- FTSE 100 rises 25 points to 8,664
- UK retail sector reports sharp drop in sales
- Shell announces new targets, including lower spending
- Kingfisher dives as results disappoint
4.16pm: A day for European stocks, while Wall Street takes a breather
With a few minutes to go of Tuesday trading, the London blue-chip index is up 25 points or 0.3%.
Gains in Europe are stronger, around 1% in Germany, France and Spain, while on Wall Street, the S&P 500 is just below flat.
Stock market news in recent sessions has been "mercifully free of any tariff-related ‘tape bombs’, says market analyst Chris Beauchamp at IG, trader slang for sudden and expected headlines.
"But the uncertainty ahead of 2 April remains," he says. "Perhaps a coherent plan on tariffs will emerge, but it still feels like the US administration, and markets generally, are stumbling around in the dark.”
The Trump plan may not seem coherent but it does if you look closely, according to Vicky Redwood, senior economic adviser at Capital Economics, who says it is "becoming clear that President Trump’s actions are driven by both his fixation on reducing the US trade deficit and his transactional approach to dealing with other countries".
This means that even if the Trump administration’s ideas to transform the global trading system are "unlikely to be implemented in full", some elements should come into effect.
A report from the head of Trump's Council of Economic Advisers showed how the White House's seemingly erratic policymaking can be made to fit into an overarching strategy linking tariffs, defence and the dollar, including weakening the dollar in an effort to reduce the current account deficit and revive US manufacturing.
"But so long as the US steers clear of more extreme proposals amounting to de facto default on US debt, we doubt this would destroy the dollar’s primacy," says Redwood.
3.39pm: Ukraine statement
The FTSE 100's gains are evaporating somewhat as retailers, drinks, and leisure stocks slide, including Kingfisher, M&S, Diageo, Entain, Haleon and AB Food.
European benchmarks are proving better at holding onto their earlier advances.
Ukraine's Ministry of Defense has issued what appears to be an encouraging statement about a Black Sea agreement, which could be the first step on the way to a full ceasefire.
Oil prices have dipped slightly, but are still close to earlier three-week highs, with Brent at just over $73 a barrel. Shell and BP are positive, with the former benefitting from its earlier strategy update.
Ukraine and the United States held bilateral technical consultations in Riyadh focused on the security of energy and critical infrastructure, safe navigation in the Black Sea, and the release and return of our prisoners and children.
Fulfilling the task of the President of…
— Defense of Ukraine (@DefenceU) March 25, 2025
3.03pm: Kingfisher suffers from 'poor execution'
Why has Kingfisher dived 14%? Third Bridge analyst Yanmei Tang offered up some insights.
"The home improvement retail industry is facing mounting challenges as consumer spending remains under pressure from inflation and economic uncertainty," Tang says.
While the Screwfix owner said cost control measures remain a top priority, Tang says experts she's been speaking to say that "over-prioritizing savings at the expense of growth could be detrimental in the long term", with a lack of investment in store updates, digital improvements, and customer experience enhancements potentially eroding Kingfisher’s competitive position.
She adds that Kingfisher’s marketplace strategy, while "conceptually strong", has "suffered from poor execution" and the group's shift away from the 'One Kingfisher' strategy has "introduced inefficiencies in procurement, leading to higher prices for customers".
"By moving towards a more localized approach, the company has lost the volume-based cost advantages it once had, making it harder to compete on price."
2.23pm: Dartford Tunnel alternative gets approved
The UK government has approved the Lower Thames Crossing a road tunnel joining Essex and Kent and designed to tackle the Dartford Crossing’s long gridlocks.
Transport Secretary Heidi Alexander formally granted the development consent order today, following years of delays and redesigns for the near-£10 billion project, which comprises more than 14 miles of roads, including a tunnel passing under the River Thames near Thurrock.
Industry body Logistics UK welcomed the approval as "excellent news" for businesses that are "currently hamstrung by delays crossing the Thames".
Local campaigners oppose the scheme on the basis that construction would cause "eight years of disruption and gridlock on local roads", while predicting that the new road would "increase traffic, pollution, carbon and noise".
When I said I would back the builders, not the blockers, I meant it.
Giving the Lower Thames Crossing the green light will drive growth and make journeys quicker, safer, and more reliable.
That is my Plan for Change in action.
