- FTSE 100 down 48 points at 10,176
- Brent oil price retreats on Trump Iran war talk
- Raspberry Pi results and outlook impress
- Unilever agrees food spin-off into McCormick
- Lenders mull FCA's motor finance update
5.30pm: Oil retreats
Global stocks moved higher amid a retreat in oil prices, with the FTSE 100 adding 48 points at 10,176.
"Hopes of a ceasefire in the Middle East and month-end positioning helped stocks recover from multi-month lows as yields retrace", IG chief technical analyst Chris Beauchamp said.
4.14pm: FTSE and FTSE 250 outperform
The FTSE 100 is up 0.8%, outperforming its mainland European peers with a few minutes of the session to go.
But the blue-chip benchmark is being outperformed by its mid-cap sibling, with the FTSE 250 uyp 1.4%.
This is some way down to Raspberry Pi, which is up 45% now.
There are some strong gains elsewhere too, with emerging markets fund manager Ashmore up 7% and AG Barr, Oakley Capital and Hochschild all rising over 6%.
There are over 15 stocks up over 4%, with almost 70 mid-caps rising at least 2%, while at the other end, less than 30 in the red.
3.34pm: Mining gains increase, Unilever leads fallers
Miners are adding to their gains from this morning, and are still the main force fueling the Footsie's gains today.
Antofagasta is top of the list, up 5.4%, with Fresnillo, Anglo American and Endeavour all up 3%, followed by Glencore and Rio Tinto, all boosted by stronger metals prices.
Elsewhere, buying was broad, with defence, financials and retail names including BAE Systems, LSEG, JD Sports and Kingfisher also moving higher.
Unilever is the biggest faller, down almost 7% after confirming the spin-off of its food business. Unilever and its shareholders will own a combined 65% stake in the enlarged company, of which shareholders will hold 55.1%.
IMI, Diageo, Coca-Cola Europacific and Smith & Nephew are next, down 1.5-2.9%.
2.47pm: US tech leads Wall Street higher at open
Wall Street has opened firmly higher, led by tech today, which was at the forefront of yesterday's selling.
The Nasdaq is leading the gains, up 1.7%, with the Dow Jones up 1.1% and the S&P 500 rising 1.4%.
Semiconductor and hardware names are dominating the risers, with Marvell Technology up 8.2%, while ARM Holdings gains 4.6% and Lam Research 3.4%.
Among the mega-giants, Meta Platforms added 3.3%, Tesla 2.3% and Microsoft 1.7%, with storage and chip groups including Seagate, Western Digital and NXP also among the top performers.
Elsewhere, strength was broad across the sector, with ASML, Broadcom and Intel all posting solid gains, as investors rotated back again.
1.22pm: Unilever confirms food spin off
Unilever has confirmed the news that it has agreed to spin off its foods division into a combination with US spice group McCormick to create a $20 billion “global flavour powerhouse”, in a deal that reshapes the group into a pureplay home and personal care business.
As indicated this morning, the consumer goods group will receive $15.7 billion in cash and retain a stake in the enlarged company, while also launching €6 billion of share buybacks.
The transaction values the foods arm at $44.8 billion and is expected to deliver $600 million of cost synergies within three years.
Chief executive Fernando Fernandez said the move “sharpens our portfolio and accelerates our strategy towards high-growth categories”. Completion is targeted for mid-2027.
Unilever and its shareholders will own a combined 65% stake in the enlarged company, with Unilever shareholders holding 55.1% and Unilever itself retaining 9.9%.
1.09pm: Trump says 'get your own oil' to UK and others
Donald Trump has been posting again. This time he is lashing out at European allies.
"All of those countries that can’t get jet fuel because of the Strait of Hormuz, like the United Kingdom, which refused to get involved in the decapitation of Iran, I have a suggestion for you," the US President posted.
"Number 1, buy from the U.S., we have plenty, and Number 2, build up some delayed courage, go to the Strait, and just TAKE IT. You’ll have to start learning how to fight for yourself, the U.S.A. won’t be there to help you anymore, just like you weren’t there for us.
"Iran has been, essentially, decimated. The hard part is done. Go get your own oil!"
