- FTSE 100 up 68 points to 10,530
- 3i tops leaderboard on Action update
- Gold miners down, copper miners up
- Micron earnings boost European tech
5.30pm: Winning day
London stocks finished Thursday’s session in the green, adding 68 points at 10529.89.
Across the Atlantic, US stocks were mixed with the Nasdaq down 0.5%, the S&P 500 flat, and the Dow Jones up 0.3%.
4.11pm: Look ahead
Some investors will be looking ahead to next week already, where the corporate calendar has a retail bent.
Sainsbury has a first-quarter trading statement due on Tuesday, Primark owner Associated British Foods updates the market on Wednesday, while Currys reports full-year results on Thursday.
Important for JD Sports and some others, Nike's quarterly results are due on Tuesday, where the sportswear giant is expected to outline progress on its turnaround plan after warning of weaker sales earlier this year.
The week also brings UK first-quarter GDP data and final PMI readings, as well as key US labour market releases, including JOLTS job openings, ADP employment and the big finish of non-farm payrolls (on Thursday this time, as it's a public holiday on Friday for Independence Day).
Tesla will also announce vehicle deliveries on Thursday, highlights analyst Michael Hewson at MCH Market Insights.
"The performance of Tesla shares over the past three months has been largely sidelined by Musk’s other big project," he says, with SpaceX's eye-watering IPO having seen the shares flatten off at around $153 after an initial surge above $220.
"All the while the performance of his other business appears to be operating below the radar, with little sign that shareholders in Tesla are shifting their allegiance to SpaceX.
"In any case, why should they, given that it’s highly likely that SpaceX will inevitably absorb Tesla into its own orbit," Hewson says.
"After all, why overpay for SpaceX when you can just wait until Musk comes along and gives you SpaceX shares for your Tesla ones."
Tesla is unlikely to see the challenges its faces diminish any time soon, Hewson adds, with the increasing competition from the likes of China's BYD and Xiaomi, "however it's unlikely many Tesla shareholders will care in the short term. What’s more puzzling is why investors haven’t cottoned on to the idea that owning Tesla shares is a much cheaper way of investing in Musk, than SpaceX at the moment."
3.44pm: Record highs for Dow and Stoxx 600
Record highs are being reached on both sides of the Atlantic.
The Dow Jones has surged 1.5% to above 52,620.
It's not just the FTSE rallying in Europe, with the pan-continental Stoxx 600 hitting a new intraday high, uo 1% to 641.6.
Leading the Dow are industrial and financial stocks, with Caterpillar topping the risers, followed by Honeywell, JPMorgan Chase, American Express, Goldman Sachs and Visa. Healthcare names J&J, Merck and Amgen, alongside insurer UnitedHealth and Boeing, are also strongly up.
As for the Euro Stoxx, German chemicals giant Bayer has surged after settling long-running US litigation over its Essure contraceptive device.
UK names are prominent, with 3i, easyJet, Vistry, Barratt Redrow and Aberdeen on the front foot.
Meanwhile, in New York the Nasdaq has pared losses, down only 0.1% now.
3.32pm: FTSE up by 100
The FTSE 100 is on course for its fifth 100-point day this year if things keep going as they are.
At the top of the risers it's a similar picture from much of the day, with 3i, Aberdeen and Barratt Redrow topping the table.
It's not just Barratt, with other housebuilders and property stocks outperforming, with Persimmon, Taylor Wimpey and Land Securities advancing as bond yields ease.
Banks are also providing significant support, with Barclays, Lloyds, NatWest, Stan Chart and HSBC all gaining around 2.5-1.5%.
Miners are mostly positive, with Antofagasta and Anglo American up 3.7% and 2.5% as copper prices firmed, with gold producers Fresnillo and Endeavour both in green now.
Travel stocks, retailers and leisure are also positive.
Oil giants Shell and BP are the only shares in red in the index's top 12, despite Brent crude prices creeping back above $74.
