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FTSE 100 edges lower amid renewed US-Iran tension

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FTSE 100 edges lower amid renewed US-Iran tension



The FTSE 100 posted modest falls on Thursday, closing well above early lows, as investors weighed the latest developments in the Middle East.

The FTSE 100 closed down 19.45 points, 0.2%, at 10,457.01.

It had earlier traded as low as 10,361.45.

The FTSE 250 ended down 207.49 points, 0.9%, at 22,764.52, and the Aim All-Share fell 5.99 points, 0.7%, at 802.13.

US President Donald Trump continued to strike a defiant tone as the US-Iran conflict continued amid the ongoing ceasefire.

Mr Trump said he has ordered the US Navy to “shoot and kill any boat, small boats though they may be… that is putting mines in the waters of the Strait of Hormuz.”

US Central Command said it has ordered 31 vessels to turn around or return to port since the blockade of the Strait of Hormuz began.

While the US Defence Department said on Thursday that its forces boarded a vessel in the Indian Ocean that was transporting oil from Iran.

More optimistically, various news outlets reported that an Iranian diplomatic source told the Russian news agency Ria Novosti on Thursday that preparations for negotiations between Iran and the US in Pakistan could lead to a breakthrough as early as tonight or tomorrow.

AJ Bell analyst Dan Coatsworth noted: “There continue to be mixed messages around peace talks, creating an air of uncertainty that periodically stops investors in their tracks.

“It’s one of those days where investors have dialled back risk appetite to consider what could go wrong, rather than shrugging off the backdrop of conflict to bid markets higher.”

Brent oil traded at 103.25 dollars a barrel on Thursday afternoon, compared to 101.42 dollars at the time of the equities close in London on Wednesday.

Joshua Mahony, chief market analyst at Scope Markets, fears that while previous market moves were “driven by escalation and de-escalation of the conflict, we are now heading towards a slow grind higher for energy prices as the prospect of a drawn-out stalemate comes into play”.

In European equities on Wednesday, the Cac 40 in Paris ended up 0.9%, supported by gains in L’Oreal, and the Dax 40 in Frankfurt fell 0.2%.

In New York, markets stabilised after strong gains on Wednesday.

The Dow Jones Industrial Average was down 0.1%, as was the Nasdaq Composite, while the S&P 500 was 0.1% higher.

Tesla fell 2.6% after it announced a big jump in capex, and some delays to product roll-outs, taking the shine off better-than-expected financial results.

“Tesla’s physical AI ventures offer large potential revenue opportunities, but could take a while to get there”, was how UBS summed up the situation, continuing to believe Tesla is driven by “narrative/sentiment not fundamentals”.

The yield on the US 10-year Treasury was unchanged at 4.29% on Thursday.

The yield on the US 30-year Treasury was flat at 4.89%.

The pound eased to 1.3500 dollars on Thursday afternoon from 1.3506 dollars on Wednesday.

Against the euro, sterling firmed to 1.1551 euros from 1.1525 euros.

In the UK, the private sector regained growth momentum in April, according to preliminary purchasing managers’ index survey results released by S&P Global.

The flash PMI composite output index registered 52.0 points in April, above the 50-point mark that separates growth from contraction, and up from March’s reading of 50.3 points, indicating an accelerated pace of growth.

The reading came in ahead of FXStreet-cited market consensus, which had forecast the UK private sector would slip into contraction with a 49.8-point PMI reading.

JPMorgan analyst Allan Monks noted a surge in input price readings, including within the less energy-intensive services sector.

In addition, the jump in output price readings also indicates that pricing power is “alive and well”, he said.

While the labour market “remains weak”, it’s a “reoccurring theme in the UK data that growth, wage and pricing pressures continue to hold up despite the stall in hiring,” he said.

Mr Monks thinks the report suggests inflation risks should dominate growth risks in the Bank of England’s thinking when it considers interest rates.

The BoE meets next week, and is widely expected to leave rates on hold at 3.75%.

