods and aligns with its strategy of expanding selectively in high-quality, prime locations. The company plans to retain the established teams and culture at Cubitt House, aiming to preserve the character of the venues while integrating them into its broader operations.
Management believes the deal will support the continued growth of its portfolio of premium pubs and hospitality venues in core London markets. By adding Cubitt House’s well-regarded sites, Young’s intends to enhance its scale and brand visibility within the capital’s high-end hospitality sector while maintaining the distinctive appeal of the acquired properties.
From an investment perspective, the company benefits from solid financial fundamentals and strategic initiatives such as share buybacks that support shareholder value. However, technical indicators currently point to bearish momentum in the share price, and the relatively high price-to-earnings ratio suggests the stock may be trading at a premium valuation. The company’s attractive dividend yield offers some balance to these valuation concerns.
More about Young & Co.’s Brewery
Young & Co.’s Brewery is a premium operator of pubs and pubs with rooms, primarily focused on London and the South of England. The group concentrates on well-invested, high-quality properties located in desirable neighbourhoods, positioning its portfolio at the upper end of the UK pub and hospitality market.
GSK (LSE:GSK) has received regulatory approval in China for Exdensur (depemokimab) as an add-on treatment for adults with chronic rhinosinusitis with nasal polyps (CRSwNP) whose condition remains uncontrolled despite systemic corticosteroids and/or surgical intervention. The therapy becomes the first ultra-long-acting biologic approved for this indication in the Chinese market, reinforcing GSK’s strategy to strengthen its presence in respiratory biologics within a key growth region.
The approval follows results from the Phase III ANCHOR clinical trial, which demonstrated statistically significant improvements in nasal polyp size and nasal obstruction with a twice-yearly dosing regimen. The treatment’s safety profile was comparable to placebo when administered alongside standard of care. Exdensur has already received approvals in China for severe asthma and in multiple markets globally for both asthma and CRSwNP. The expanded regulatory clearance further strengthens GSK’s position in therapies targeting type 2 inflammation-driven respiratory diseases and broadens treatment options for patients suffering from persistent symptoms.
The company’s outlook remains supported by strong profitability and improving underlying financial performance, alongside constructive guidance for 2026 and continued pipeline progress. Valuation appears reasonable and includes a modest dividend yield. However, near-term upside may be tempered by technical signals suggesting overbought conditions and ongoing considerations around balance-sheet dynamics and earnings consistency.
More about GSK
GSK is a global biopharmaceutical company focused on preventing and treating disease through vaccines, specialty medicines and advanced biologics. The group has a strong focus on respiratory and immunology conditions, developing targeted therapies and inhaled medicines designed to address the underlying mechanisms of diseases such as asthma, chronic obstructive pulmonary disease (COPD) and other inflammatory disorders.
Union Jack Oil (LSE:UJO) announced that drilling at the Crossroads well in southern Oklahoma is expected to begin around 16 April 2026. The company holds a 43% working interest in the project and has already paid its share of the drilling costs. The well will target a large 100-acre four-way dip closed structure within the productive Oil Creek Sand formation. According to operator estimates, the structure could contain approximately 1.67 million barrels of recoverable oil on a gross basis across several zones, highlighting the potential for meaningful production growth if the drilling campaign proves successful.
From a financial perspective, the company benefits from a strong balance sheet with no debt and has maintained profitability since 2022. However, its outlook is tempered by a sharp decline in profitability during 2024 and ongoing volatility in free cash flow. Technical indicators suggest short-term momentum in the share price, although overbought conditions and a weaker longer-term trend introduce caution. Valuation metrics remain difficult to justify due to a negative price-to-earnings ratio and the absence of dividend support.
More about Union Jack Oil
Union Jack Oil is an onshore oil and gas company focused on production, development, exploration and investment opportunities in the UK and the United States. Listed on AIM under the ticker UJO, the company participates in hydrocarbon projects through meaningful working interests in established basins, targeting conventional resource opportunities with the potential for significant upside.
