- FTSE 100 up 85 points to 10,404
- Oil prices elevated as Iran hits tanker and UAE oilfield
- Trustpilot, Travis Perkins, Wickes, Close Bros and IP Group results in focus
5.15pm: Stocks extend gains
London stocks continued their run higher, with the FTSE 100 closing up 85 points at 10,403.
“Despite the oil price hovering around the $100 mark and US gasoline futures hitting their highest level since July 2022, stock indices extended Monday's gains while yields fell for a second straight day,” IG chief technical analyst Axel Rudolph said.
“Investors, alongside several major US bank analysts, seem to be growing more confident that the Iran war will soon end and that the energy shock won't lead to stagflation.”
4.06pm: Reeves speech gets backing from business
The three key priorities that were the focus of Rachel Reeves' Mais Lecture will resonate with many businesses, says the British Chamber of Commerce.
"Investing in our regional economies, promoting AI and improving our trading relationship with the EU are vital steps on the pathway to higher growth," says Shevaun Haviland, director general of the BCC.
He urged the government to be "bolder" in cutting trade barriers and improving defence cooperation with Europe.
"It remains our largest trade partner and a pragmatic approach to improving that relationship can offer some much-needed stability amid an ocean of geopolitical turbulence."
He adds: “Alongside a commitment to trim unnecessary regulations that hold business back, the Chancellor’s speech shows she understands the mechanics of growth. But businesses have been on a rollercoaster ride and now need concrete steps on delivery.
"A partnership approach, that means firms get the maximum benefit possible, is a sensible approach and we stand ready to help. By working together, we can build a UK economy that thrives for the long-term."
3.49pm: Trump says 'we no longer need assistance'
Donald Trump continues to flit between saying he does not want or need any other countries' help in the Middle East, to bemoaning a lack of action.
He has just published a post on his social media platform saying the US has been informed by most NATO countries that "they don’t want to get involved" with the military operation against Iran.
This gives him an opportunity to lash out at NATO and say he did not want any help anyway.
"Fortunately we have decimated Iran’s military — their Navy is gone, their Air Force is gone, their Anti-Aircraft and Radar is gone and perhaps, most importantly, their Leaders, at virtually every level, are gone, never to threaten us, our Middle Eastern Allies, or the World, again".
"Because of the fact that we have had such Military Success, we no longer 'need,' or desire, the NATO countries’ assistance — WE NEVER DID! Likewise, Japan, Australia, or South Korea. In fact, speaking as President of the United States of America, by far the Most Powerful Country Anywhere in the World, WE DO NOT NEED THE HELP OF ANYONE! Thank you for your attention to this matter."
3.24pm: Stan Chart tops the risers
Standard Chartered is top of the FTSE leaderboard this afternoon, up 3.2%.
Airtel Africa, 3i Group, Centrica and BT are next.
Utility stocks have outperformed, notes market analyst Patrick Munnelly at TickMill, followed by banks.
He notes that British borrowing costs, ie gilt yields, fell for the second consecutive day, though they remain well above pre-crisis levels.
3.02pm: Principles to guide closer UK-EU ties
The Treasury has put out a statement confirming Chancellor Rachel Reeves's "national interest principles" to guide closer UK-EU economic ties.
Reeves will travel to Spain this week for economic talks as part of the government's drive to deepen trade partnerships.
The Chancellor set out how the government would work with the EU to "construct a new economic partnership to deliver greater economic resilience for both sides, a defence industrial base better able to support us in repelling common threats and new opportunities for both sides to export into one another’s markets".
"The UK will work closely with the EU and consider aligning with rules where it boosts long‑term growth and benefits consumers, supports investment and better jobs, preserves or enhances UK security and resilience, and provides stable, forward‑looking certainty for business. This will not mean a return to free movement."
She said the UK shares the EU's ambition to reduce administrative burdens (ie red tape) of at least 25% for all businesses and 35% for SMEs.
This government has the right economic plan for Britain.