The euro traded lower against the greenback, falling to 1.1708 dollars on Thursday from 1.1722 dollars on Wednesday.

Against the yen, the dollar was trading slightly little changed at 159.50 yen from 159.39 yen.

On the FTSE 100, London Stock Exchange Group climbed 1.1% after it hailed a “record performance” in the first quarter of 2026 and raised its annual guidance.

While Relx shares were down 2.0% despite reporting that it has “started the year well”, and guiding further growth for the full year.

Legal & General fell 5.6% as it traded ex-dividend, as did Fresnillo, which fell 6.4%.

Sainsbury, down 3.7%, was another in the red as the food retailer warned that the Middle East crisis could squeeze profit in the current financial year.

“The conflict in the Middle East will impact both our customers and our business,” it said in a statement as it reported full-year results.

“The duration and extent of these impacts is very uncertain and this is reflected in our profit guidance.”

Chief executive Simon Roberts pledged to do “everything we can” to support customers over the coming months, with “absolute focus on keeping prices low”.

On the FTSE 250, WH Smith plunged 9.2% as it lowered profit guidance and suspended its dividend, taking a more cautious view on passenger numbers as a result of the Middle East crisis.

Man Group shares were down 7.3% after it reported unexpected net outflows in the first three months of 2026, including an eye-watering 6.1 billion dollars redemption by a single client.

The London-based investment management firm reported net outflows of 1.6 billion dollars in the quarter, compared to market consensus, cited by JPMorgan, for net inflows of 1.8 billion dollars.

Outflows included a 6.1 billion dollar redemption from a single client in long-only systematic equity, Man Group said.

Gold traded at 4,731.39 dollars an ounce on Thursday, down from 4,734.05 dollars at the same time on Wednesday.

The biggest risers on the FTSE 100 were Anglo American, up 148.0p at 3,777.0p, Melrose Industries, up 9.6p at 509.6, Rolls-Royce, up 21.6p at 1,160.2p, Vodafone, up 2.15p at 116.25p and BT Group, up 3.85p at 220.25p.

The biggest fallers on the FTSE 100 were Fresnillo, down 234.0p at 3,426.0p, Legal & General, down 14.95p at 253.65p, Sage Group, down 36.0p at 888.2p, J Sainsbury, down 13.0p at 340.1p and Experian, down 102.0p at 2,779.5p.

Friday’s global economic calendar has UK retail sales figures at 7am BST, followed by the Michigan consumer sentiment index and Canadian retail sales data.

Friday’s local corporate calendar has a trading statement from packaging firm Mondi.

– Contributed by Alliance News



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Ganga Expressway inaugurated by PM Modi: UP’s longest expressway between Meerut & Prayagraj; check travel time, route, speed limit – top facts & images – The Times of India

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Ganga Expressway inaugurated by PM Modi: UP’s longest expressway between Meerut & Prayagraj; check travel time, route, speed limit – top facts & images – The Times of India


Uttar Pradesh has over 60% of India’s total access-controlled expressway network.

Ganga Expressway, the longest expressway so far in Uttar Pradesh, was inaugurated by Prime Minister Narendra Modi on Wednesday. The 594 kilometres long Ganga expressway is a six-lane expressway that aims to reduce the travel time between Meerut and Prayagraj to just 6 hours!Uttar Pradesh has over 60% of India’s total access-controlled expressway network. Recently, Chief Secretary Manoj Kumar pointed out that of the nearly 2,900 km of such highways across the country, close to 1,200 km are located in the state.Meerut District Magistrate and Collector Vijay Kumar Singh on Tuesday said the project has generated tremendous excitement among the public. He noted that the expressway will greatly enhance connectivity to Prayagraj as well as the state capital, Lucknow.Experts say the expressway’s length is particularly significant. According to the Department for Promotion of Industry and Internal Trade, road transport remains economically efficient for freight over distances of up to about 600 km, while rail becomes more viable beyond that point. At 594 km, the Ganga Expressway falls almost exactly within this crucial range for cargo movement.

