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  • Wall Street futures retreat as oil rally overshadows optimism before Big Tech earnings: Dow Jones, S&P, Nasdaq

    Wall Street futures retreat as oil rally overshadows optimism before Big Tech earnings: Dow Jones, S&P, Nasdaq

    Investors monitor Middle East developments while awaiting key corporate results

    U.S. equity futures traded lower ahead of Wednesday’s opening bell as higher crude oil prices and renewed geopolitical uncertainty tempered investor sentiment despite a strong finish for Wall Street in the previous session.

    Oil markets remained under pressure after U.S. Central Command confirmed it had carried out an 11th straight night of military strikes against Iran. The latest operations targeted military command facilities, naval assets, aircraft hangars, drone storage locations and logistical infrastructure in an effort to weaken Iran’s ability to disrupt shipping through the Strait of Hormuz.

    Secretary of State Marco Rubio reiterated that the United States remains willing to pursue diplomacy but questioned Iran’s commitment to negotiations.

    “If they’re serious, we’re serious. If they’re not, then we will do what is necessary to protect our interests and also the interests of our allies,” Rubio said.

    U.S. crude futures climbed nearly 3%, reaching their highest level in more than a month as traders continued to factor in potential supply risks.

    Markets await updates from major technology companies

    Attention is also firmly focused on corporate earnings, with several of the largest technology companies due to report after the closing bell.

    Alphabet (NASDAQ:GOOGL), Tesla (NASDAQ:TSLA) and IBM (NYSE:IBM) are expected to provide fresh insight into corporate spending on artificial intelligence and the outlook for technology demand.

    “The key question is whether earnings can justify both elevated valuations and the scale of AI-related investment,” said Daniela Hathorn, Senior Market Analyst at Capital.com. “Investors will be focused not only on headline revenue and profit, but also on cloud growth, AI monetisation, margins and capital-expenditure guidance.”

    She added, “Strong results could allow technology shares to remain resilient despite higher oil, while weaker guidance could expose the market’s dependence on a relatively narrow group of companies.”

    Tuesday’s gains driven by upbeat earnings

    Stocks rallied on Tuesday as investors responded positively to several earnings announcements.

    The Nasdaq advanced 1.3% to 25,837.21, while the S&P 500 gained 0.9% to 7,509.20. The Dow Jones Industrial Average added 0.7% to finish at 52,224.64.

    Among notable movers, 3M (NYSE:MMM) climbed 7.3% after delivering stronger-than-expected quarterly earnings.

    General Motors (NYSE:GM) gained 4.9% after posting earnings above forecasts, while Novartis (NYSE:NVS) rose 2.9% following better-than-expected second-quarter results.

    Technology shares led market gains

    Technology companies were among the strongest performers during Tuesday’s session, with the NYSE Arca Computer Hardware Index surging 5.9%.

    Semiconductor stocks also posted robust gains, lifting the Philadelphia Semiconductor Index by 5.2%.

    Gold mining shares benefited from higher bullion prices, while brokerage firms, steelmakers, oil producers and pharmaceutical companies also ended the session higher. Software stocks, however, lagged the broader market.

  • European markets advance as easing UK inflation offsets geopolitical concerns: DAX, CAC, FTSE100

    European markets advance as easing UK inflation offsets geopolitical concerns: DAX, CAC, FTSE100

    Stocks gain despite Middle East tensions and looming U.S. tech earnings

    European equity markets traded higher on Wednesday as investors balanced escalating geopolitical risks in the Middle East against signs of easing inflation in the United Kingdom and awaited earnings from several major U.S. technology companies.

    Oil prices remained in focus after Brent crude surged almost 4% to its highest level in seven weeks, climbing above $94 a barrel. The rally followed an 11th consecutive night of U.S. military strikes against Iran, while President Trump pledged further action targeting Pickaxe Mountain. Iranian media also reported explosions in Bushehr, where the country’s nuclear power facility is located.

    UK inflation slows more than expected

    Investor sentiment received some support from fresh economic data showing that inflation in the UK continued to moderate.

    Figures released by the Office for National Statistics showed that the consumer price index increased 2.6% year over year in June, easing from 2.8% in May and coming in below economists’ expectations of 2.7%.

    On a monthly basis, consumer prices rose 0.1%, matching forecasts and slowing from the 0.2% increase recorded in May.