France also gets it in the neck after refusing to let US military aircraft use its airspace, as Spain has done recently.
12.32pm: US futures firmly in green
US stock futures are pointing towards good gains when trading in New York begins in a couple of hours.
Dow Jones and S&P 500 futures are up over 1%, while Nasdaq futures are lagging a little, up 0.9%.
Semiconductor shares got smashed yesterday, with the sector falling 4%, down 15% off highs, as investors continue to struggle with higher bond yields.
As market analyst Kenny Polcari at Slatestone says: "Remember – semis trade at premium valuations because investors are pricing in strong long-term growth tied to AI, cloud computing and data center demand. When long-term rates push higher, the present value of those future earnings declines, which tends to hit high-growth sectors like semiconductors."
He notes that the VIX volatility index was essentially unchanged yesterday, closing at 30.6.
"That in itself tells us something important. A VIX above 30 signals a market that is clearly on edge – investors are nervous and protection is expensive – but the fact that it did not surge higher despite the continued geopolitical headlines and the spike in oil prices suggests that much of the fear is already priced in.
"In other words, volatility is elevated, but it is not accelerating, which tells us the market may be in the process of absorbing the shock rather than entering a new phase of panic selling and that is a key observation, one that we will keep our eyes on over the coming weeks."
11.50am: Markets breath sigh of relief, but 'pays to remain sceptical'
Global markets have been "breathing a sigh of relief" this morning as the "war premium" begins to erode, says market analyst Josh Mahony at Scope Markets.
This was triggered by reports that President Trump is prioritising a diplomatic off-ramp over continued military escalation.
With the news that Trump is willing to conclude the campaign against Iran despite their control of the Straits of Hormuz "does signal a willingness to de-escalate to avoid a 'forever war' in the Middle East".
European indices are climbing, but Mahony says yesterday’s session "should serve as a reminder of the danger for bulls" as the buildup of US troops in the region "highlights the potential escalation ahead, and thus much of Trump’s commentary has been chiefly aimed at calming markets to buy himself more time".
"As such, while we are seeing a welcome period of strength this morning, it pays to remain sceptical given the fact that every such rally has preceded a new low."
European inflation data this morning has also "provided an early warning sign" for the rest of the world, Mahony says, as eurozone CPI jumped 1.2% for the month of March alone, hot off the heels of elevated monthly metrics from Germany (1.1%), Spain (1%), and France (0.9%).
11.16am: Raspberry Pi impresses
Looking at Raspberry Pi’s results earlier, Jefferies analyst Janardan Menon is most pleased to hear that strong demand has continued in 2026 and has bumped up his forecasts by over 40%.
This is despite some fairly punchy pricing, with 8GB boards up over 50% and 4GB up almost 40% and further increases in pricing expected.
That hasn’t dented volumes, which tells you something about underlying demand for small, cheap computing.
"While pre-buying may be contributing to a small extent, we believe underlying industrial component demand is strengthening worldwide, as noted by most chip suppliers like STM, ADI and Microchip," says Menon. "The gradual adoption of edge-AI may also be a small contributor."
Menon has duly bumped his 2026 revenue forecast by 42%, though profits stay flat as higher memory costs are passed through.
Still, the longer-term pitch remains intact, he reckons, with “edge-AI” and semiconductors helping position the group for healthy growth and "makes the company an attractive long-term investment".
10.21am: Competing Middle East narratives
More thoughts on the market picture, as investors continue to weigh competing narratives over the Iran conflict, from Russ Mould, AJ Bell's investment director.
European markets have responded positively to suggestions that President Trump is mulling an exit from the war, even though this might even happen without the Strait of Hormuz being reopened.
The White House said the "full reopening of the Strait is something the administration is working towards", but was not one of the "core objectives" of the military operation.
Mould says: "The hope would be that an arrangement could be made for shipping through this key route to resume once hostilities are concluded.
"However, much remains uncertain and until there is clarity on a route towards bringing the fighting and disruption to an end, markets are likely to remain nervy."
But just before this, says market analyst Ipek Ozkardeskaya at Swissquote, the "mood was ugly" as Iranian drone struck a Kuwaiti oil carrier near Dubai.
