- FTSE 100 up 76 10,831
- Brent crude: Around $96–$97, near a six-week high
- Wall Street benchmarks rally
- US 10-year Treasury: Around 4.7%, easing
- Key FTSE 100 gainers: RELX, LSEG, Vodafone, Endeavour Mining, Airtel Africa
4:35 pm: FTSE finishers on front foot as Wall Street rallies
London's blue-chip index ended the session up 75 points, up 0.7%, to 10,831.
Elsewhere, in New York, the Dow Jones rallied 620 points or 1.17% to 53,676 whilst the S&P 500 similarly gained 1% to 7,744.
The tech-centric Nasdaq 100 meanwhile added 1.12% to 29,470.
Clearly, sentiment (though fickle) are a bit brighter on Thursday, thanks in part to some supportive words - even if not all market watchers are convinced.
“Today it was the turn of Fed governor Waller to keep equities supported, as he struck a relatively dovish note, the second to contrast with Warsh’s more dovish tone. If the idea is to keep investors guessing, then the Fed is succeeding, but so far the data appears to lean towards the dovish argument," said Chris Beauchamp, chief market analyst at IG.
"But as was the case 24 hours ago, everything rides on tomorrow’s payrolls and then next Friday’s inflation readings. Equities aren’t out of the woods yet.”
3.30pm: Ashtead downgraded
In brokerland, RBC Capital downgraded Ashtead Technology to 'sector perform' from 'outperform', slashing its price target to £4.00 from £5.60.
The move follows a profit warning from the subsea technology provider, which cut full-year guidance after revenue and earnings missed expectations. Shares were trading at 341p, well under RBC's revised target.
2:30 pm: FTSE 100 holds gains after Wall Street opens higher
The FTSE 100 is now up 0.70% at 10,831.80, easing from its earlier high of 10,862.77 but still firmly in positive territory after Wall Street opened higher.
US stocks have also started the session on the front foot, while oil remains elevated amid renewed Middle East tensions.
The fresh development is that Nvidia has announced a $12.93bn acquisition of Hugging Face, one of its biggest deals, and its shares were up about 1% after the US open.
Oil remains a key part of the FTSE story. Brent is hovering around $96–$97 a barrel, close to its highest level in more than a month, as investors continue to assess the impact of renewed US-Iran hostilities on supplies through the Strait of Hormuz.
The latest US economic data offered little reason for alarm on labour costs. US second-quarter productivity growth was confirmed at 1.4% annualised, while unit labour costs were revised down to 1.2% from 1.3%.
Among London stocks, RELX, LSEG, Vodafone, Endeavour Mining and Airtel Africa are among the stronger FTSE 100 performers, while JD Sports Fashion PLC (LSE:JD., OTC:JDSPY) is one of the market's most heavily traded shares.
For the rest of the afternoon, investors will be watching whether Wall Street can hold its opening gains, and whether oil's renewed climb continues to support London's heavyweight energy stocks while keeping inflation concerns alive.
1:00 pm: FTSE 100 continues to rise
The FTSE 100 was around 10,808.04 at 1pm, up 0.48%, holding close to the day's high as investors weighed a slightly firmer UK services sector against continuing concerns over employment and inflationary pressures.
The key change from the morning is that the London market has maintained its advance rather than giving back its early gains.
The latest services PMI showed activity accelerating to 52.5 in August from 52.1 in July, its strongest reading since April.
However, the more worrying detail beneath the headline was employment: service-sector headcounts fell for a 23rd consecutive month, although the pace of decline eased.
The consensus is for the Bank of England to keep interest rates at 3.75% at its September meeting. The stronger August services PMI, alongside renewed pressure from energy and transport costs, could reinforce the case for caution on further rate cuts.
Oil remains an important support for London's heavyweight energy names. Brent was around $96.58 a barrel, up 0.99%, keeping the spotlight on Shell and BP.
Gold was also higher, while the pound was little changed around $1.3494, limiting the currency signal for the FTSE's internationally exposed companies.
Across Europe, the tone remained mildly positive. The STOXX 600 was higher, with Germany's DAX edging up while France's CAC 40 was slightly weaker. Investors remain focused on US economic data and what it could mean for Federal Reserve policy.
Ahead of the Wall Street open, Nasdaq-100 futures were fractionally lower, while Dow futures were modestly higher and S&P 500 futures were little changed. That leaves the FTSE 100 with little clear guidance from the US at this stage.