    By midday trading, London’s FTSE 100 had gained 1.4%, while France’s CAC 40 advanced 0.9% and Germany’s DAX added 0.3%.

    Corporate earnings drive individual movers

    Among the day’s strongest performers, Randstad (EU:RAND) rallied after reporting quarterly organic revenue growth that exceeded market expectations.

    Santander (LSE:BNC) also moved higher after posting a 17% increase in underlying second-quarter net profit, supported by robust performances in Spain and the United Kingdom.

    Airbus (EU:AIR) climbed after unveiling a €5 billion share repurchase programme to be executed over the next three years while reaffirming its fiscal 2026 guidance for approximately 870 commercial aircraft deliveries and adjusted EBIT of around €7.5 billion.

    Shares of Germany’s GEA Group (TG:G1A) advanced after the company released stronger-than-expected preliminary second-quarter results and upgraded its full-year outlook.

    Fresnillo (LSE:FRES) also gained after reaffirming its production guidance for 2026 through 2028 following solid operational performance during the second quarter.

    Weak outlooks pressure several stocks

    Not all companies shared in the broader market strength.

    Dutch telecommunications provider KPN (EU:KPN) declined after slightly lowering its forecast for 2026 service revenue growth.

    Swiss pharmaceutical manufacturing specialist Lonza (TG:LO3) also fell after first-half revenue narrowly missed analysts’ expectations.

    Meanwhile, British pub operator J D Wetherspoon (LSE:JDW) dropped sharply after warning that full-year profit is expected to come in below previous market forecasts.

  • Oil approaches six-week peak as supply disruption concerns intensify

    Oil approaches six-week peak as supply disruption concerns intensify

    Crude extends rally on Middle East conflict

    Oil prices traded close to their highest levels in six weeks on Wednesday as investors reacted to the escalating confrontation between the United States and Iran and growing fears that regional shipping disruptions could tighten global crude supplies.

    As of 04:12 ET (08:12 GMT), Brent crude futures for September delivery rose 3.4% to $94.13 per barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 3.7% to $87.42 per barrel.

    Both benchmarks were heading for a fourth consecutive daily advance and were trading at their strongest levels since June 11. Crude has posted gains in six of the past seven sessions.

    Shipping threats keep energy markets on edge

    U.S. military officials said American forces launched strikes against Iranian military infrastructure for an 11th straight night early Wednesday, targeting missile and drone launch sites, command centers, air defense systems and other strategic assets. The latest action signaled a further escalation in Washington’s military campaign despite ongoing diplomatic efforts.

    President Donald Trump dampened expectations for negotiations on Tuesday, saying the United States had “no interest in meeting” with Iran. Meanwhile, Secretary of State Marco Rubio said Washington remained committed to diplomacy but accused Tehran of violating an agreement covering shipping through the Strait of Hormuz.

    Iran continued retaliatory attacks against U.S. military facilities across the region, including in Bahrain, Kuwait and Jordan.

    Investors are also watching developments in the Red Sea after Yemen’s Iran-backed Houthi movement threatened a naval blockade affecting Saudi-linked shipping. The move has prompted some tankers to alter their routes, increasing concerns over exports from one of the world’s largest oil producers.

    “This would force tankers to enter and exit the Red Sea via the Suez Canal, adding significant time and expense to voyages to Asia,” ING analysts said in a note.

    The latest warning comes as shipping through the Strait of Hormuz has already been disrupted by the ongoing conflict, reinforcing concerns over global oil flows.

    Inventory data and export disruptions remain key

    Additional pressure came from the Black Sea, where Kazakhstan’s crude exports were disrupted after the Caspian Pipeline Consortium (CPC) suspended oil loadings following repeated attacks on tankers at its Russian export terminal.

    “Factoring in the renewed disruptions from the Persian Gulf, risks to Saudi crude exports from the Red Sea, and developments in the Black Sea, one may argue that Brent at just over $91 a barrel is undervalued. Particularly if these disruptions persist into August,” the ING analysts added.

    Meanwhile, the American Petroleum Institute reported that U.S. crude stockpiles increased by 2.603 million barrels last week, contrary to expectations for a 1.5 million-barrel draw. It was the first inventory build in two weeks.

    Markets are now awaiting official U.S. inventory figures from the Energy Information Administration later on Wednesday.