— Keir Starmer (@Keir_Starmer) March 25, 2025
2.05pm: Mixed start for US stocks
Wall Street started with a smidgen of confidence, but already the Dow Jones has dropped slightly into the red, down 12 points at 42,571.1
The S&P 500 is up just over five points or 0.1% at 5,773.45, while the Nasdaq Composite has gained 32 points or 0.2% at 18,220.5.
Nvidia shares are a drag, down 1.4%, with Tesla and Walmart down 1.5%, though Apple, Microsoft, Amazon, Alphabet and Meta are all higher, with the Facebook owner the strongest, up just over 1%.
Back in London, the FTSE remains up 0.75% on the day, similar to gains in Germany, while other European benchmarks are up over 1%.
Top riser on the Euro Stoxx 600 is Germany's Bayer, bouncing back after a sharp fall yesterday when it was ordered to pay $2.1 billion in damages in the US over its controversial weedkiller glyphosate, branded Roundup.
Swiss insurer Baloise is up over 4% as it increased its profits by 61% following a strategy switch.
1.07pm: Possible progress in Ukraine talks
News agencies are pinging out more details on the Ukraine talks.
Russian foreign minister Sergei Lavrov mooted a possible ceasefire agreement on Black Sea shipping, Reuters is reporting, seen as a step towards a wider ceasefire with Ukraine.
But Lavrov said a Black Sea deal would only be made if the US gets Ukraine President Volodymyr Zelenskyy to respect it.
"We will need clear guarantees. And given the sad experience of agreements with just Kyiv, the guarantees can only be the result of an order from Washington to Zelenskyy and his team to do one thing and not the other," Lavrov said to TV reporters.
Zelenskyy apparently said last night that "Russia remains the only actor dragging this war out, jeering at both our people and the global community".
He also called for "strong actions", presumably from the US too, to "push Russia toward peace", with Russia having launched a fresh drone and missile attack on Ukraine overnight.
Delegates from the US, Russia and Ukraine have been engaged in talks in Saudi Arabia since Sunday.
12.50pm: FCA under pressure to get balance right
Another comment on the FCA reforms.
Tom Selby, director of public policy at AJ Bell, notes that the FCA's five-year strategy reflects the "increasing pressure from the government to get the balance right between protecting consumers and encouraging economic growth".
"The post financial crisis undoubtedly, and understandably, saw a shift towards risk aversion from the regulator and this has been reflected in the regulatory approach.
"With delivering growth and reinvigorating capital markets now front-and-centre of Rachel Reeves’ economic strategy, the chancellor will be hoping deregulation can help free up businesses to innovate for the benefit of customers without undermining that core consumer protection remit."
12.16pm: European stocks rise, US futures perk up
The FTSE 100 has climbed back above 6,700 after two days in the doldrums, up 0.8% over the morning part of the session.
Meanwhile, on the Continent, Germany's DAX and France's CAC 40 are both up 1.4%, with Spain's and Italy's benchmarks up 1.3%.
US futures, which were in the red earlier, have surged higher.
Meanwhile, Ukraine peace talks in Saudi Arabia have ended.
Russia says a joint US-Russian statement on progress faced objections from Ukraine.
Reuters is reporting a statement from Kremlin spokesperson Dmitry Peskov that "there is an understanding that the contacts will continue, but there is nothing concrete at the moment".
Crude oil and natural gas prices are up, with a barrel of Brent or WTI up 0.6% to $73.5 or $69.5 respectively.
11.50am: Chinese tech wobble
Market analyst Patrick Munnelly at Tickmill Group notes the tumbles of Chinese tech stocks in Hong Kong dropped, which dropped as much as 3.8%, ending down 2.35%, its steepest fall in three weeks, with Alibaba Group Holding and Xiaomi among the hardest hit.
"Recent trading in Chinese equities has been volatile, as investors grow increasingly cautious about corporate developments following a remarkable rally.
"Global markets, anxious about the economic repercussions of a severe trade conflict, found some relief from indications that the upcoming US tariff measures would be more targeted than the broad threats previously issued by President Donald Trump."
Xiaomi saw its shares tumble by as much as 6.6% after announcing a fundraising initiative involving the sale of shares at a discount, with the stock having surged threefold from a low in August.
Alibaba fell by over 3% after its chairman cautioned about a potential bubble in datacentre construction.
11.40am: FCA strategy 'measured and not knee-jerk'
Some thoughts from the City about the FCA's five-year strategy announced this morning.