She notes that the market gains yesterday and this morning were marked by a rebound in sovereign bonds, sending yields lower and supporting equity demand.
This was on the expectation that rising oil prices will send inflation soaring and therefore hit economic growth, which in turn, will limit central banks’ ability to raise rates to the extent currently priced by markets.
"In other words, higher energy prices – and possible energy scarcity – could slow global economies enough to prevent central banks from tightening as aggressively."
The 10-year gilt yield fell back below the 5% psychological mark, while the US 2-year yield retreated to 3.80%, as Fed Chair Jerome Powell also said that longer-term US inflation expectations remained "in check" despite the energy-led inflation wave already hitting the economy.
In summary, Ozkardeskaya says bond investors "considered that yields had risen enough to become attractive," and that helps cut borrowing costs and makes shares more attractive versus fixed income.
9.43am: Future's fall from grace
A short note to flag the fall in grace for Future PLC, once a FTSE 100 company in early 2022, but with shares down 27% today, they habve sunk to their lowest since 2017, down 61% over the past year and over 90% from highs in 2021.
Future said direct advertising revenue is expected to deliver growth this year, while Go.Compare and B2B revenue declines moderated in the first half and they expect growth in the second.
However, despite an expected shift in the volume of visitors from Google, this has been more pronounced than anticipated, negatively impacting higher margin revenue streams like programmatic advertising and e-commerce revenues.
Future's market cap is now under £300 million, having been a £4.5 billion to £5 billion company at the end of 2021, a year and a bit before Zillah Byng-Thorne (who had led a 3000%-plus increase in the shares at one point) stepped down as chief executive in April 2023.
9.18am: FTSE picks up steam as miners gain
The FTSE has picked up steam, climbing 80 points to above 10,200 for the first time in two weeks.
Miners, housebuilders and retailers are providing the backbone of the move, with Antofagasta up 3.2% at the top, followed by Fresnillo, Anglo American, Glencore and Rio Tinto all 1.5-%2.5% higher as strength in metals prices lifted sentiment across the sector.
Gold is up 1.2%, silver 4% and copper 0.5%.
Elsewhere, retail names such as JD Sports, B&M, Tesco, Kingfisher and Marks & Spencer are advancing, alongside the 'AI worries' group including LSEG, Pearson and Rightmove.
The moves, says market analyst Derren Nathan at Hargreaves Lansdown are "suggesting at least some value investors are shopping around for opportunities".
Unilever’s up 0.8% after confirming that it’s in advanced discussions to do a deal on its foods business.
Brent crude oil prices are below $107 per barrel, which Nathan says comes after Donald Trump suggested he may be considering an early end to military action, "but it’s hard to tell if that’s fact or bluff, as around 2,500 US paratroopers arrived in the region, and rumours of a mission to capture the strategically important Kharg island continue to circulate".
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8.39am: Raspberry Pi up and Future down
While the moves on the blue-chip index are not that big, there's more drama on the FTSE 250 and small caps.
Raspberry Pi Holdings PLC (LSE:RPI) shares are up 24% as strong demand was reported for its boards into the new year, despite higher prices.
Profit before tax last year climbed 63% to $26.5 million, with gross margin broadly stable as the company managed higher DRAM costs through supplier diversification and pricing adjustments.
Looking ahead, the group said strong momentum has continued into the opening months of 2026, though visibility remains limited by ongoing supply constraints in memory markets.
Future PLC (LSE:FUTR) shares are down 26% after the website and magazine publisher warned that changes in Google search are weighing on higher-margin revenues.
First-half revenue for the six months to March is expected to be in line with expectations, though underlying profit margins are under pressure.
However, declines in traffic from Google search have been more pronounced than expected, reducing higher-margin programmatic advertising and ecommerce revenues and increasing industry-wide pay-per-click costs.
8.15am: FTSE opens just above flat
The FTSE 100 has started Tuesday trading slightly higher, with a gain of six points to 10,134.
LSEG and Rightmove are the top risers, along with some other companies hit by AI fears in recent weeks, like RELX and Experian
Marks & Spencer and Antofagasta, Tesco and Reckitt Benckiser are up too.