Stability in the public finances, investment in infrastructure, and reform to our economy.
We’re changing Britain and our economy for the better. https://t.co/L9Ts8PlTLU
— Rachel Reeves (@RachelReevesMP) March 17, 2026
2.40pm: Extras from Reeves speech
Some of the key points from the speech from Rachel Reeves at the Mais Lecture in London this afternoon.
The Chancellor says she has asked HM Treasury to work with mayors and businesses to develop a roadmap for future fiscal devolution, which will be published at the autumn budget later this year.
Reeves wants regional leaders to control a share of some national taxes raised in their area, potentially including income tax.
This is “not about new taxes, and it’s not about higher tax”, she says, with the point being about regions retaining a portion of existing revenues with the places that generated them.
She also talks about another potential regional shift, but this one with the European Union, where she says no partnership is more important than that between the UK and its European neighbours.
Reeves says Brexit created uncertainty, raised new barriers for trade and additional dangers seen today, with a risk that the UK finds itself adrift between powerful trading blocs.
"Let me say this directly to our friends and allies in Europe. This government believes a deeper relationship is in the interest of the whole of Europe."
1.58am: Wall Street opens in green
US stocks have opened higher, in line with Europe.
The Dow Jones is up 0.9%, with the S&P 500 and Nasdaq both climbing 0.7%.
Top risers on the Dow are Goldman Sachs and American Express, both up just over 2%. IMB, JPMorgan and Boeing are next.
Only four of the Dow are in the red, and all only down less than 0.5%.
1.05pm: Jobs market is not fragile, just very different
Goldman Sachs economists argue that what looks like a fragile jobs market is actually a sign that workers and employers have gotten much better at finding each other.
Economists at the US bank say central bankers have been nervous about the jobs market for the wrong reasons.
The low-hiring, low-firing pattern that has characterised labour markets across the developed world since the pandemic is not a warning sign of impending weakness, they argue, but more to do with a structural change (or improvement they believe) in how jobs get filled.
The central finding from Goldman is that the decline in overall labour market churn is driven overwhelmingly by a fall in short-tenure separations: jobs that end within the first one or two quarters after hiring. In the US, declining short-term separations account for 84% of the drop in overall job separations since 2019. In Canada, they explain the entire decline.
This pattern holds across industries and cannot be explained by shifts in workforce composition.
12.13am: FTSE on front foot, US futures less so
At midday, the FTSE is up 0.8% and almost back above the 10,400 mark.
The index's big guns are doing a lot of the heavy lifting, with 14 of the top 25 largest stocks up 1% or more, with six of the top 10 up over 1%, including four of the top five largest companies.
Shell and BP are being supported by higher oil and gas prices, but it's not clear what's moving AstraZeneca, HSBC and Rolls apart from reverting to the mean after losing ground since the Iran strikes started at the end of last month.
US futures are pointing lower but are off former lows, with the Nasdaq falling 0.3%, the S&P 500 off 0.15% and the Dow Jones down 0.1%, having all previously been down around 0.5-0.6%.
Trade Nation analyst David Morrison says markets have shown resilience despite concern about rising global energy prices.
He flags that both the Eurozone and German ZEW Economic Sentiment surveys crashed unexpectedly into negative territory for the first time since April last year.
"Today’s survey results are a stark indication of investor pessimism, which could recover if the war were to end soon, on the condition that Iran is no longer a threat to global security."
He says tech sector sentiment has been supported by optimism around AI after Nvidia’s Jensen Huang said demand for its new chips could reach US$1 trillion, in his opening remarks at the start of its annual four-day GTC developer conference.
Today, US investors will be keeping an eye on earnings from Lululemon, DocuSign and Oklo.
11.56am: Second FTSE 250 investment trust proposes exit offer in response to Saba obstruction
Impax Environmental Markets has proposed an exit tender offer this morning, allowing shareholders to sell up to 100% of their ordinary shares, in response to pressure from Saba Capital.