Jonathan Herbst, head of financial services at law firm Norton Rose Fulbright, feels the message "is a steady as she goes reiteration of a proportionate and predictable approach", with the message coming through "that there will be change but it will be measured and not knee jerk".
"This is surely welcome and is an antidote to the narrative that there is some magic wand solution towards deregulation. Steady as she goes may not sound exciting but it may be the right message for the regulators to send in a period of instability," he says.
Paul Hamalainen, a director at accountant Forvis Mazars with a specialisation in financial services and regulation, says the FCA is "targeting the right priorities to try and address the economic and geopolitical environment".
11.22am: More mid-cap news and comments
There are quite a few results and updates to get through this morning.
AO World PLC (LSE:AO.) shares are up 5% after the online white goods retailer said it expects consumer sales to increase around 12%, with group revenues up roughly 7%, more than expected, and PBT guided to come in at the top end of the expected range of £39-44 million.
Analyst John Stevenson at Peel Hunt says: "Contrary to most of the retailers we speak to, AO has found demand to be steady and consistent, without the volatility we have seen elsewhere. Ultimately, if your fridge fails, it gets replaced."
B2B revenues and mobile were down, though there were improving trends as AO has been focusing on profitable growth rather than simply volumes.
"With yet another upgrade, AO’s ‘pivot to profit’ is old news, with management establishing a track record of improved margins, profitability and cash generation over the past three years," says Stevenson, who keeps his 'hold' rating and notes that the stock trades on 16 times forecast earnings.
Shares in Irn Bru maker AG Barr PLC (LSE:BAG) are little moved after it posted full-year results, showing all three of the core soft drink brands performed well and contributed to revenue growth of 6.4%, with Rubicon the standout performer as it delivered a second year of double-digit growth.
Irn Bru grew volume ahead of the market and delivered a 6.4% increase in sales revenue, driven by increased consumer marketing investment and the launch of two limited-edition 'XTRA' flavours, Raspberry Ripple and Wild Berry Slush.
Funkin experienced a challenging year, with revenue down 6.1%, driven by weak on-trade demand.
Broker Peel Hunt says its outlook for the year is unchanged.
11.05am: UK retail sector reports sharp drop in sales
A retail sector survey from the CBI shows sales dropped, blaming this on weak consumer confidence.
The CBI’s distributive trades survey found that retailers reporting the sharpest drop in sales volumes in eight months.
The balance of retailer reporting lower sales volumes versus those reporting increases dropped for sixth month in a row.
Martin Sartorius, principal economist at the CBI, says retail sales volumes "fell markedly in March and are expected to continue declining next month".
Global trade tensions and measures in the Autumn Budget are "weighing on consumer and business confidence, which is leading to reduced demand", he said.
"Tomorrow’s Spring Statement is likely to focus on the persistent challenges facing the UK economy, reinforcing the need for policies that boost businesses’ confidence to invest."
He said reforming business rates could support businesses’ investment plans and drive the government’s growth ambitions.
10.41am: Small caps - Fevertree, MP Evans, Digitalbox, capAI
Some small cap stories this morning.
Fevertree Drinks (AIM:FEVR) shares are up 7% as the mixer maker reiterated its full-year guidance and struck an upbeat tone on the medium-term benefits of its new US partnership with Molson Coors.
Early signs are encouraging, with sales momentum holding up and integration progressing well, Fever-Tree said, expanding its share buyback by £29 million and proposing a final dividend of 11.12p.
MP Evans Group PLC (AIM:MPE), which produces certified sustainable palm oil in Indonesia, has posted record profits and a strong balance sheet after a year of buoyant palm oil prices and tight cost control lifted its results to new highs.
Cash generation hit $152.6 million, allowing the group to return more to shareholders and eliminate all net debt, ending the year with $46.4 million in net cash, leading it to hike the dividend 17%.
Its shares are up 6%.
Elsewhere, Digitalbox PLC (AIM:DBOX) has set out plans to double in size over the next three years after posting a sharp rise in profits and highlighting a standout performance from its TV Guide brand, which is on course to repay its acquisition cost within just 24 months.
The digital publisher, which owns sites including Entertainment Daily, The Tab and The Daily Mash, reported a 31% rise in revenue and a big jump in adjusted EBITDA to £624,000 from £20,000 the year before.
The shares jumped at the open, but have since slipped into the red.
Shares in capAI PLC (LSE:CPAI) have jumped 17.5% after its new board appointment, Professor Ronjon Nag, was interviewed on a YouTube investment channel and shared some details about his expertise within the AI space and future opportunities.