A drag is being created by falls for oil heavyweights Shell and BP, both down around 0.5%.
Biggest fallers are Airtel Africa, Rolls-Royce and Polar Capital Technology Trust, down 2%, 1.7% and 1.3% respectively.
7.57am: Unilever food talks progress
Unilever PLC (LSE:ULVR) has confirmed further details about its ongoing talks to spin off its foods arm into a merger with US spice specialist McCormick & Co.
There is a possibility that a deal "could be agreed as soon as today", it said, but stressing that there is no certainty an agreement will be reached.
The FTSE 100 group says the current proposal would combine "most of" the foods division with McCormick, with some assets excluded, including the India business, for an upfront cash payment of about US$15.7 billion.
Most of the payment would be in McCormick shares, and would result in Unilever and its shareholders owning around 65% of the enlarged business.
7.33am: Motor finance updates
The UK financial watchdog confirmed last night that millions of motor finance customers will receive an average of £830 compensation this year under a scheme for those affected by misselling.
The Financial Conduct Authority said people were treated unfairly by firms who broke the law by failing to disclose important information.
The average payout was increased from an exepoceted average £700 per payout when the FCA issued its first calculations in October. The FCA now estimates that 75% of eligible consumers will make a claim, in which case total redress paid would be £7.5 billion.
Lloyds Banking Group PLC (LSE:LLOY) said this moring that: "The details of the final scheme differ from the scheme as laid out in October 2025 and require careful analysis. Accordingly, the group is assessing the implications and impact of the final rules. The group will update the market as and when appropriate."
Last night, Close Brothers Group PLC (LSE:CBG) said it would also be "assessing the potential implications of the redress scheme on the group".
7.22am: GDP and current account
Commenting on today’s revised GDP figures for Q4 2025, ONS director of economic statistics, Liz McKeown says: "Our latest figures show GDP was unrevised in the last quarter of the year, with the economy growing a little."
GDP grew 0.1% quarter-to-quarter in Q4 2025, the same rate as in Q3 2025, unrevised from the first estimate and in line with the consensus forecast. GDP grew 1.0% year-over-year, unrevised from the first estimate.
"Services showed no growth, while production grew strongly, partially offset by a weak quarter from construction. Annual growth for the whole of 2025 was, however, revised up slightly," McKeown says.
Elsewhere, current account balance widened to -£18.4 billion in Q4, down from -£10.7 billion in Q3, better than the consensus forecast of £23.8 billion. The current account balance in Q2 was revised better from -£12.1 billion.
Easing inflation boosted real household disposable income by 1.3% between the third and fourth quarters.
Meanwhile, the household savings rate rose to 9.9% in Q4 from 9.1% in Q3. The saving rate in Q3 was revised down from 9.5%.
McKeown said the savings ratio "remains high by historic standards".
7.18am: FTSE 100 set for flat start as oil falls, new GDP data
The FTSE 100 is set for a flat start on Tuesday as investors digest a fall in oil prices overnight, the release of UK gross domestic product data in line with expectations and a rise in house prices. London's blue-chip benchmark has been called 7 points lower, a small dent in the almost 161 points gained yesterday that saw the index close at just under 10,128.
In the US session, chip stocks led the Nasdaq down 0.7% and dragged the S&P 500 down 0.4%, while the Dow Jones finished up 0.1%.
Continued geopolitical uncertainty saw US WTI crude oil futures finish a session above $100 for the first time since last summer.
But Brent crude, the international crude price gauge, dropped from over $115 at midnight to $105 in the early hours, standing at just over $107 now.
President Donald Trump reportedly told aides he would be willing to end the war on Iran even if the Strait of Hormuz remains largely closed, according to a Wall Street Journal report overnight.
Data from the Office for National Statistics this morning shows UK GDP growth held steady in Q4, with annual expansion at 1% and quarterly growth at 0.1%, in line with expectations but below the previous year’s pace.
The current account deficit narrowed to £8.4 billion, or 1.1% of GDP, reflecting a modest improvement from the prior quarter.#
And the Nationwide house price index saw growth accelerate in March to 2.2% on an annual basis, from 1.0% in February, while prices increased 0.9% month-on-month, after taking account of seasonal effects.