This is a new offer, after the cancellation of a previous continuation tender offer due to 22% shareholder Saba declining to participate, which prevented the conditions from being met.
Glen Suarez, chairman of the investment trust, said: "Having exhausted every reasonable alternative and having received no guidance from Saba as to its voting or tendering position, the board has been forced to act to protect non-Saba shareholders from the possibility of becoming trapped in a Saba-controlled company where Saba could have the power to change the strategy, objectives, and even the mandate."
The board has urged all shareholders to vote in favour of the exit tender offer at the forthcoming general meeting, with the directors intending to tender all their shares.
Richard Stone, chief executive of the Association of Investment Companies (AIC), says: “It’s infuriating that we could lose both Impax Environmental Markets and Edinburgh Worldwide because of one minority shareholder.
"Saba has thwarted the interests of the majority of shareholders. They have refused a cash exit, and their actions suggest they are bent on taking control of these companies. But the majority of shareholders have voted for the continuation of these investment trusts in their current form."
Stone is urging policymakers, regulators and the Takeover Panel to "take action to prevent a minority shareholder from dictating the future of an investment trust and taking control of its management contract against the interests of other investors".
He adds: "The priorities should be to protect board independence, strengthen the rules around conflicts of interest, and rethink the related parties rules.
“Impax Environmental Markets and Edinburgh Worldwide are both FTSE 250 companies and highly valued by their shareholders. Losing these companies would be a blow for the London stock market and British investors.”
11.11am: More competition in UK non-food retail
The UK launch of JD.com’s Joybuy platform has been highlighted by Shore Capital analyst David Hughes as “an incremental increase in competitive intensity rather than an immediate step-change”.
Non-food is where Joybuy is likely to increase competition, particularly for smaller retailers, he says.
With consumer confidence weak, “value for money is likely to remain a primary purchase driver”, meaning the platform may “nudge the market towards more aggressive pricing and higher fulfilment expectations”.
The threat for the supermarket sector is “contained” given the market is “highly price-competitive and operationally demanding”.
10.27am: Reeves wants to stop brain drain
Rachel Reeves has shared an interview she gave the BBC ahead of her speech later.
The Chancellor said her UK growth plan showed the benefits of stability and a "strategic and active state".
She said the £2.5 billion funding package for AI and quantum computing she will be announcing today is aimed at stopping top British technology firms and scientists from "drifting abroad" and wants "the pattern to end".
This is linked to regaining closer ties with the EU and boosting regional powers.
This government will make the UK the best place in the world for quantum and AI companies to start, scale and stay.
In a changing world, our economic plan is the right one.https://t.co/CnW6Kw7sA1
— Rachel Reeves (@RachelReevesMP) March 17, 2026
10.12am: Trustpilot gets strong analyst reviews
Trustpilot shares have leapt over 22% after the results earlier, where a 1,400% increase in search engine click-throughs helped boost revenue and profits.
EBITDA came in ahead of expectations, supported by continued bookings momentum, says Peel Hunt analyst Jessica Pok.
"We believe that in a world moving further into AI search, Trustpilot is emerging as a clear beneficiary, supported by the rising volume of its citations in AI results," she says.
"Alongside continued product development and a sharp focus on sales and marketing, this should underpin 15%+ bookings growth in the near term. Sustained top-line momentum should continue to drive further margin expansion."
Panmure Liberum's Sean Kealy also describes the results as "strong", with earnings ahead of expectations and strong free cash flow, supported in part by customer prepayments.
9.51am: Mortgage rates driven up by Iran conflict
Donald Trump and Benjamin Netanyahu's war on Iran has driven up mortgage rates, as the jump in energy prices has hiked inflation expectations.
In just two week this has added almost £800 to the average annual mortgage bill, according to Moneyfacts.
The average 2-year fixed rate mortgage has risen from 4.83% at the start of March to 5.28% today, the highest in almost a year, with a 5-year fix rising from 4.95% at the start of March to 5.32%, the highest since February last year.