  • Gold holds above $4,130 as geopolitical risks outweigh stronger dollar

    Gold holds above $4,130 as geopolitical risks outweigh stronger dollar

    Safe-haven demand offsets pressure from higher yields

    Gold prices remained firmly higher on Wednesday, holding above the $4,130-per-ounce mark as investors sought safe-haven assets amid worsening geopolitical tensions in the Middle East. The precious metal continued to advance despite a firmer U.S. dollar and rising Treasury yields, with markets also weighing the inflationary effects of elevated oil prices ahead of the Federal Reserve’s upcoming policy meeting.

    At 02:08 ET (06:08 GMT), XAU/USD gained 1.3% to $4,132.79 an ounce, while Gold Futures climbed 1.5% to $4,137.09. XAG/USD rose 1.5% to $59.71 an ounce, while XPT/USD advanced 2.3% to $1,666.59.

    Markets watch Fed meeting as oil prices stay elevated

    The precious metal added to the previous session’s rally of nearly 2% as investors monitored mounting threats to global energy supplies, raising concerns that inflation could remain stubbornly high and influence the Federal Reserve’s policy path.

    Attention is shifting toward next week’s Fed meeting, where policymakers are expected to keep interest rates unchanged. However, traders are looking for any indication that officials may continue signalling a prolonged period of restrictive monetary policy if energy-related inflationary pressures persist.

    Meanwhile, U.S. President Donald Trump reiterated that Washington remained open to negotiations with Iran, even as U.S. military operations entered an 11th consecutive night and Tehran continued retaliatory strikes. Developments around critical shipping corridors, including the Strait of Hormuz and the Red Sea, also remained closely watched.

    Oil prices continued to trade above $90 per barrel after extending their July advance, with persistent attacks in the Gulf region and renewed concerns over maritime security reinforcing fears of supply disruptions.

    Analysts see improving technical conditions

    Tony Sycamore, market analyst at IG, said gold’s rebound despite a stronger U.S. dollar and rising Treasury yields suggests investors are beginning to re-establish the metal’s traditional safe-haven role as geopolitical tensions intensify.

    “Gold finished higher overnight, brushing off the headwinds of a stronger U.S. dollar and rising yields,” Sycamore said, adding that cleaner retail positioning may also be helping bullion regain its safe-haven appeal despite continued strength in U.S. equities.

    Sycamore said initial signs of a base are emerging around the late-June low of $3,942. A sustained break above downtrend resistance near $4,120, followed by a move through the early-July high of $4,202, would strengthen the case for a broader recovery toward the 200-day moving average near $4,494.

    He added that IG remains cautiously bullish on gold while prices hold above the late-June low, which continues to serve as the key technical reassessment level.

    Silver also continued its upward move after surging more than 4% in the previous session as traders tracked geopolitical developments alongside expectations for future Federal Reserve policy.

  • Alphabet, Texas Instruments and Tesla earnings take centre stage as oil prices climb: Dow Jones, S&P, Nasdaq, Wall Street Futures

    Alphabet, Texas Instruments and Tesla earnings take centre stage as oil prices climb: Dow Jones, S&P, Nasdaq, Wall Street Futures

    US equity futures traded slightly lower on Wednesday as investors prepared for a crucial day of corporate earnings led by Alphabet, Texas Instruments and Tesla, while higher oil prices and geopolitical tensions continued to shape market sentiment.

    The combination of major technology results, artificial intelligence spending expectations and rising energy costs is expected to set the tone for financial markets in the coming sessions.

    Markets await key technology earnings

    Wall Street futures pointed modestly lower ahead of the opening bell after US equities closed higher on Tuesday, supported by gains across the semiconductor sector.

    The Philadelphia Semiconductor Index advanced more than 5%, marking its strongest daily performance in a month as investors continued to back companies expected to benefit from growing AI investment.

    Alphabet’s outlook on AI spending in focus

    Alphabet (NASDAQ:GOOG) will publish second-quarter earnings after markets close, with investors expected to scrutinise both financial performance and capital expenditure plans.

    The Google parent remains one of the largest investors in artificial intelligence infrastructure, including data centres and custom semiconductors. While these investments are intended to strengthen long-term growth, investors continue to debate when they will begin generating meaningful returns.

    BofA Securities believes Alphabet could raise its planned 2026 capital expenditure to between $190 billion and $200 billion, reflecting stronger AI demand and higher memory chip prices.

    The broker added that “see Alphabet well positioned to drive outsized growth [and] cloud margin upside given favorable AI positioning across models, silicon, consumer [and] enterprise distribution.”