Investors will be watching US economic data, Treasury yields, oil and whether strength in London's energy and other heavyweight sectors is broad enough to carry the FTSE 100 higher into the afternoon.
Oil producer Enquest PLC (AIM:ENQ) is also worth watching after reporting stronger underlying earnings for the first half, with adjusted EBITDA rising 13% to $273m as production increased and higher oil prices helped. The picture was tempered by disruption to the Magnus field, which curtailed production by around 4,100 boe/d and contributed to a reported $39.9m post-tax loss.
Away from the oil and mining names, FTSE 250-listed Hilton Food Group PLC (LSE:HFG) is another stock in focus after raising its full-year profit expectations. The processed food company now expects pre-tax profit of £66m-£71m, around 10% above its previous forecast, after selling its loss-making Dutch vegan and vegetarian business Dalco for £5.4m in July.
Hilton said the upgrade reflects the removal of Dalco's losses and favourable currency movements, while core meat volumes have also increased. The company continues to flag weaker demand at its Dutch smoked-salmon business and earlier raw-material cost pressures.
11.45 am: Vodafone leads as FTSE 100 remains narrowly higher
Vodafone Group PLC (LSE:VOD) shares climbed more than 3% on Thursday after its VodafoneThree subsidiary unveiled a television and entertainment service designed to compete with Sky, BT and Virgin Media O2.
The shares were 3.31% higher at 123.35p, close to their intraday high of 123.80p and within around 6% of their 52-week peak of 131.10p.
Vodafone TV will launch in October for new and existing mobile and broadband customers. The platform will combine live television, streaming, gaming and music, including Netflix, HBO Max, Freely, more than 150 live channels and over 300 cloud-based games.
The service will feature AI-powered search and personalised recommendations through an Android set-top box supporting 4K video, Dolby Vision and Dolby Atmos.
The launch forms part of VodafoneThree’s effort to more than double its broadband customer base to over 4.3 million by 2034. It also supports the company’s broader strategy following the merger of Vodafone UK and Three UK.
Vodafone’s gain helped the FTSE 100 remain marginally positive. The index was up 0.03% near 10759 , with Airtel Africa, London Stock Exchange Group and Experian also among the leading risers.
Sentiment received some support as the global government bond sell-off paused, with German and Australian yields easing from recent peaks.
A softer dollar lifted sterling to around US$1.35 and helped spot gold rebound 1.1% to approximately US$4,436 an ounce. Brent crude remained elevated near US$97 amid continuing US-Iran hostilities.
Burberry led the blue-chip fallers, while insurers Admiral and Aviva declined as their shares traded without entitlement to their latest dividends. Utilities including United Utilities, Severn Trent and National Grid were also lower.
Meanwhile, the mid caps slipped slightly into the red zone, down 0.03% to 24,315.95
11.00 am: London holds gains as pressure on bond markets eases
The FTSE 100 remained modestly higher on Thursday morning as the global bond-market sell-off paused and a weaker dollar supported sterling and gold.
London’s blue-chip index was up 14 points, or 0.13%, at 10,770.84 shortly before 11am. The FTSE 250 added 0.08% to 24,343.88, while the AIM All-Share gained 0.71%.
Government bond markets steadied following several sessions of heavy selling. Germany’s two-year and 10-year yields declined for the first time in seven sessions, while Australia’s 10-year yield eased from the 15-year high reached on Wednesday.
French borrowing costs remained elevated, however, as concerns about the country’s fiscal position continued to weigh on its government bonds.
Gold climbed as the dollar weakened and bond yields eased. Spot bullion gained 1.1% to approximately US$4,436 an ounce, while gold futures rose 1.5% to around US$4,483.
Sterling advanced 0.09% to approximately US$1.3499. The movement was attributed mainly to broad dollar weakness following a sharp rise in the Japanese yen rather than the morning’s UK economic data.
Brent crude moved back towards US$97 a barrel as the continuing US-Iran conflict maintained concerns about disruption to energy shipments through the Strait of Hormuz.
Among blue-chip stocks, Airtel Africa gained 3.81% and Vodafone advanced 3.39%. Metlen Energy & Metals rose 2.19%, while London Stock Exchange Group and Experian added 1.91% and 1.57%, respectively.
Burberry led the FTSE 100 fallers with a 2.42% decline. Admiral Group and Aviva lost 1.83% and 1.72% as their shares traded without entitlement to their latest dividends.
The standout movement came from the FTSE 250, where Hilton Food Group surged 16.17% after raising its full-year adjusted profit-before-tax forecast to between £66 million and £71 million from £60 million to £65 million previously.