For a borrower with a £250,000 mortgage over 25 years, these rises equate to paying £788 more per year on the two-year fix, or £651 more on a five-year deal compared to just a fortnight ago.
This will obviously be "unwelcome news for anyone currently seeking a fixed rate deal", says Moneyfacts' head of consumer finance, Adam French.
Lenders are continuing to reprice deals in response to rapidly rising funding costs, with 689 mortgage products pulled since 9 March – almost 10% of the market.
"Borrowers may need to brace for further volatility in the weeks ahead as the global economy braces for a ‘Trumpflation’ wave flowing from the US and Israel led action in Iran,” French says.
9.34am: IP Group tops FTSE 350 risers
Shares in IP Group are up 8.7% after the company reported a return to growth and a strong rise in net asset value per share, driven largely by Pfizer's acquisition of Metsera, a biotechnology company developing obesity treatments.
The deal brought £128.2 million in discounted future royalty and milestone income onto the FTSE 250 group's balance sheet, giving it direct financial exposure to Pfizer's obesity drug programme.
Portfolio companies raised a combined £914 million during the year, up 17%, with notable rounds including $115 million for DNA repair drug developer Artios and $103 million for autonomous vehicle software company Oxa.
Cash proceeds from exits fell to £68.1 million, down from £183.4 million in 2024.
9.03am: FTSE rises, European stocks climb out of the red
European markets are trading in mixed fashion in early trade, though more widespread losses earlier have been pared.
The FTSE 100 has nudged up 0.3% while in Frankfurt, the DAX is the last remaining index in the red but down less than 0.1% now, with the Paris and Madrid benchmarks bouncing back after earlier falls.
"Risk sentiment remains hand in glove with the price of oil, which is dependent on the situation on the ground and in the air in the Middle East," says market analyst Neil Wilson at Saxo.
He says stock markets rallied yesterday after three straight weekly losses as oil prices "cooled a bit" but Brent is trading a bit firmer this morning on doubts about the prospects for ensuring the Strait of Hormuz stays open.
"There are conflicting messages – the WSJ reported the US administration was prepping a coalition to escort ships safely through the channel, while [President] Trump himself said it wasn’t ready and expressed frustration at some countries. So military assurance are one thing but nothing yet has been delivered.
"It’s still all about the Strait of Hormuz."
While Trump wants a coalition to keep the Strait open, European leaders are unmoved, and Wilson says oil prices will "remain volatile and susceptible to headline risks", which will dictate what happens to stocks.
8.32am: Reeves speech on EU relationship, AI and quantum funding
Ahead of a speech from Rachel Reeves, some titbits have been released to the media, including that the government is seeking a deeper relationship with the EU.
The Chancellor is also setting aside a £2.5 billion funding package for AI and quantum computing in the UK, of which £2 billion is to upgrade quantum capabilities, including up to £1 billion for the procurement of commercial-scale quantum computers.
A £0.5 billion sovereign AI fund is set to be launched in April to provide funding for British companies.
Around £14 million is for the UK’s National Quantum Research hubs and £12m for a dedicated commercialisation skills centre to help quantum researchers translate their work into ‘real-world impact’.
Reeves will confirm all this in the Mais Lecture at Bayes Business School at 1.30pm today.
She will apparently say that she is "making three big choices" on the growth opportunities for Britain in the decade to come: "growth in every part of Britain, AI and innovation, and a deeper relationship with the EU".
8.16am: FTSE 100 opens higher, led by utilities and grocers
The FTSE 100 has opened higher, confounding expectations, with most of the biggest gains seen for utilities and other 'defensive' stocks.
In opening trades, the index has climbed 23 points to 10,341.
3i Group is top of the leaderboard, followed by Hikma Pharma, United Utilities, Centrica, Severn Trent, BT, SSE, Sainsbury's, Haleon and Tesco.
8am: Trustpilot an AI winner
Trustpilot Group has reported full-year profits and cash generation ahead of expectations, as the online consumer reviews platform positioned itself as a key beneficiary of the shift towards artificial intelligence-driven search.