    Wall Street forecasts cited by BofA Securities point to quarterly revenue of approximately $101 billion and earnings per share of $2.90.

    Chip sector and Tesla also under the spotlight

    Texas Instruments (NASDAQ:TXN) is expected to provide another important update on semiconductor demand, with analysts viewing its results as a useful indicator of broader industry conditions.

    The company forecasts quarterly revenue between $5 billion and $5.4 billion, alongside earnings per share of $1.77 to $2.05.

    Tesla (NASDAQ:TSLA) will also report after the close, with markets anticipating its first quarterly cash burn in more than two years as the company accelerates investment in artificial intelligence, autonomous vehicles and robotics.

    Oil prices remain elevated

    Crude oil prices continued to strengthen following another round of US military strikes on Iranian targets, adding to concerns over supply disruptions in the Middle East.

    Brent crude traded above $94 per barrel, while WTI remained above $87, extending a multi-session rally that has increased concerns over inflation and interest rates.

    Investors will continue monitoring corporate earnings, developments in the AI sector and geopolitical risks as markets look for the next major catalyst.

  • European stocks edge lower as rising oil prices and earnings keep investors cautious: DAX, CAC, FTSE100

    European stocks edge lower as rising oil prices and earnings keep investors cautious: DAX, CAC, FTSE100

    European equity markets traded modestly lower on Wednesday as investors balanced a busy earnings calendar against fresh geopolitical tensions in the Middle East, while awaiting key monetary policy and economic updates later in the week.

    Market participants also looked ahead to quarterly results from major US technology companies and the European Central Bank’s latest interest rate decision, both expected to influence market sentiment.

    Investors digest inflation and earnings reports

    The pan-European STOXX 600 slipped 0.4% in early trading. Germany’s DAX was broadly unchanged, France’s CAC 40 declined 0.1%, and Italy’s FTSE MIB also eased 0.1%, weighed down by weakness in banking shares.

    In the UK, the FTSE 100 edged 0.1% lower despite inflation data showing consumer price growth slowed to 2.6% in June from 2.8% in May, coming in below economists’ expectations of 2.7%.

    The softer inflation reading reinforced expectations that the Bank of England could gain greater flexibility on interest rates while supporting confidence in Prime Minister Andy Burnham’s commitment to fiscal discipline.

    Corporate results dominate trading

    Company earnings remained the primary driver of individual share price movements across Europe.

    Banco Santander (LSE:BNC), UniCredit (BIT:UCG) and Equinor (NYSE:EQNR) were among the major companies releasing quarterly results, offering investors fresh insight into how businesses are performing against a backdrop of elevated borrowing costs and ongoing market uncertainty.

    Santander shares fell around 2% following the publication of its latest earnings.

    Meanwhile, Akzo Nobel (EU:AKZA) gained nearly 3% after reporting its second-quarter results.

    Higher oil prices support energy sector

    Oil prices moved higher after renewed attacks by Yemen’s Houthi movement on commercial vessels operating along key shipping routes, increasing concerns over potential disruptions to global energy supplies.

    The renewed geopolitical tensions helped support energy stocks by maintaining a risk premium in crude markets, although higher fuel costs also added to inflation concerns ahead of Thursday’s European Central Bank policy announcement.

    Investors are expected to remain focused on central bank guidance, corporate earnings and developments in global energy markets as trading progresses through the week.

  • European bond yields remain elevated as higher oil prices reinforce inflation concerns

    European bond yields remain elevated as higher oil prices reinforce inflation concerns

    European government bond yields traded near multi-month highs on Wednesday as rising crude oil prices and renewed geopolitical tensions in the Middle East strengthened expectations that interest rates could remain higher for longer across the region.

    Fixed-income investors continued to reassess the inflation outlook, with persistent energy market volatility reducing expectations for near-term monetary easing by major central banks.

    German Bund yields stay close to recent highs

    Germany’s benchmark 10-year Bund yield was little changed at around 3.16%, remaining close to the highest levels seen since May 2026.

    The policy-sensitive two-year German government bond yield also held firm near 2.79%, after reaching an intraday high of 2.817% earlier in the week, its strongest level since the beginning of 2024.

    The resilience of shorter-dated yields reflects growing market expectations that higher energy costs could keep inflationary pressures elevated and delay future interest-rate cuts.