Shell (LSE:SHEL) has released guidance for the first quarter of 2026, outlining expected performance across its major business units while acknowledging increased uncertainty tied to ongoing disruption in the Middle East. The company expects Integrated Gas production to ease due to lower volumes from Qatar, although this decline should be partly offset by the continued ramp-up of LNG Canada. Meanwhile, group working capital is likely to experience significant swings as commodity price volatility intensifies.
Upstream output is forecast to edge lower following the addition of the Adura joint venture. At the same time, refining margins are projected to strengthen to roughly $17 per barrel, supported by improved refinery and chemicals utilisation rates. Marketing adjusted earnings are anticipated to rise well above last year’s level, while the Trading & Optimisation division is expected to deliver results that are either in line with or meaningfully stronger than prior periods across most segments. The group also expects non-cash net debt to increase as variable components tied to long-term shipping leases rise in the current macroeconomic environment.
The outlook reflects resilient underlying financial performance and reinforces management’s earnings-call messaging around cost reductions, disciplined capital spending, and shareholder distributions. Although technical indicators remain strong, they appear somewhat stretched. Valuation remains moderate with an approximate 3% yield, but softer recent free-cash-flow momentum and operational challenges—including chemicals segment pressures, safety considerations, and a declining reserve life—may limit near-term upside.
More about Shell (UK)
Shell is a global integrated energy company with operations spanning upstream oil and gas production, liquefied natural gas, refining, petrochemicals, fuels marketing, and power generation. The group is expanding its involvement in renewable energy and broader energy solutions, although its financial performance continues to be closely linked to commodity price cycles and operational execution across its diversified portfolio.
European equity markets were broadly flat on Tuesday as investors monitored developments in the Middle East ahead of a deadline set by U.S. President Donald Trump for Iran to reach an agreement.
Trump expanded his warning toward Tehran, saying the United States could target infrastructure such as power plants and bridges if Iran fails to secure a deal and reopen the Strait of Hormuz, a key route for global energy shipments.
The euro edged slightly higher against the U.S. dollar after revised data showed marginally stronger private-sector activity in the eurozone during March.
Final figures from S&P Global indicated that the eurozone composite purchasing managers’ index was revised upward to 50.7 from a preliminary estimate of 50.5 published two weeks earlier.
In the United Kingdom, the PMI composite output index came in at 50.3 in March, down from 53.7 recorded in February.
Across major European markets, France’s CAC 40 was up around 0.4%, while the U.K.’s FTSE 100 was little changed and Germany’s DAX slipped about 0.1%.
Banking stocks posted gains, with Commerzbank (TG:CBK), Deutsche Bank (TG:DBK), BNP Paribas (EU:BNP), Credit Agricole (EU:ACA) and Societe Generale (EU:GLE) rising between 1% and 2%.
Dutch lender ING (EU:INGA) advanced about 1.2% after ending an agreement related to its Russian operations.
Shares of Universal Music Group (EU:UMG) surged roughly 13% after Bill Ackman’s Pershing Square Capital unveiled an offer to acquire the world’s largest music company in a transaction valued at approximately €55.75 billion ($64.31 billion).
Sanofi (EU:SAN) gained about 1% after the French pharmaceutical group said that lunsekimig achieved both the primary and key secondary endpoints in two Phase II clinical trials evaluating the investigational bispecific pentavalent nanobody.
Hunting Plc (LSE:HTG), a precision engineering company, rose 1.3% after securing nearly $68 million in orders tied to a new offshore development project in Guyana.
Meanwhile, ASML Holding (EU:ASML) fell 2.8% after U.S. lawmakers introduced legislation aimed at restricting the sale of advanced semiconductor manufacturing equipment to China.
U.S. equity futures moved lower early Tuesday while oil prices stayed above $110 a barrel, as investors focused on the approaching deadline set by President Donald Trump for Iran to accept a ceasefire agreement. Trump signaled that diplomacy remains possible but warned the United States could strike key Iranian infrastructure—including bridges and power plants—if no deal is reached by Tuesday evening. In corporate developments, Broadcom (NASDAQ:AVGO) shares jumped after announcing a new partnership with Google, while Samsung Electronics (USOTC:SSNHZ) released strong preliminary earnings.