FD Technologies PLC surged 14% on a strong set of results and upbeat guidance. Its flagship software business KX landed new annual contract valued at £18 million, a 33% increase on last year and at the top end of guidance.
10.15am: Kingfisher thoughts
Some musings on Kingfisher PLC (LSE:KGF) from the City commentariat, with its shares down 13% now.
"Kingfisher is stuck in reverse gear," says Russ Mould, investment director at AJ Bell.
"The B&Q owner is one of the most shorted stocks on the UK market as hedge funds bet that its problems can’t be fixed in the current fragile retail environment."
He notes that the amount of stock on loan to short sellers dropped ahead of the figures, with 6.6% of the stock shorted mid-March, then a week later that figure had dropped to 4.9%, "indicating that short sellers were losing their nerve in case Kingfisher’s problems hadn’t got any worse and the shares bounced back".
The market's reaction to the figures was one of "utter disappointment", he says, with short sellers who kept their trades live "vindicated".
"Every key figure apart from gross margins was in reverse on a full-year basis. Guidance for the new year includes a wide profit range, the bottom end being worse than that achieved in the past year. Cash flow is also expected to be worse year-on-year.
“It’s all very well starting the results by saying its market share grew in all regions for the first time in over six years and launching a new share buyback programme. Investors aren’t fooled – Kingfisher is broken and something has to change fast."
Adam Vettese, market analyst at eToro, feels that Kingfisher has "shown resilience in tough market conditions" but the "days of the pandemic DIY boom are long gone with discretionary spending tougher to come by and ‘big ticket’ sales have particularly suffered".
He notes that Kingfisher remains bullish on growing profits and "given they are operating under difficult conditions, if the market improves they could be in good stead to capitalise.
"Unfortunately, the market remains unconvinced this morning with shares giving back most of the gains made this year. It is clear the firm will need to do more if it is to convince investors that anything resembling the good times could be on their way back."
Elsewhere, top of the FTSE 350 risers is Morgan Sindall Group PLC (LSE:MGNS), which jumped 10% in early trading but this has eased to 5.3%, as the construction and regeneration group said it now expects 2025 results to come in ahead of current market forecasts.
9.43am: What's happening in markets
The FTSE's 0.4% rise and bigger gains on the Continent follow a "stunning rally" for US stocks yesterday, stays market analyst Kathleen Brooks at XTB.
"The markets are reacting to news flow as we lead up to the April 2nd deadline for US reciprocal tariffs.
"At the start of this week investors had taken comfort from the fact that the next round of tariffs would be targeted and less broad based than feared.
"However, sentiment is fading as a lack of clarity on what to expect next week and the prospect of secondary tariffs for countries that buy oil from Venezuela add another dimension to President Trump’s trade wars."
The bond market is in focus at the start of the week, after a selloff in US treasuries on Monday, says Brooks.
"The US yield curve steepener trade has stalled, as short-dated bonds have risen at the same time as long dated bonds.
"A strong US service sector PMI has caused a sell-off in the short end of the Treasury curve in the US, and 10 bps have been shaved off rate cut expectations in the US for this year."
The other bond market in focus is the UK, she adds, with Chancellor Rachel Reeves deliver her spring statement on Wednesday, following UK inflation that is scheduled for release tomorrow morning.
UK bonds have moved in line with US yields in the past week, with the 2-year yield is higher by 6 basis points and the 10-year yield is up by nearly 7 bps in the past week.
"Part of the sell off is the outperformance of UK and US service sector PMIs for March, and the stronger growth outlook for the US and the UK compared to Europe.
"However, if the OBR dramatically revises down its expectations for UK growth in tomorrow’s spring statement, watch for any reaction in the UK bond market. If the UK bond market starts to sell off at a faster pace than the US, then this could signal that bond vigilantes are once again looking at the UK economy, especially after a spate of weak public finance data."
9.27am: FCA confirms strategy shift
The UK financial watchdog has confirmed its new pro-risk five-year strategy, following the briefing that chair Ashley Alder gave to the FT yesterday.
The FCA said aims to tweak its rules to focus on supporting economic growth from now on, with its four priorities to be a "smarter regulator, support growth, help consumers and fight crime".
In its statement, the regulator supporting economic growth means "enabling investment, innovation and ensuring the continued competitiveness of the UK’s world-leading financial services".