    Energy markets reshape interest-rate expectations

    Oil prices continued to edge higher after renewed Houthi attacks on commercial shipping in the Red Sea increased concerns over global energy supplies.

    Investors remain concerned that continued disruptions to key maritime trade routes could increase transport and fuel costs, feeding into consumer inflation and limiting the flexibility of central banks to ease monetary policy.

    The renewed strength in energy prices has reinforced the relationship between oil markets and short-term interest-rate expectations across Europe.

    ECB decision in focus

    The European Central Bank is scheduled to announce its latest monetary policy decision on Thursday, with markets broadly expecting policymakers to leave the deposit rate unchanged at 2.25%.

    However, interest-rate derivatives increasingly suggest investors are pricing in the possibility of additional policy tightening by early 2027, with expectations for a potential rate increase in September gaining traction.

    UK fiscal policy supports gilt market

    In the UK, investors continued to assess the interaction between monetary and fiscal policy. Prime Minister Andy Burnham’s commitment to maintaining fiscal discipline has helped support the gilt market, even as rising global energy prices continue to place upward pressure on sovereign bond yields.

    Elsewhere in Europe, long-term government bond yields in France and Italy broadly followed the move higher in German Bunds, while yield spreads remained relatively stable as markets adapted to a prolonged period of elevated borrowing costs.

  • Market Open: Fresnillo production guidance, Reach cash flow

    Market Open: Fresnillo production guidance, Reach cash flow

    FTSE 100 opens steady as oil prices temper softer UK inflation. Fresnillo maintains guidance while Reach strengthens cash flow despite lower revenue.

    Market Overview

    The FTSE 100 opened broadly flat, while the Euronext 100 edged lower and Germany’s DAX moved slightly higher at the start of trading. Overnight, US markets finished stronger, with the Nasdaq and S&P 500 both posting gains. Sentiment remained cautious as softer UK inflation was offset by firmer oil prices, while European investors monitored renewed Houthi shipping attacks and ongoing Middle East tensions ahead of US technology guidance.

    Commodity markets continued to reflect geopolitical risks, with copper and natural gas strengthening, while gold and Brent crude eased slightly from the previous close. Bitcoin was down against sterling. Currency moves versus the pound were subdued, with sterling marginally firmer against the US dollar and euro but little changed against the Swiss franc, Japanese yen and Australian dollar.

    Market Numbers

    FTSE 100: Down (-0.001%), 10,585.87
    Euronext 100: Down (-0.02%), 1,920.00
    DAX: Up (+0.05%), 25,022.61
    NASDAQ: Up, 25,837.21
    S&P 500: Up, 7,509.20

    In the Headlines

    Silver production – Fresnillo (LSE:FRES)
    Fresnillo maintained its 2026 production guidance after delivering a steady second quarter across its precious metals operations. The update supports expectations for full-year output despite ongoing operational challenges.

    Cash generation – Reach (LSE:RCH)
    Reach reported lower first-half revenue but preserved operating margins through cost reductions while strengthening cash generation. Improved cash conversion and lower leverage reinforce the publisher’s financial resilience despite continued pressure on print and digital revenues.

    Currencies (vs GBP)

    USD: Up (+0.01%), $1.3379
    CHF: Down (-0.00%), Fr.1.0872
    EUR: Up (+0.00%), €1.1733
    JPY: Down (-0.00%), ¥218.3294
    AUD: Down (-0.00%), $1.9111
    Bitcoin (BTC/GBP): Down, £49,165.78

    Commodities

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

  • FTSE 100 slips as oil rally outweighs softer UK inflation

    FTSE 100 slips as oil rally outweighs softer UK inflation

    The FTSE 100 edged lower on Wednesday as investors balanced a larger-than-expected slowdown in UK inflation against renewed gains in oil prices driven by escalating tensions in the Middle East. Although the latest inflation data strengthened expectations that the Bank of England could begin cutting interest rates sooner, higher energy prices and geopolitical uncertainty limited risk appetite across European markets.

    Inflation cools while geopolitical tensions intensify

    The FTSE 100 slipped 0.08% in early trading. Elsewhere in Europe, Germany’s DAX added 0.04%, while France’s CAC 40 eased 0.06%. Sterling strengthened 0.09% against the US dollar to $1.3383.