Revenue for 2025 swelled 24% to $261.1 million, and underlying earnings (EBITDA) surged 69% to $40.7 million, while operating cash flow more than doubled to $59.2 million.
The company's AI credentials were front and centre in the results statement, with click-throughs from AI search engines jumping nearly fifteenfold year-on-year, and Trustpilot ranked as the fifth most cited domain globally on ChatGPT in January 2026 – meaning the chatbot is actively referencing its reviews when answering user queries.
Chief executive Adrian Blair said authentic human feedback had "never been more critical" as AI reshapes how consumers search and make decisions.
7.46am: Close Bros and Travis Perkins results
A couple of sets of company results.
Close Brothers has reported a fall in profits but a narrower statutory loss in the first half of its financial year as cost discipline and improving credit quality offset the continued drag from the motor finance commission scandal, while the group accelerated its cost-cutting programme.
The specialist lender's adjusted operating profit fell 19% to £65.2 million for the six months to 31 January and it reported a statutory pre-tax loss of £65.5 million, primarily reflecting a £135 million provision taken in October for potential motor finance redress.
New guidance was outlined, with cost-saving targets accelerated, including £60 million of annualised savings now expected by end of 2027 rather than 2028, including a headcount reduction of around 600 planned over the same period.
Travis Perkins also reported a drop in full-year profits as weak construction activity and the rollout of a new IT system took their toll, though a strengthening of its balance sheet gave management confidence that the worst is behind it.
Operating profit fell 12.5% to £133 million but like-for-like revenue grew 0.3%, with the FTSE 250 group hailing a "sharper competitive proposition" in the second half, after getting over operational challenges at the start of the year.
With trading since the start of 2026 having remained subdued amidst continued weakness in UK construction activity, he said the group will focus on improving its customer proposition, leveraging its financial position and finding more operational efficiencies "in readiness for when market conditions recover".
7.31am: Iran attacks energy infrastructure
The inching higher of the oil price reflects reports that Iran has continued retaliatory attacks, including successful hits on energy infrastructure.
Today, the United Arab Emirates revealed a drone had struck the Shah upstream oil and gas field.
A tanker was also struck near the port of Fujairah in the Gulf of Oman, east of Hormuz.
Iraq officials also said a drone had hit a hotel in Baghdad.
Iranian forces struck a tanker in the Gulf of Oman tonight, the first successful attack east of the Strait of Hormuz in nearly 2 weeks.
The tanker was anchored off the UAE's only operational oil export port outside of the Persian Gulf. pic.twitter.com/1IBEZhzZCB
— OSINTtechnical (@Osinttechnical) March 17, 2026
7.16am: FTSE 100 called lower as oil creeps higher
The FTSE 100 has been called lower ahead of the open on Tuesday as oil prices settled comfortably above $100 a barrel, with the conflict in the Middle East rumbling on.
London's blue-chip index has been predicted to fall around 12 points, giving up some of the hard-fought gains from the start of the week, when the benchmark turned early losses into a positive closing position, climbing 56.4 points to 10,317.69.
Wall Street also closed higher overnight, led by the Nasdaq's 1.2% increase, with the S&P 500 rising 1% and the Dow Jones 0.8%.
Markets are keeping a close eye on Iran and the Strait of Hormuz, after several tankers managed to transit the key shipping lane in recent days.
Brent crude oil is back up above $104 a barrel this morning, despite recent reports that flows could resume beyond the US, Israel and their allies.
"Continued tensions are keeping oil bulls well awake," says market analyst Ipek Ozkardeskaya at Swissquote. "The geopolitical outlook remains fragile, making oil prices more prone to further upside than a sustained decline."
She also flagged the Reserve Bank of Australia raising interest rates in its meeting overnight, as expected, to counter renewed inflationary pressures that could worsen with rising energy prices.
The US Federal Reserve also starts its two-day policy meeting today, with the Bank of England and European Central Bank due to make their policy decisions later in the week.