London Traders Assess War Stalemate Amid Paris Luxury Market Concerns

London traders ended the session cautious as geopolitical uncertainty and earnings results shaped market moves. The FTSE 100 fell 49.48 points to 10,559.58. The FTSE 250 slid 58.70 points to 22,665.59, while the AIM All-Share climbed 5.45 points to 796.02.

Diplomacy, ceasefire talks and oil

Attention centred on a potential resumption of US-Iran negotiations. President Donald Trump said a second round could occur within days.

Pakistani sources said mediators were working to extend a two-week ceasefire. A US official countered that Washington had not formally agreed an extension.

Investors hope for an end to hostilities, but some warn of a war stalemate affecting shipping. Brent crude eased to $95.40 a barrel from $96.28.

European markets and luxury market concerns

Paris underperformed as luxury names disappointed. Kering fell 9.3% and Hermès lost 8.2% after weaker-than-expected first-quarter sales.

Burberry eased 2.2% amid the sector weakness. The CAC 40 closed down 0.6%, while Germany’s DAX rose 0.1%.

US markets, yields and currency moves

US indices posted mixed results. The Dow dropped 0.3%, the S&P 500 rose 0.5%, and the Nasdaq advanced 1.0%.

Benchmark yields ticked higher. The US 10-year yield moved to 4.29% from 4.28%. The 30-year yield widened to 4.89% from 4.88%.

The pound firmed to $1.3577 from $1.3571. Sterling was largely unchanged versus the euro at €1.1502.

UK corporate movers

Entain jumped 4.9% ahead of a first-quarter trading statement and after a BetMGM update. Peel Hunt upgraded the stock to buy.

Barratt Redrow rallied 3.5% but remained 31% down year-to-date. The housebuilder said it is being selective on land purchases.

Standard Life rose 2.1% after agreeing a £2 billion cash and shares deal to buy Aegon Europe’s UK insurance and pensions arm. Aegon will take a stake of just over 15%.

The deal carries an estimated net synergy value of £800 million. That includes £100 million of run-rate pretax cost synergies and £340 million of one-off capital synergies.

Standard Life expects £160 million of operating cash generation and £190 million of adjusted operating profit. The acquisition should be mid-single-digit accretive to adjusted operating earnings per share by 2029.

Panmure Liberum noted questions over why synergies will take five years to realise.

FTSE 250 highlights

Rank surged 18% after a positive trading update. Third-quarter like-for-like net gaming revenue rose 5% to £205.4 million year-on-year.

The group now expects full-year underlying like-for-like operating profit of at least £68 million. That compares with £63.7 million in the year to June 2025.

Saga climbed 5.5% after returning to an annual pretax profit of £2.1 million for the year to January 31. The company had reported a £160.2 million loss the prior year.

• Top FTSE 100 risers included Entain, Barratt Redrow, ICG, Autotrader and Experian.
• Largest fallers included Imperial Brands, Airtel Africa, Fresnillo, GSK and Associated British Foods.

Near-term data and corporate calendar

Thursday’s global calendar features key Chinese data. Retail sales, industrial production and GDP figures are due overnight.

Later comes eurozone CPI, UK GDP and US initial jobless claims. Domestically, Tesco will report full-year results and Rentokil Initial will issue a trading update.

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