    Market sentiment remained cautious as the conflict between the United States and Iran intensified. US Central Command said it had carried out an eleventh consecutive night of strikes targeting Iranian military infrastructure, while Iran reported attacks across several provinces. The ongoing conflict has fuelled concerns over shipping through the Strait of Hormuz, a key global energy route, pushing crude oil prices sharply higher.

    Speaking at an ASEAN meeting in Manila, US Secretary of State Marco Rubio warned that any attempt by Iran to control the Strait of Hormuz would “create a very dangerous precedent which will repeat itself in other parts of the world.”

    UK inflation beats forecasts

    Fresh data from the Office for National Statistics showed UK consumer price inflation eased to 2.6% in June, down from 2.8% in May and below economists’ expectations of 2.7%.

    Lower motor fuel prices were the biggest contributor to the decline, with diesel prices falling by 10.7 pence per litre. Producer price inflation also moderated, with input prices rising 7.3% year on year compared with 9.3% in May, while output prices increased 3.5%.

    The figures reinforced expectations that the Bank of England could begin easing monetary policy in the coming months if inflation continues to move towards its target.

    Oil and gold extend gains

    Energy markets remained volatile as geopolitical risks persisted. Brent crude rose 2.54% to $93.32 a barrel, while US West Texas Intermediate crude gained 2.50% to $86.44.

    Safe-haven demand also supported precious metals, with gold futures climbing 1.10% to $4,121.45 an ounce and spot gold advancing 0.97% to $4,117.22.

    UK corporate highlights

    Among individual stocks, J D Wetherspoon (LSE:JDW) warned that full-year profit would fall below market expectations after weaker fourth-quarter trading and continued cost inflation.

    Henry Boot (LSE:BOOT) also issued a profit warning, citing weaker land sales and slower demand from housebuilders amid political uncertainty and geopolitical tensions.

    Mulberry (LSE:MUL) reported a strong start to the new financial year, with first-quarter revenue rising 23% as its turnaround strategy continued to gain momentum.

    Fresnillo (LSE:FRES) maintained its full-year production guidance despite lower silver output in the second quarter, supported by stronger gold production compared with the previous quarter.

    Greencore (LSE:GNC) upgraded its full-year earnings guidance after reporting strong third-quarter trading and continued progress integrating Bakkavor.

  • Henry Boot warns profits will miss expectations as weaker land sales weigh on outlook (LSE:BOOT)

    Henry Boot warns profits will miss expectations as weaker land sales weigh on outlook (LSE:BOOT)

    Henry Boot PLC (LSE:BOOT) shares fell 5.1% after the property development and land promotion group warned that profit before tax for the year ending 31 December 2026 is expected to come in significantly below current market expectations, reflecting weaker trading conditions and reduced transaction activity across its core markets.

    Land sales decline amid cautious market conditions

    The company said its Hallam Land division completed the sale of 556 plots during the first half of 2026, compared with 1,222 plots in the same period last year. Management now expects total plot sales for the full year to be materially lower than the 3,957 plots achieved in 2025.

    Henry Boot attributed the slowdown to reduced land acquisition activity by housebuilders, as ongoing political uncertainty in the UK and conflict in the Middle East have weakened confidence across the residential development market.

    “Market conditions remain challenging and the group’s financial performance for the first half of the year is expected to be below the equivalent period in the prior year,” the company stated in its trading update.

    Housebuilding division faces cost pressures

    Stonebridge Homes completed 72 properties during the first six months of the year, down from 85 completions in the corresponding period of 2025. The business is now expected to record an operating loss for 2026, with profitability affected by the cost of extending site programmes due to slower sales and build cost inflation of around 5%, largely driven by higher energy prices.

    The average sales rate also weakened, falling to 0.38 homes per outlet per week from 0.42 a year earlier.

    Debt rises while commercial developments perform well

    Net debt increased to £132.9 million at 30 June 2026, compared with £108.0 million at the end of 2025. During June, the company agreed amendments to its £155 million secured loan facility, revising interest cover covenant requirements for June and September 2026.

    Despite the weaker residential market, Henry Boot reported continued strength within its HBD development business. Demand for industrial and logistics space remained robust, with 75% of the Origin joint venture developments now either let or under offer, compared with just 9% at the beginning of the year.

    About Henry Boot

    Henry Boot PLC is a UK property development and investment company with operations spanning land promotion, commercial property development, homebuilding and construction. Through businesses including Hallam Land, HBD and Stonebridge Homes, the group develops residential, industrial, logistics and mixed-use projects across the UK.