The company attributed the upgrade to the removal of losses from its Dalco business and favourable currency movements. First-half adjusted profit before tax of £32.8 million was also ahead of expectations.
Rosebank Industries climbed 6.14%, while WPP, Ceres Power and Dunelm gained between 3% and 4%.
London’s market remained narrowly positive, with calmer bond trading and a softer dollar providing some relief despite continuing inflation and geopolitical risks.
10.00 am: Services economy strengthens as London moves into green
Activity across Britain’s dominant services sector expanded at its fastest pace since April during August, while confidence among businesses reached its highest level since February.
The final S&P Global UK Services PMI rose to 52.5 from 52.1 in July, marking a second consecutive month of expansion. The reading was slightly below the preliminary estimate of 52.8 but remained comfortably above the 50 threshold separating growth from contraction.
The composite PMI, which includes the smaller manufacturing sector, also increased to 52.5 from 52.2, recording its strongest reading since April.
“August data highlighted improving operating conditions across the UK service economy,” said Tim Moore, economics director at S&P Global Market Intelligence.
Business and consumer spending improved after declining during the second quarter, while employment fell at its slowest rate since October 2025. Growth in new work remained subdued, however, with the corresponding index edging down to 50.7 from 50.8.
The survey also contained a potential warning for the Bank of England. More companies reported increasing their prices, while input-cost inflation also accelerated following a slowdown in both measures during July.
Policymakers are monitoring how much of the rise in energy costs caused by the US-Iran conflict will be passed through to consumers and whether it will keep inflation elevated.
The FTSE 100 was up 16 points, or 0.15%, at 10,772.59 shortly before 10am, while the FTSE 250 gained 0.1% to 24,347.26. The AIM All-Share advanced 0.72%.
A range of service-oriented companies featured among the morning’s risers. Advertising group WPP climbed 4.26%, while Airtel Africa gained 3.75%, Vodafone rose 3.18% and BT Group added 1.67%.
British Airways owner International Consolidated Airlines Group advanced 1.84%, London Stock Exchange Group gained 1.45% and credit-information provider Experian rose 1.43%.
The gains coincided with the encouraging services data, although individual movements could not be attributed solely to the PMI. Vodafone, for example, was supported by the announcement of new television and premium mobile offerings from VodafoneThree, while IAG benefited from an easing in oil prices.
Rate-sensitive housebuilders remained under pressure as rising swap rates increased the risk of more expensive mortgages. Vistry Group fell 3.53%, while Persimmon and Barratt Redrow declined 1.54% and 1.51%, respectively, in earlier trading.
Crest Nicholson dropped 12.7% to 53.5p after forecasting an operating loss of around £10 million, compared with its previous expectation for a profit of between £5 million and £10 million.
Among the wider mid-cap risers, Hilton Food Group surged 14.18%, Raspberry Pi gained 3.93% and Dunelm advanced 3.73%.
The market was therefore modestly higher as evidence of greater resilience in Britain’s services economy offset concerns that renewed price pressures could keep borrowing costs elevated.
9.00 am: Telecom gains offset housebuilding weakness
The FTSE 100 was little changed after its tentative opening gain faded, slipping approximately five points, or 0.05%, to 10,751.
Telecommunications companies provided the main support. Airtel Africa advanced 3.2%, Vodafone gained 2.2%, and BT Group rose 1.1%.
Vodafone’s advance followed reports that VodafoneThree will launch its first UK television service next month, offering access to streaming platforms including Netflix and HBO Max as it seeks to expand its broadband business.
London Stock Exchange Group, Associated British Foods and Halma were each around 1% higher, while Endeavour Mining retained an increase of 0.9%.
At the other end of the index, Burberry dropped 2.4%, while Admiral Group, M&G and Aviva declined by between 1.6% and 2.1%. Movements in Admiral and Aviva were influenced by the shares trading without dividend entitlement.
Housebuilders were also among the fallers as investors assessed the possibility of another increase in mortgage rates. Vistry Group declined 3.5%, while Persimmon and Barratt Redrow lost approximately 1.5% each. Taylor Wimpey, Bellway and Berkeley Group were also lower.
Crest Nicholson shares fell 12.7% to 53.5p after the company forecast an operating loss of around £10 million, compared with its previous expectation for a £5 million to £10 million profit.
The sector moves came after mortgage brokers warned that lenders could increase fixed rates following a sharp rise in the swap rates used to price home loans.