Ganga Expressway

How will the Ganga Expressway cut down travel time, what districts will it cover, what will be the toll policy, and what cost has it been constructed at? We take a look:

Ganga Expressway: Top Points About UP’s Longest Expressway

Travel time: One of its most noticeable benefits will be the sharp reduction in travel time. The trip between Meerut and Prayagraj, which currently takes around 10 to 12 hours, is likely to be cut to approximately 6 to 7 hours. Access from Delhi: For travellers from the Delhi-NCR region, access will be seamless through the Delhi-Meerut Expressway, followed by a short connecting link at Bijoli to join the Ganga Expressway.

Ganga Expressway: Top facts

Construction cost: Developed at an estimated cost of Rs 36,230 crore, the Ganga Expressway ranks among Uttar Pradesh’s most ambitious infrastructure initiatives. The Ganga Expressway stretches from Bijoli village in Meerut to Judapur Dandu village in Prayagraj.Speed limit: The expressway has been built for speeds of up to 120 kmph. The six-lane access-controlled expressway, has been designed with the provision for expansion to eight lanes.

Ganga Expressway

Route & Districts covered: The expressway will pass through 12 districts: Meerut, Hapur, Bulandshahr, Amroha, Sambhal, Badaun, Shahjahanpur, Hardoi, Unnao, Rae Bareli, Pratapgarh and Prayagraj. In doing so, it will directly influence more than 500 villages along its alignment.Interchanges & amenities: Its connectivity is further strengthened by 21 interchanges that link the corridor with existing national highways and state roads.

Ganga Expressway: Top facts

The project also includes major river crossings, notably a 960-metre bridge over the Ganga and a 720-metre bridge across its tributary, the Ramganga. Both structures have been engineered to suit local flood conditions.To support travellers, the expressway will also feature nine public utility complexes equipped with fuel stations, rest areas and food courts.

Ganga Expressway

Emergency Landing Strip: One of the expressway’s standout features is a 3.5-km emergency landing strip in Shahjahanpur district. Already tested by the Indian Air Force, this airstrip adds a strategic defence dimension to the project, enhancing national preparedness in addition to its economic significance, according to an official statement.Integration with other expressways: Ganga Expressway will eventually be integrated with existing and even upcoming corridors. These include the Agra-Lucknow Expressway, the Farrukhabad Link Expressway, the Jewar Link Expressway, and a proposed extension that will connect Meerut to Haridwar.According to reports, plans are underway to extend the expressway by around 146 kms up to Haridwar. This extension will pass through Amroha and Bijnor and cover more than 200 villages.

Ganga Expressway

Toll: The project will be operated under a toll-based public-private partnership model. Adani Enterprises and IRB Infrastructure Developers have been awarded concession rights for a period of 30 years.For toll collection, two primary toll plazas will be set up at the main entry points in Meerut and Prayagraj. The final toll charges have not yet been announced, however officials have indicated that they are likely to be in line with other expressways in Uttar Pradesh. At present, four-wheelers pay around Rs 2 to Rs 3 per kilometre.



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Oil prices decline after UAE says it will exit Opec amid Iran war energy crisis

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Oil prices decline after UAE says it will exit Opec amid Iran war energy crisis


Stocks mostly advanced in Asia on Wednesday despite losses on Wall Street, while oil prices fell after the United Arab Emirates said it would leave Organisation of the Petroleum Exporting Countries (OPEC) in a blow to the powerful oil cartel.

US futures edged higher. Markets in Japan were closed for a holiday.

Elsewhere in Asia, South Korea’s Kospi rose 0.3 per cent to 6,657.40 and the Hang Seng in Hong Kong gained 1.4 per cent to 26,029.02. The Shanghai Composite index traded 0.3 per cent higher at 4,091.01.

Australia’s S&P/ASX 200 slipped 0.3 per cent, to 8,689.50.

