The FTSE 100 Index Opens 0.43% Lower

The FTSE 100 slipped to 10,400 on Thursday, trimming a 1% gain from the previous session, as oil prices rose and investors digested flash PMI data. Brent crude climbed about 1% to $106 a barrel, stoking inflation fears amid escalating US-Iran tensions. President Donald Trump said negotiations were in the "final stages" but threatened renewed attacks if Iran rejected his terms. In the UK, Chancellor Rachel Reeves prepared to outline cost-of-living measures, though a proposed cap on essential grocery prices was scrapped after industry backlash, the Financial Times reported. EasyJet shares fell 0.3% after warning the Middle East conflict would impact its second-half 2026 performance.

The FTSE 100 Index is losing 44 points. Losses were led by Fresnillo (-2.98%), Whitbread (-2.56%) and Convatec Group (-2.10%). Offsetting the fall, top gainers were Scottish Mortgage (1.82%), Experian (1.62%) and Babcock International (1.39%).

The FTSE 100 clawed back early losses to close about 1% up at 10,432 on Wednesday, as investors mulled better-than-expected UK inflation data and weighed a potential resolution to the Middle East conflict. Headline inflation fell to 2.8% in April, below the 3% forecast and the lowest since March 2025, which reduced bets on BoE rate hikes. Regarding geopolitics, President Trump said the conflict would end “very quickly,” with Vice President JD Vance reporting progress in talks with Tehran. Attention turns to first-quarter results from US chip giant Nvidia and the FOMC minutes. Retailer Marks & Spencer was the standout performer, surging 6.6%, on higher annual sales and profit growth forecasts. Babcock (5.3%) was boosted by an upgrade to ‘buy’ from ‘add’ at Peel Hunt. Heavyweight miners rallied as copper prices advanced, with Anglo American, Antofagasta and Glencore all up. Experian dropped 3%, leading losses, as FY2027 revenue guidance disappointed even with a $1 billion share buyback.