Early market roundup: Stocks open mixed as Brent oil price falls

Stock prices opened mixed in London on Thursday as investors await UK construction purchasing managers’ index data; meanwhile gold continued to rise while Brent oil fell, as Hiscox shone after publishing first-quarter figures.

The FTSE 100 index opened down 25.60 points, 0.3%, at 10,413.06. The FTSE 250 was up 146.53 points, 0.6%, at 22,978.95, and the AIM all-share was up 5.10 points, 0.6%, at 813.72.

The Cboe UK 100 was down 0.3% at 1,036.06, the Cboe UK 250 was up 0.4% at 19,954.83, and the Cboe small companies was down 0.4% at 18,254.60.

‘We’ve had very good talks over the last 24 hours, and it’s very possible that we’ll make a deal,’ US President Donald Trump told reporters in the Oval Office, albeit after claiming on social media that if ‘Iran agrees to give what has been agreed to’, the war would be over, but if not, the bombing would resume ‘at a much higher level and intensity’.

Trump also told reporters that Iran had agreed it would not possess nuclear weapons, signalling progress in ongoing talks between the two sides. He added that Tehran had also agreed on other points, but did not provide further details.

However, Iranian Foreign Ministry spokesman Esmail Baghai had earlier played down reports suggesting an agreement was close, calling them exaggerated. He told local media that the ‘US plan and proposal are still under review’, and that Tehran would convey its position to mediator Pakistan ‘after finalising its views’.

Swissquote’s Ipek Ozkardeskaya noted: ‘Optimism over no further escalation turned into euphoria yesterday on news that a peace proposal is on the table that could end the war in Iran.’

However, she cautioned: ‘Now, all this is great, but there is no certainty it will last...I would like to say: ’I will clap when Iran confirms.’

‘Because the longer this drags on, the greater the risk of oil shortages and sharper spikes in oil prices. And a 180-degree turn in the situation is just one headline away. Just one headline.’

Brent oil was quoted lower at $99.74 a barrel early in London on Thursday, from $102.12 late Wednesday.

Gold was quoted higher at $4,741.52 an ounce against $4,692.73.

Meanwhile, UK Prime Minister Keir Starmer is facing his own judgment day as millions head to polling stations to cast their vote in crucial local council elections, with Starmer’s Labour Party expected to lose some 1,850 seats according to polling expert Robert Hayward.

Hiscox led the FTSE 100, up 5.4% following its first-quarter results.

The insurer reported $1.72 billion in insurance contract written premiums, up 10% on-year from $1.56 billion. Retail ICWP rose 15%, or 8% at constant exchange rates, to $847.2 million from $736.1 million, in line with its full-year outlook.

InterContinental Hotels came in second, rising 3.8%.

The firm said it is confident of achieving its financial 2027 growth forecasts, expecting any negative impact from the Middle East conflict to be more than offset elsewhere.

It also proclaimed a ‘very strong’ first-quarter trading performance, with revenue per available room rising 4.4% annually and comparable on-the-books revenue for the second quarter.

International Consolidated Airlines benefited from continued hopes of a US-Iran peace deal, up 2.7%, while defence firm Rolls-Royce gained 2.6%. On the FTSE 250, Wizz Air rose 2.8% and easyJet gained 1.9%.

In European equities on Thursday, the CAC 40 in Paris was up 0.7%, while the DAX 40 in Frankfurt was up 0.2%.

The pound was quoted higher at $1.3618 early Thursday, compared to $1.3602 on Wednesday. Against the euro, sterling rose to €1.1570 from €1.1566 a day prior. The euro stood higher at $1.1765, against $1.1756. Against the yen, the dollar was trading flat at JP¥156.26 compared to JP¥156.27.

In Asia on Thursday, the Nikkei 225 index in Tokyo was up 5.6%. In China, the Shanghai Composite was up 0.5%, while the Hang Seng index in Hong Kong was up 1.5%. The S&P/ASX 200 in Sydney closed up 1.0%.

In the US on Wednesday, Wall Street ended higher, with the Dow Jones Industrial Average up 1.2%, the S&P 500 up 1.5%% and the Nasdaq Composite up 2.0%.

The yield on the US 10-year Treasury was quoted at 4.33%, narrowing from 4.35%. The yield on the US 30-year Treasury was quoted at 4.92%, narrowing from 4.94%.

Still to come on Thursday’s economic calendar, look out for the UK construction PMI, eurozone retail sales and Ireland’s unemployment figures.

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