2.49pm: Nasdaq giants fall, but Dow opens higher
US tech stocks are down for the fourth day in a row, with the mood changing after the macro data earlier.
The Nasdaq has opened 0.7% lower (down over 1,130 points this week or 4.3%).
It's more positive for the Dow Jones, up 0.4%, while the S&P 500 is roughly flat.
Micron is up 18% to top the Nasdaq 100 leaders, meaning it has overtaken Tesla and Meta Platforms in terms of market cap.
But at the other end, software and internet names hasve born the brunt of the selling, with AppLovin down more than 8%, with Palantir and Amazon both down over 3%, Alphabet and Apple falling over 2.5%, Meta down 2.2% and Microsoft 1.1% lower.
2.31pm: Gold U-turn
Losses for precious metals miners in London have been cut as the gold price has U-turned since the US economic data.
Gold is up 0.3% at $4,010 and silver 0.2% at $57.5 an ounce.
2.20pm: US data dump
US inflation increased to a three-year high last month, according to the PCE price index, which rose to a 4.1% annual rate for May, up from 3.8%.
The month-on-month measure came in lower than expected at 0.4% versus 0.5%.
Core PCE rose 0.3% and 3.4% year-on-year, both in line with the consensus forecast.
One item to flag is air transportation since this sector is feeling the burden from the energy crisis.
Personal spending rose 0.7% in May, up from 0.5% in April and ahead of expectations for 0.6%.
First-quarter GDP growth was revised up to an annualised 2.1% from 1.6%.
Meanwhile, initial jobless claims fell to 215,000, pointing to continued labour market strength, although continuing claims edged higher to 1.821 million.
Durable goods orders fell 4.5% in May, but the decline was less severe than economists had expected.
"The labor market is holding steady," says Jeffrey Roach, chief economist for LPL Financial. "Those continuing to claim unemployment benefits remain historically low."
On the inflation front, he says an encouraging signal is the 0.4% monthly increase in compensation to keep up with inflation.
"If the labor market holds, we expect consumers will have the ability to maintain spending patterns," he says.
"The real story is the amount of business investment as measured by shipments of capital goods during May and April. Given the growth trajectory, the Fed is rightly focused on price stability and will remain hawkish this summer.
"If the Iran crisis creeps into Labor Day timeframe, we have a much higher chance that inflation pressures will seep into other categories and will force the Fed’s hand."
1.11pm: Aberdeen's record quarter for ii platform
Aberdeen shares are second on the FTSE 100 leaderboard after the fund manager held a 'roundtable' focused on its Interactive Investor platform.
Ahead of this, the group announced record net flows for the second quarter of over £3.7 billion, up 23% compared to Q1 2026 and over 50% on Q2 2025 with five days still to go.
Analyst Julian Roberts at Jefferies says flows are well ahead of the Visible Alpha consensus of £1.9 billion.
He says: "We would assume that the driver has been higher inflows rather than lower outflows, and that is probably the result of good marketing in a favourable environment. Impending tax increases on pension assets and a reduction in the cash ISA allowance have probably encouraged more people to invest their savings."
While the flows would only modestly lift group earnings forecasts, Roberts says the performance bodes well for the wider direct-to-consumer investment platform sector, including rival AJ Bell, which it also expects to have enjoyed a strong quarter.
12.22pm: FTSE at 10,500, US futures strongly higher
The FTSE 100 is back above 10,500 for the first time in just over a week.
Across Europe, the main blue-chip benchmarks are all up around 0.4-0.6%.
Wall Street stocks looked set for a strong rebound, with technology shares leading the charge after results from Micron.
Following three consecutive days of losses, taking its decline for the week to more than 1,000 points, or 3.7%, Nasdaq futures have jumped 2.2%. S&P 500 futures are up 0.8% and Dow Jones 0.3% higher.