The strategy document said this will include "changes to disclosure requirements, including the prospectus regime, and widening retail access to investment opportunities will make it easier for businesses to seek capital, increase liquidity and provide investors with the prospect of higher returns".
Supervision will be "less intensive ... for those firms seeking to do the right thing".
9.12am: All about the Smiths
Some Smiths news, first WH Smith PLC (LSE:SMWH), which has completed a £320 million refinancing package comprising its first US private placing, worth £200 million, and a new £120 million three-year bank loan.
Finance chief Max Izzard says the refinancing "strengthens our balance sheet, extends our debt maturity profile, and diversifies our capital structure. It also gives the group access to a new debt investor base in the future, and we are pleased to have the continuing support of our banking partners".
And also two items from Smiths Group (LSE:SMIN), which has snapped up Duc-Pac, a US-based manufacturer of metal ducting for heating and air-con for $40.5 million.
It will be integrated it into its Flex-Tek arm’s construction segment, expanding its geographic footprint in north-east US and supporting the group strategy to build a nationwide offering in the North American construction market.
Smiths Group also posted half-year results, showing a 9.1% rise in organic revenue and 9.5% in operating profit for the six months to 31 January.
The engineer also reaffirmed its twice-upgraded full-year guidance and continues to execute on its value creation strategy, including £150 million of a planned £500 million buyback and targeted M&A.
Separation processes for Smiths Interconnect and Smiths Detection are under way, as the group sharpens its focus on core industrial businesses John Crane and Flex-Tek.
WH Smith shares are up 2% and Smiths are up 1.7%.
8.57am: Segro does data centre deal
Warehouse developer SEGRO PLC (LSE:SGRO) shares are up 3.1% after it struck a deal to create its first fully fitted data centre.
The FTSE 100-listed REIT said it expects to pre-lease the centre to a hyperscaler, ie Google's Cloud arm, Amazon's AWS, Microsoft, IBM or Oracle.
It has formed a joint venture with Pure Data Centres Group, owned by US Oaktree Capital Management, to develop a 56MW data centre in Park Royal in west London.
SEGRO will contribute around £150 million of the £1 billion or so gross capital investment anticipated, which it said is expected to deliver at least a 9% net yield on cost.
8.29am: Housebuilders up as government announces social housing funding
Housebuilders are up for two reasons, probably.
Bellway PLC (LSE:BWY) has put out interim results largely as expected, with guidance for the full year maintained for 11% volume growth and a good start reported to the second half, with the sales rate for February and March up by 13% year-on-year.
Also, the government has announced £2 billion of new funding to support social and affordable housing.
PM Kier Starmer says this will help deliver 1.5 million homes and "drive the biggest increase in social and affordable housing in a generation".
8.14am: FTSE gets off to a flier
The FTSE 100 has defied the doubters on the futures market and romped higher in early trading, up 41 points or 0.5% to 8,679.4 in initial trades.
Real estate and housebuilding companies are topping the risers, including Segro, Persimmon and Barratt Redrow up between 2.1% and 1.7%.
Shell shares are up 1.8% on the back of its short strategy announcement ahead of its capital markets day later.
Kingfisher is down 12% after its results, even though it announced a new £300 million share buyback and CEO Thierry Garnier said the B&Q owner grew market share in all key regions for the first time in over six years and "is in its best operational shape for years".
7.57am: Drax trumps Foresight offer for battery fund HEIT
Drax Group (LSE:DRX) has agreed the takeover of battery energy storage investor Harmony Energy Income Trust PLC (LSE:HEIT) for just under £200 million.
The 88p offer price agreed by the boards of the two companies is 5% higher than a possible offer from Foresight Group at 84p last Monday.
Drax CEO Will Gardiner says the board believes "adding battery storage to our FlexGen portfolio enables us to provide even more secure power to the country when it is needed.
"In combination with our long duration storage, flexible generation, demand side response capabilities and renewable generation from biomass, we will be able to supply 4.5GW of dispatchable generation to meet demand.
"As more intermittent renewable energy connects to the country's network, more dispatchable and reliable generation will be required to help keep the lights on when the wind isn't blowing or the sun isn't shining."
7.42am: Shell ups buyback targets
Shell PLC (LSE:SHEL, NYSE:SHEL) says it will boost shareholder payouts by slashing costs and cutting spending.
CEO Wael Sawan says: "We want to become the world’s leading integrated gas and LNG business and the most customer-focused energy marketer and trader, while sustaining a material level of liquids production.
