The blue-chip FTSE 100 rose 0.6% to 10,316.05 points by 0917 GMT, while the midcap FTSE 250 was flat
International News via Reuters:
London’s FTSE 100 index edged up on Thursday, supported by a recovery in financials stocks, but gains were restrained by simmering tensions in the Middle East and concerns about surging corporate spending on AI.
The blue-chip FTSE 100 rose 0.6% to 10,316.05 points by 0917 GMT, while the midcap FTSE 250 was flat.
• HSBC and Standard Chartered added 2% each, while Prudential rose 3.4% to lead gains on the blue-chip index.
• Hong Kong-exposed stocks were bouncing back from sharp declines over the past week after China tightened rules for cross-border investments — a lucrative business for UK companies.
• Software stocks Relx and Sage Group were down 1.6% and 2.5%, respectively, tracking losses in euro zone companies such as SAP and Capgemini.
• Oracle unveiled new debt-backed AI spending plans. UBS downgraded the broader European IT sector, as investors worry that enterprise clients may pivot from traditional software companies to newer AI models.
• Frasers Group inched up 1% after the retailer controlled by British billionaire Mike Ashley launched a €2 billion ($2.31 billion) takeover offer for struggling German fashion brand Hugo Boss.
• Wizz Air gained 5.3% after its operating profit beat analysts’ expectations. The carrier, however, forecast lower revenue per available seat kilometre for the first quarter, citing Iran war disruptions.
• British health and safety device maker Halma slid 12.6% after it forecast organic constant-currency revenue for fiscal 2027 to grow at a slower pace.
• The European Central Bank’s verdict and outlook on interest rates will be closely monitored later in the day against the backdrop of escalating Middle East tensions.
• Traders anticipate the Bank of England to raise borrowing costs by 25 basis points in September, according to data compiled by LSEG, to combat price pressures.
Reporting by Johann M Cherian in Bengaluru; Editing by Shilpi Majumdar