David Morrison, market analyst at Trade Nation, says Micron's results have "restored confidence across a sector which has taken a recent hit", noting that the company is the only US manufacturer of high-bandwidth memory chips compatible with Nvidia's processors.
He adds that Qualcomm also boosted sentiment after issuing an upbeat forecast for its data centre business, helping lift semiconductor stocks including AMD, Marvell Technology, TSMC and Intel.
Investors will also be watching US inflation data later, with the PCE price index expected to show annual inflation of 3.4%.
Morrison said the release would be "closely watched" as markets assess the Federal Reserve's increasingly hawkish stance.
He notes that, despite increased hawkishness from the Fed under Kevin Warsh, "investors do not appear ready to take profits in large numbers.
"Instead, US equities look as if they can stretch further to the upside where the atmosphere is particularly thin, and the risk to investors’ bank balances significantly higher."
The PCE inflation gauge used to be the Fed’s preferred inflation measure, although Warsh is understood to favour another figure.
"Despite this, today’s release is important with the consensus forecast suggesting it could rise to 3.4% year-on-year, which would be its highest reading since October 2023."
11.59am: Halfords 'wheely good'
Shares in Halfords have pedalled 16% higher after the motoring and cycling retailer reported underlying profit ahead of expectations and its highest gross margin in a decade.
Group sales grew 4.8% on a like-for-like basis in the 53-week period to 3 April 2026, with retail up 4.1% and the Autocentres servicing business up 5.8%.
Gross margin expanded by 210 basis points to 52.8%, its highest level in ten years, more than offsetting an anticipated rise in operating costs.
Analyst David Hughes at Shore Capital says the chain is making "wheely good progress", helped by its Fit for the Future strategy, which is "beginning to translate into visible financial delivery".
"While the consumer backdrop remains uncertain, with FY27F profit expected to be at the top end of consensus we reiterate our Buy recommendation and expect to upgrade our forecasts."
11.37am: Don't buy Domino's, buy Greggs
JP Morgan has initiated coverage of Domino's Pizza with an 'underweight' rating and a price target of 145p that implies downside of about 25% from current levels.
Analyst Borja Olcese says the cautious stance reflected a combination of structural, operational and execution risks that were not fully reflected in the current valuation.
The analyst's forecasts sit materially below consensus, leaving the risk-reward skewed to the downside in its view.
For investors seeking a comparable investment case in the sector, Olcese prefers Greggs, which he rates 'overweight'.
11.01am: UK car production rebounds
UK vehicle production was cranked up 2.7% last month, driven by overseas orders, according to data published by the industry.
Production of cars grew 3.2% to 49,249 units, reversing four months of decline, the Society of Motor Manufacturers and Traders (SMMT) said, while commercial vehicle volumes fell 7.6% to 1,929 units.
Overseas orders were the key, having in May last year declined 30.3% due to US tariff uncertainty.
Car production for the UK market was up 0.7% to 10,352 units, while CV output fell 56% to 538 units.
For the first five months of 2026, UK production is down 8.7% to 317,779 vehicles, with car output falling 4.1% and CVs down 60%.
SMMT chief executive Mike Hawes says: "May’s growth is welcome, and the priority must be to turn this into a sustained recovery by making the UK more competitive as a place to make and sell vehicles."
He adds: "Manufacturers are investing billions in zero emission technology, but weak underlying demand and the growing cost of compliance are putting competitiveness, jobs and future investment at risk."
Given the changes in Downing Street, he called for "a mandate aligned with real-word conditions [to] support decarbonisation, strengthen the market, and help unlock the investment needed for long-term economic growth".
10.26am: Raspberry Pi joins European tech tide
Raspberry Pi is one of the top FTSE 250 risers, climbing over 10% - seemingly being carried higher as part of the wider tide of European tech after the earnings from Micron.
The Micron numbers have "banished" fears about a pullback in AI-related stocks, says Russ Mould at AJ Bell.