"Today we are raising the bar across our key financial targets, investing where we have competitive strengths and delivering more for our shareholders."
Shareholder distributions will be lifted to 40-50% of cash flow from operations from 30-40% before, mainly through share buybacks, while maintaining a 4% progressive dividend policy.
Costs will continue to be cut, while spending will be lowered to $20-22 billion per year for the next four years, while maintaining its lowered climate targets from last year.
7.35am: City watchdog to propose new looser rules to encourage growth
A story that was fed to the Financial Times last night and will be confirmed in a press statement later this morning, the Financial Conduct Authority City is considering changing rules to encourage savers to invest in shares, helped by clearer information from financial firms to enable them to compare products.
It wants to encourage retail investors to up their level of risk, as part of its mandate from the Labour government to support UK economic growth.
A five-year strategy will be announced this morning, which may also include reviews of its credit advertising rules, mortgage lending expectations and other proposals to streamline rules, reduce the burden on businesses and improve outcomes for consumers.
FCA chair Ashley Alder indicated a "rebalancing of risk" will be a key part of the strategy, described as "the risk of not deciding to, for example, participate in or access financial products or services that can lead to greater long-term returns".
7.23am: No Ocado, but how about a THG refinancing
There does not seem to be an Ocado Group PLC (LSE:OCDO) update on its Ocado Retail joint venture with Marks and Spencer Group PLC (LSE:MKS), as was expected today.
Looking elsewhere instead there's another FTSE 250 online retail group with news: THG PLC (LSE:THG) has raised £90 million from a share issue with existing and new City investors, which is says was oversubscribed.
In fact most of the funds, £60 million, from chief executive Matthew Moulding, who has agreed a £55 million convertible loan and "partly paid" £5 million of shares.
The other £30 million was a placing at a price of 32.3p, a 5% discount to yesterday's closing price.
THG says the cash is to be used to reduce gross debt.
7.15am: FTSE 100 poised for ponderous start amid mixed markets
The FTSE 100 is apparently poised to keep wallowing in the red on Tuesday amidst a small deluge of retail sector updates, as the exuberance from Wall Street overnight is offset by caution on Asian markets this morning.
London’s blue-chip index was showing a decline of nine points on the futures markets ahead of the open, having dropped 8.8 points to close at 8,638 the day before.
Overnight, US stock indices felt the benefit of a day of widespread buying, with the S&P 500 ascending 1.7%, the Nasdaq 2.05% and the Dow Jones 1.3%.
Asian markets are mixed this morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng down 0.2% and 2.2%, while India’s Sensex climbs 1.4%.
5am: What to watch Tuesday 25 March
Ocado Group PLC (LSE:OCDO) will provide an update on its Ocado Retail joint venture as it prepares to relinquish control to Marks and Spencer Group PLC (LSE:MKS) but not yet sell up...read more
Elsewhere in the retail sector, B&A owner Kingfisher PLC (LSE:KGF) is also scheduled to report full-year results, with one analyst recently suggesting the shares were worth another look on the back of improved industry data...read more
It is Shell PLC's (LSE:SHEL, NYSE:SHEL) capital markets day, following a similar event for rival BP that received a lukewarm reaction from investors and analysts. Shell is two years into its strategic pivot, so this update should be more about refining guidance...read more
Fevertree Drinks (AIM:FEVR) reports after a big deal with Molson Coors earlier this year, which analysts said takes some of the fizz out of potential for the mixers maker...read more
Announcements due:
Trading updates: Ocado Group, Time Finance
Interims: Bellway, Frenkel Topping Group, Smiths Group
Finals: Ashtead Technology Holdings PLC, AG Barr PLC, Fevertree Drinks, Henry Boot, EKF Diagnostics Holdings PLC, Gamma Communications PLC, GetBusy PLC, IP Group PLC, Kingfisher PLC, Michelmersh Brick Holdings PLC, Personal Group, WAG Payment Solutions PLC, Xaar PLC
US earnings: McCormick & Co, GameStop Corp, Pony AI, Rumble Inc,
AGMs: BlackRock Throgmorton Trust PLC, Patria Private Equity Trust PLC, Titon Holdings PLC, Various Eateries PLC
Economic news: CBI Distributive Trades (UK), IFO Business Climate (GER), Cash-Shiller House Price Index (US), CB Consumer Confidence (US), New Home Sales (US)