U.S. futures edge lower
U.S. stock futures declined on Tuesday morning as markets turned cautious ahead of Trump’s ultimatum to Iran to agree to a ceasefire or face significant military action targeting infrastructure.
By 03:15 ET, Dow futures had fallen 104 points, or 0.2%. Futures tied to the S&P 500 dropped 25 points, or 0.4%, while Nasdaq 100 futures slid 118 points, or 0.5%.
Despite the overnight decline in futures, the three major U.S. stock indices closed the previous trading session higher as investors searched for signs that negotiations might bring an end to the conflict that has lasted for more than a month.
At the same time, markets continued to evaluate the economic effects of the war. Data released Monday showed that U.S. services activity expanded in March but at a slower pace than economists expected. Employment in the sector declined, and the prices-paid component—an indicator of inflationary pressures—rose to its highest level since October 2022.
Investors were also watching developments in the $1.8 trillion private credit market. Shares of Blue Owl Capital (NYSE:OWL), which has been closely associated with concerns in that sector, fell to a record closing low after the company announced restrictions on withdrawals from two of its funds following a rise in redemption requests.
Oil holds above $110
Oil markets remained elevated as tanker traffic through the Strait of Hormuz continued to face major disruption.
Brent crude futures, the global benchmark, climbed 1.5% to $111.45 per barrel, while U.S. West Texas Intermediate crude futures rose 2.4% to $115.14 per barrel.
The Strait of Hormuz, a key shipping corridor off Iran’s southern coastline through which roughly one-fifth of global oil supply normally passes, has been largely closed to tanker movements for weeks, raising fears of a significant disruption to global energy flows. Many Asian economies depend heavily on energy shipments through the strait, while European countries also rely on natural gas supplies originating from the Persian Gulf.
Speaking to reporters Monday, Trump said any ceasefire agreement must include Iran’s commitment to reopen the shipping route. If Tehran fails to meet the Tuesday deadline of 8 p.m. Eastern time, he warned that U.S. strikes would target bridges and power plants so severely that Iran would need “100 years to rebuild.”
Even so, Trump suggested that diplomacy remains possible, saying Iran would “like to make a deal.”
Broadcom rises after Google agreement
Broadcom shares surged in after-hours trading after the semiconductor company announced a long-term partnership with Google to develop and support custom processors optimized for artificial intelligence applications.
The company also said it will provide networking hardware and other infrastructure components for Google’s AI systems through 2031.
In a separate arrangement, Broadcom agreed to grant AI startup Anthropic access to around 3.5 gigawatts of computing power built on Google’s AI processors beginning next year.
Analysts at Vital Knowledge said the deals point to “upside risk to Broadcom’s” earlier projection that artificial intelligence could generate more than $100 billion in revenue by 2027.
Samsung forecasts strong profit growth
Samsung Electronics reported preliminary guidance on Tuesday pointing to a sharp increase in first-quarter profits, fueled by strong demand for AI-related semiconductors that boosted its chip division.
The company said operating profit for the January–March period is expected to reach approximately 57.2 trillion won ($38 billion), more than eight times the 6.69 trillion won recorded during the same quarter a year earlier.
Revenue is projected to reach about 133 trillion won, compared with 79.14 trillion won in the prior-year period.
The forecast highlights a strong recovery in the memory chip market, where demand for high-bandwidth memory (HBM) and other AI-focused semiconductors has surged as generative AI technologies continue to expand rapidly.
Pershing Square targets Universal Music Group
Meanwhile, shares of Universal Music Group (EU:UMG) soared more than 14% in Amsterdam after Bill Ackman’s Pershing Square Capital announced a proposal to acquire the music company in a cash-and-stock transaction valued at more than €55 billion.
Pershing Square said the plan involves merging Universal with Pershing Square Sparc Holdings to create a new Nevada-based entity that would shift the company’s listing to the New York Stock Exchange. Universal Music Group began trading in Amsterdam in 2021 following its spin-off from media conglomerate Vivendi (EU:VIV).