"The company has reported a surge in profit and said supply tightness in the memory chip market will continue beyond next year."
As well as Micron’s shares jumping 16% in pre-market trading, sector peers SanDisk, Western Digital and Seagate have been taken along for the ride, along with various European chip-related businesses.
"A shortage of supply and increased demand have led to a surge in memory chip prices, which is great for the likes of Micron’s profits but bad for the companies who need the components," says Mould.
Futures prices "imply a ticker tape parade when Wall Street opens", with Nasdaq futures up 2.2%.
"The chip sector is highly cyclical so it’s imperative that investors do not expect the boom times to last forever," he adds.
Elsewhere in London, Mould highlights housebuilders have been lifted by value investor Phoenix calling for Barratt Redrow to spend more cash on share buybacks.
Phoenix Asset Management, a major shareholder in Barratt, yesterday presented its analysis at the London Value Investor Conference.
Phoenix shared the analysis that it says supports its view, with chief investment officer Gary Channon saying: "Barratt Redrow is a business we know well and have admired for many years. We support its business strategy and the way it builds homes.
"At today's valuation, buying back its own shares is an exceptional opportunity, and we believe the company can pursue it aggressively while continuing to grow output. Doing so would turn the undervaluation into lasting value for long-term shareholders."
9.39am: ITV climbs on Sky deal report
Shares in ITV are up 3% after Sky agreed to acquire its broadcast and streaming unit, according to Reuters.
A £1.6 billion deal for the Media & Entertainment (M&E) arm is said to be in the hands of lawyers and could be officially announced in the next couple of weeks.
Last month, ITV said it remains in active discussions with Comcast’s Sky over a possible sale of the unit, with discussions first disclosed in November.
Market analyst Victoria Scholar at ii points out that shares in ITV soared as much as 16% in early November when talks were first announced but have since then traded mostly sideways hovering in a tight range around 80p.
"The deal would be very positive for ITV shareholders by shifting its focus away from its stagnating linear TV business, allowing the company to focus more on content production via ITV Studios instead and generate a significant cash boost from the proceeds. For Sky, the deal would solidify its dominance in the UK TV market, supporting its advertising revenues and boost its streaming assets."
9.25am: Moonpig flies
Shares in Moonpig have flown 18% higher after the online cards company reported higher revenue, profit and cash generation and lifted its dividend by a quarter.
Adjusted profit before tax rose 13.4% to £76.5 million on revenue up 6.5% to £373 million.
The company attributed the higher order values to customers trading up to pricier gifts, including new ranges from Next and Boots, alongside larger card formats and a shift to tracked UK delivery.
9.12am: FTSE quickly turns higher
The FTSE 100 has quickly turned things around, now up 14 points to 10,475.
As well as the 9% gain for 3i Group, banks, housebuilders, travel companies and copper miners are helping.
Barratt Redrow and Persimmon are up 4.4% and 2.6%, while IAG is and IHG are both up 1.5%.
Barclays, Lloyds and NatWest are all around 1% higher, with HSBC positive too.
Across in mainland Europe, all the major indices are in green too, with Germany's DAX up 0.45%, Italy's FTSE MIB up 0.5% and the pan-continental Euro Stoxx 600 up 0.45%.
Top of the Stoxx is 3i, followed by easyJet and a group of chip stocks, namely ASM International, Infineon, BE Semiconductor Industries, ASML, STMicroelectronics (NYSE:STM) and VAT Group.
8.38am: Oil almost at pre-war levels
Oil prices fell back to pre-Iran-war levels this morning, with Brent earlier nearing $72 a barrel, a point not seen since 27 February. Crude is currently down 1.4% at $72.73.
"The fragile truce between the US and Iran appears to be holding firm, as does a return to something like normality in the movement of oil through the Strait of Hormuz," says market analyst Richard Hunter at Interactive Investor.
