A measure of calm in government bond markets and a slight moderation in oil prices helped steady markets in Asia overnight and saw the FTSE 100 start out flat on Thursday morning.
The threat of further escalation in the Middle East continues to hum a discordant tune in the background though amid continuing nervousness about the implications for inflation and the cost of borrowing.
AI chip giant Broadcom may have announced another blowout set of quarterly numbers but the indifferent market reaction shows just how demanding the market is of AI names thanks to their gravity-defying valuations. Third-quarter and guided fourth-quarter revenue did come in ahead of expectations but only by a smidge.
In London, gold miners were higher as precious metals prices ticked higher, while retail names saw some modest selling.
Jet2
Today’s update from Jet2 confirms it is looking through the current turbulence to focus on its long-term future as it formalises plans to move from AIM to the Main Market.
The company enjoyed a strong period coming out of the pandemic, where it earned credit for treating customers fairly despite the disruption wrought by Covid.
It has sustained a reputation for strong customer service as the travel sector has returned to something closer to normality.
This reputation underscores the resilient demand Jet2 has enjoyed during a testing period thanks to events in the Middle East and, combined with its hedging against higher fuel costs, has enabled it to offer a reassuring update on trading.
The decision to ascend to the Main Market looks a logical next step given the strides the business has made to reach its current strong market position.
Hilton Food
After a very difficult 2025 beset by regulatory disruption, rising costs and weaker demand, investors have regained their appetite for Hilton Food.
New CEO Mark Allen, who joined at the start of 2026, has successfully stabilised Hilton Food, which saw the US authorities restrict shipments from its Foppen smoked salmon arm’s Greek processing plant last year.
Like a lot of companies which run into trouble, Hilton is narrowing its focus, leaning on its core red meat and convenience food operations while it rehauls its seafood businesses.
The company has also agreed the sale of its loss making vegan and vegetarian outfit Dalco in July. While there are some signs of people reducing their consumption of meat in some parts of the world, today’s update showed robust underlying demand to reassure on the medium-term outlook.
Expansion in Saudi Arabia and Canada, which is expected to make a contribution to earnings from 2027, shows Hilton still has an eye on growth too.
Russ Mould: Investment Director
Russ Mould is AJ Bell's Investment Director. He has a Master's degree in Modern History from the University of Oxford and more than 30 years' experience of the capital markets.
He started out at Scottish...