Ackman said in a statement that Universal’s share price has “languished due to a combination of issues that are unrelated” to the underlying business and could be “addressed with this transaction.”
Shares of European media groups including Vivendi and Bollore (EU:BOL) also rallied following the announcement of Pershing Square’s proposal.
UK equities opened slightly higher on Tuesday as trading resumed following the Easter holiday, while the pound weakened against the dollar as investors monitored geopolitical developments surrounding U.S. President Donald Trump’s deadline for Iran. European markets showed a mixed performance.
At 07:08 GMT, the FTSE 100 blue-chip index was up 0.09%, while sterling slipped 0.06% against the U.S. dollar to trade at 1.3237.
Elsewhere in Europe, Germany’s DAX was broadly unchanged, while France’s CAC 40 advanced by 0.5%.
UK market highlights
Preliminary industry data published on Tuesday indicated that new car registrations in the UK increased by around 6% in March.
Sales of battery electric vehicles (BEVs) reached a record level during the month, according to the Society of Motor Manufacturers and Traders. Fully electric cars accounted for approximately 23% of total registrations, although this remains below the UK government’s target of 33% by 2026.
Meanwhile, WH Smith PLC (LSE:SMWH) said Leo Quinn has formally taken on the role of Executive Chair after shareholders approved the appointment at the company’s General Meeting on March 12.
Andrew Harrison stepped down from the board with immediate effect and will return to his previous role as chief executive of the group’s UK division.
Major European equity markets opened slightly higher on Tuesday following the long weekend, though gains were limited as investors remained cautious ahead of a deadline set by U.S. President Donald Trump for Iran to agree to a ceasefire.
At 07:08 GMT, the pan-European Stoxx 600 was up 0.1%. Germany’s Dax was little changed, France’s CAC 40 advanced 0.5%, and the UK’s FTSE 100 gained 0.2%. Most European markets had been closed on Monday for a public holiday.
During a press conference, Trump dampened expectations that Washington and Tehran might soon agree to a mediated pause in the conflict that has lasted for more than a month. Iran had previously rejected a proposal backed by the United States and regional mediators that would have halted fighting for 45 days and reopened the Strait of Hormuz.
Trump warned that the United States would destroy “every bridge” and “power plant” in Iran if Tehran failed to meet his Tuesday night deadline to accept a deal that would allow shipping to resume through the strait. The waterway—through which roughly one-fifth of global oil supply passes—has effectively been closed to tanker traffic, pushing oil prices higher and raising concerns about inflation and global economic growth.
If the United States were to launch additional strikes, Trump said it would take Iran “100 years to rebuild.”
Despite the tough rhetoric, Trump also suggested that a diplomatic settlement remains possible in the conflict, which began in late February with joint U.S. and Israeli strikes on Iran.
Since then, the fighting has spread across parts of the Middle East, with Israel targeting Iran-aligned Hezbollah militants in Lebanon. Iran has responded not only with attacks on Israel and the disruption of shipping through the Strait of Hormuz, but also with strikes on critical energy infrastructure in the Persian Gulf, heightening worries about the stability of global crude supplies.
Several Asian economies rely heavily on energy shipments passing through the strait, while many European countries depend on natural gas exports from the Persian Gulf for heating and to power data centres.
Oil prices extended their recent rally. Brent crude futures, the international benchmark, rose 1.4% to $111.28 per barrel, while U.S. West Texas Intermediate crude climbed 2.1% to $114.74 per barrel.
“[T]he focus [for investors] will be on whether any ceasefire can be agreed and whether energy prices can avoid another large leg higher,” analysts at ING said in a note.
Elsewhere, shares of Universal Music Group (EU:UMG), listed in Amsterdam, jumped more than 14% after Bill Ackman’s Pershing Square Capital (LSE:PSH) revealed a proposal to acquire the company through a cash-and-stock transaction valued at more than €55 billion.