The oil price returning to levels seen before the war in the Middle East has "put pressure on global oil majors over recent days, even though the move is positive in terms of inflationary pressure", Hunter says.
Shell and BP are down 0.5% and 0.96% this morning, which is a big drag on the FTSE.
Over the past month, Shell's shares are down 8.3% and BP's are over 10% lower.
8.15am: FTSE dips at open
The FTSE 100 has started slightly in the red in early Thursday trading, hit by falls for precious metals miners as gold and silver continue to lose some lustre.
In initial trades, the index has dipped eight points to 10,453.
Several of the biggest decliners are trading ex-dividend: Experian, United Utilities, Lion Finance Group and Metlen Energy & Metals all fell after going ex-dividend.
Elsewhere, the 'AI worries' trade hit RELX, London Stock Exchange Group, Sage and Pearson.
Defensives were under pressure, with Imperial Brands, BAT and BAE Systems also lower.
Top of the leaderboard is 3i Group, up 16% as that slowing growth seems to have been not as bad as the market was expecting.
8.01am: Chemring wins US countermeasures contract
Chemring has won up to $345 million of new US defence contracts that will allow it to restart manufacturing at its previously discontinued Alloy Surfaces business in Philadelphia.
The defence technology group said the US Department of War had awarded a modified five-year contract worth up to $300 million to produce specialist airborne decoys.
The agreement guarantees minimum awards of $35 million a year for the first three years, with deliveries expected to begin in the 2028 financial year.
Chemring will also get another $45 million over five years to fund the restart of manufacturing operations and transfer intellectual property rights for the decoys to the DoW.
7.50am: 3i reveals slower growth for Action
3i Group said its largest portfolio company, Action, remains on track for a good second quarter despite like-for-like sales growth slowing.
Ahead of its annual general meeting on Thursday, the FTSE 100-listed private equity investor said European discount retailer Action delivered like-for-like sales growth of 3.3% in the year to 21 June.
That compares with LFL sales growth of 3.6% in the first quarter and previous guidance for full-year like-for-like growth of between 4% and 5%.
7.33am: easyJet opens books to Castlelake
EasyJet has rejected a fourth takeover bid from US private equity firm Castlelake, which has teamed up with investment colossus Brookfield.
The low-cost airline has nevertheless agreed to open up its books, to an extent, saying Castlelake stated that "it hopes to be able to further improve its value following access to limited commercial information".
The new proposal is priced at 650p a share, up from the deal worth 625p that Castlelake took public on Monday.
FTSE 100 Live pre-open
Blue-chip shares in London have been called lower on Thursday, with a mixed picture across global stock markets.
The FTSE 100 is predicted to fall around 26 points, according to the futures market, while expectations are positive for Germany's DAX and the Nasdaq and S&P 500 indices in the US.
Yesterday, the London benchmark turned around a negative start to add almost 33 points by the close at 10,461.63.
And overnight on Wall Street, the tech-heavy Nasdaq stocks finished lower for the third session in a row, falling 0.4%, while the S&P 500 slipped 0.1% but the Dow Jones managed a 0.4% gain.
But Nasdaq futures are up 2% after earnings from Micron last night, which has also lifted AI-related stocks in Asia this morning, sending Japan's Nikkei and Korea's Kospi up 4.6% and 5.9% respectivley, while Chinese benchmarks are in the red.
Micron shares are up 15.8% in afterhours trading after it delivered a strong set of results, with boss Sanjay Mehrotra saying the "record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era".
"More importantly," says market analyst Ipek Ozkardeskaya at Swissquote, "comfortably beat Wall Street expectations on both the top and bottom lines", with guidance for the current quarter also well above expectations.
She says the earnings "will likely give a sugar boost to tired tech runners" before adding: "But don't uncork the champagne just yet, because attention will rapidly shift to US economic data that could reverse the positive mood."
US GDP and PCE inflation updates are due later. For the UK, we have the CBI distributive trades survey to round off the week's retail sector data.
