Early market roundup: European stocks higher; Spirax and ICG shine

Stock prices in London rose on Wednesday morning, with blue chip constituents ICG and Spirax enjoying a boost, while investors digested a multi-billion-pound investment announcement in the UK's renewable energy sector.

The FTSE 100 index opened up 81.57 points, 0.8%, at 10,833.16. The FTSE 250 was up 145.72 points, 0.6%, at 24,892.37, and the AIM all-share was up 3.99 points, 0.5%, at 763.53.

The Cboe UK 100 was up 0.5% at 1,074.96, the Cboe UK 250 was up 0.4% at 21,940.48, and the Cboe small companies was marginally higher at 18,691.14.

In European equities on Wednesday, the CAC 40 in Paris was up 0.7%, while the DAX 40 in Frankfurt gained 1.0%.

German inflation slowed in October as energy price pressures eased following the introduction of a new fuel discount, according to final figures released by the Federal Statistical Office.

Consumer prices rose 2.8% year-on-year in October, slowing from 3.3% in September and confirming the provisional estimate, Destatis said. On a monthly basis, prices fell 0.2%.

Energy prices increased 12% annually, easing from a 15% rise in September, while motor fuel prices climbed 29%, compared with 37% the previous month.

Core inflation, which excludes food and energy, slowed to 2.1% from 2.4% in September. Food prices rose 0.4% annually, while services inflation eased to 2.5%.

Meanwhile, UK Prime Minister Andy Burnham welcomed a £12 billion investment in offshore wind farms ahead of his trip to the Cop31 climate summit.

Essen, Germany-based energy company RWE and investment firm KKR announced funding for the Vanguard West and Vanguard East offshore wind farms off the Norfolk coast, including £1 billion from the state-owned National Wealth Fund.

Construction is expected to begin early next year, with the wind farms scheduled to start generating electricity by 2030.

Burnham said: "This major investment in UK renewables is a vote of confidence for building in Britain.

"It is great news for billpayers because every turbine we put up is power under British control, not at the mercy of events on the other side of the world.

"With coastal communities from Scotland to East Anglia powering Britain's future, the places that host this energy benefit from the jobs and opportunities that it brings."

The pound was quoted at USD1.3322 early Wednesday, edging down from USD1.3323 at the London equities close on Tuesday. Against the euro, sterling rose to EUR1.1954 from EUR1.1949 a day earlier.

The euro edged down to USD1.1146 from USD1.1150 late Tuesday. Against the yen, the dollar rose to JPY158.83 from JPY158.79.

In the FTSE 100, ICG, up 3.1%, was among the leading gainers after reporting higher fee-earning assets under management, despite a decline in half-year profit.

The alternative asset manager said pretax profit fell to £287.3 million in the six months ended September 30 from £351.6 million a year earlier, while asset management earnings declined to £194.0 million from £238.4 million.

Group operating cash flow decreased to £219 million from £467 million.

However, fee-earning assets under management increased to USD89.67 billion at September 30 from USD86.52 billion at April 1.

ICG raised its interim dividend to 29.0 pence per share from 27.7p a year earlier.

The company said its focus remained on delivering long-term investment performance and expanding its institutional client business, adding that it was highly confident in its ability to continue gaining market share.

ICG also reiterated its medium-term target of maintaining zero net debt.

Spirax Group climbed 3.8% after reiterating its full-year guidance, reporting stronger organic sales growth and improved margins in the four months to October 31 compared with the first half.

The thermal energy and fluid technology specialist said organic sales growth and adjusted operating profit margin for the first 10 months of 2026 were in line with expectations, supported by continued momentum across its three divisions.

In the FTSE 250, ITV fell 4.4% after reporting lower revenue for the first nine months of the year, as weaker advertising demand offset growth in its digital business.

The broadcaster said total revenue declined 1.2% to £2.76 billion in the nine months ended September 30 from £2.80 billion a year earlier.

ITV Studios revenue fell 1.3% to £1.33 billion from £1.35 billion, while Media & Entertainment revenue declined 1.0% to £1.43 billion from £1.45 billion.

However, digital revenue rose 7.0% to £461 million, with streaming hours increasing 29%.

Taylor Wimpey declined 2.5% after lowering its full-year expectations, citing higher mortgage rates and rising living costs that continued to weigh on housing demand during a subdued autumn selling season.

The housebuilder now expects around 10,500 UK home completions in 2026, excluding joint ventures, with adjusted operating profit anticipated to be around the bottom end of the company-compiled consensus range of £262 million to £299 million.

Among smaller companies, Quadrise plunged 36% after announcing that it and Nouryon would not extend their existing sales agreement or enter into a replacement agreement.

The company said a new deal could be signed once projects and their associated volume requirements had been confirmed.

In Asia on Wednesday, the Nikkei 225 index in Tokyo closed up 1.3%. In China, the Shanghai Composite ended up 0.5%, while the Hang Seng index in Hong Kong fell 1.0%. The S&P/ASX 200 in Sydney closed up 0.3%.

In the US on Tuesday, Wall Street ended lower, with the Dow Jones Industrial Average falling 0.3%, the S&P 500 declining 0.4% and the technology-heavy Nasdaq Composite losing 0.7%.

The yield on the US 10-year Treasury was quoted at 5.01% early Wednesday, widening from 5.00% on Tuesday. The yield on the US 30-year Treasury widened to 5.37% from 5.36%.

Brent oil was trading at USD91.96 a barrel early Wednesday, higher than USD91.74 late Tuesday.

Gold was quoted at USD4,058.04 an ounce early Wednesday, up from USD4,025.90 late Tuesday.

Still to come on Wednesday's economic calendar, Ireland releases consumer inflation figures, while the US publishes its monthly federal budget statement.

Copyright 2026 Alliance News Ltd. All Rights Reserved.