8.15 am: Precious-metals miners lead tentative advance
The FTSE 100 edged higher in early trading on Thursday, adding approximately 11 points, or 0.1%, to 10,767 as precious-metals miners led the risers.
Fresnillo gained 1.9% to 3,133p, while fellow gold producer Endeavour Mining advanced 1% to 4,616p following an overnight increase in gold futures.
St James’s Place climbed 1.4%, followed by Associated British Foods, British Airways owner International Consolidated Airlines Group, JD Sports, Weir Group and SSE.
The stronger gains were recorded outside the blue-chip index. The FTSE 250 added approximately 0.27% to 24,390, while the FTSE AIM All-Share was recently 0.59% higher at 794.65.
Among the fallers, Admiral Group declined 1.8%, Smith & Nephew lost 1.7%, Aviva retreated 1.4% and M&G fell 1.4%.
Movements in Admiral, Aviva and copper producer Antofagasta, which was down 0.8%, were influenced by the shares trading without entitlement to their latest dividends.
The opening performance suggests a cautiously positive tone, with mid-caps and smaller companies outperforming while precious-metals producers provide support at the top of the market.
7.00 am: London set for subdued start as overnight mood improves
The FTSE 100 is expected to make a cautious start on Thursday as an overnight recovery in technology stocks and calmer bond markets is offset by continuing uncertainty surrounding the US-Iran conflict.
IG’s out-of-hours FTSE 100 quote stood at approximately 10,752 shortly before 7 am, suggesting a broadly flat to marginally lower opening relative to Wednesday’s cash close.
London’s blue-chip index finished Wednesday 0.3% lower at 10,756.45 as elevated oil prices, rising government borrowing costs and weakness among technology and consumer companies weighed on sentiment. The FTSE 250 underperformed, dropping 0.63% to 24,367.33. FTSE 100 close
Sentiment improved on Wall Street, where the Dow Jones Industrial Average rose 295 points, or 0.56%, to 53,061.95. The S&P 500 gained 0.46% to 7,666.60 and the Nasdaq Composite advanced 0.45% to 26,217.83.
Technology stocks helped drive the recovery, with Nvidia gaining more than 3% and Dell Technologies surging almost 16% following strong results and indications of robust demand for artificial-intelligence infrastructure. The Russell 2000 small-cap index outperformed with a 1.1% gain.
Bond markets also showed signs of stabilising following Wednesday’s global sell-off. The US 10-year Treasury yield eased to approximately 4.77%, having recently climbed amid concerns about inflation, government debt and the possibility of further interest-rate increases.
Asian markets were mostly higher on Thursday, tracking Wall Street’s recovery. Japan’s Nikkei 225 added around 0.2%, South Korea’s Kospi climbed 1.4% and Hong Kong’s Hang Seng edged 0.1% higher. Technology companies were among the stronger performers.
In Australia, the S&P/ASX 200 closed Thursday 0.4% higher on below-average trading volume. Seven of the market’s 11 sectors advanced, led by a 1% rally among financial stocks.
Oil prices retreated after their recent geopolitical surge. Brent crude futures were trading around US$94.60 a barrel shortly before 7 am, down roughly 1.1%, while West Texas Intermediate eased to approximately US$90.20.
Prices remain elevated as investors monitor renewed fighting between the United States and Iran and the risk of disruption to energy shipments through the Strait of Hormuz. The decline from Wednesday’s highs may reduce some inflation concerns while limiting potential support for BP and Shell.
Precious metals moved higher as bond yields and the dollar eased. Gold futures gained around 1.3% to approximately $4,472 an ounce, while silver rose by a similar percentage. Spot gold was nearer $4,412. Copper futures slipped 0.2% to around $6.58 per pound.
The contrasting commodity moves could produce a divided session for London’s mining sector, with precious-metals producers potentially benefiting while copper-exposed companies contend with further weakness in the industrial metal.
Sterling was trading around US$1.349 against the dollar, while Bitcoin stood near $77,400, down approximately 0.4% after moving between US$76,308 and US$77,827.
Attention in the UK will turn to the final services and composite purchasing managers’ indices at 9.30 am. The previous readings were 52.1 for services and 52.2 for the composite index, both above the 50 level separating growth from contraction.
Individual blue-chip movements may also be affected by companies trading without dividend entitlement, including BHP, Admiral, Antofagasta and Aviva.
Early direction will therefore depend on whether the improvement in global technology and bond-market sentiment can outweigh continued geopolitical risk and uncertainty over interest rates.