Taiwan’s Taiex lost 0.6 per cent, and India‘s Sensex gained 0.4 per cent.

The price of a barrel of Brent crude oil to be delivered in June fell 0.5 per cent to $110.71 early Wednesday. Brent to be delivered in July dropped 0.6 per cent to $103.74. Brent oil was around $70 per barrel before the war began in late February.

Benchmark US crude fell 0.6 per cent to $99.32 a barrel.


Exterior views of Opec (Organization of the Petroleum Exporting Countries) headquarters on 28 April 2026 in Vienna, Austria (Getty)

The UAE’s departure from Opec, due to happen on Friday, has been closely watched by oil markets. Opec accounts for roughly 40 per cent of global oil output, and the UAE is one of Opec’s largest oil producers. It has pushed back against Opec production quotas in recent years, wanting to sell more oil to the rest of the world.

“The UAE’s exit will increase (oil) output,” ING Bank strategists Warren Patterson and Ewa Manthey wrote in a research note on Wednesday. “The UAE has been increasingly frustrated over recent years by its output being constrained by Opec production quotas, which have kept it well below its potential.”

But as US-Iran negotiations for a permanent end to the Iran war stalled and the Strait of Hormuz, where roughly one fifth of the world’s oil passed through before the war, was still largely closed, short term impacts on oil prices will still depend mainly on prospects for reopening the waterway, analysts said.

The UAE was the third largest oil producer within Opec before the Iran war. ING said its departure “will reduce Opec’s effectiveness in managing and influencing the global oil market through supply measures.”

Investors are also awaiting more updates on US-Iran peace talks, although limited progress has been made. Iran has offered to reopen the Strait of Hormuz if the United States lifts its blockade on its ports. So far, the US appears to be ruling out a deal that excludes the Islamic Republic’s nuclear programme.

The Federal Reserve is expected to announce a decision on interest rates later Wednesday.

On Tuesday, Wall Street retreated from its recent record highs. The benchmark S&P 500 fell 0.5 per cent from its latest all-time high to 7,138.80. The Dow Jones Industrial Average edged down 0.1 per cent to 49,141.93, and the technology-heavy Nasdaq composite dropped 0.9 per cent to 24,663.80.

Artificial intelligence-related stocks led the losses. Chip company Broadcom lost 4.4 per cent, Nvidia fell 1.6 per cent and Micron Technology lost 3.9 per cent. Alphabet, Amazon, Microsoft and Meta Platforms are reporting quarterly results on Wednesday.

In other dealings early Wednesday the US dollar rose slightly to 159.63 Japanese yen from 159.62 yen. The euro was trading at $1.1708, down from $1.1712.

The yield on the US 10-year Treasury remained at 4.35 per cent.



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Maruti profit slips 6.4% in Q4, revenue jumps 29% – The Times of India

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Maruti profit slips 6.4% in Q4, revenue jumps 29% – The Times of India


New Delhi: Maruti Suzuki had a record year in 2025-26 in terms of revenue and sales, but rising costs took a bite out of profits. The automaker posted consolidated revenue of over Rs 1.8 lakh crore, up 19.9% from the previous year, with total sales of 24.2 lakh vehicles. Net profit, however, barely moved – rising 1.2% to Rs 14,680 crore – as higher material, employee and depreciation costs ate into margins.The March quarter told a similar story: Revenue jumped 28.6% to Rs 52,462 crore, but net profit slipped 6.4% to Rs 3,659 crore.R C Bhargava, chairman, Maruti Suzuki India, said the auto industry is back in a growth phase, helped by stronger consumer demand and govt support, including lower taxes on small cars. He said Maruti expects to roll out about 2.5 lakh more vehicles this year as supply bottlenecks ease and new capacity comes online. The bigger constraint right now, he said, is not whether people want to buy cars but how many the company can actually make. Maruti is adding new production lines that will bring roughly 5 lakh additional units of annual capacity this year.



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