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Stock prices continued to trade higher on Wednesday midday after UK Prime Minister Keir Starmer addressed the country regarding the impact of the Iran war; meanwhile Rightmove shares fell as it said it will defend a proposed £1.5 billion class action claim filed against it. The UK prime minister sought to reassure Britons that there would be a ‘long-term plan’ in place to emerge a ‘stronger and more secure nation’ amid widespread concerns about the impact of the crisis on the cost of living. Meanwhile, Foreign Secretary Yvette Cooper will host a meeting of international leaders to ‘assess all viable diplomatic and political measures’ to reopen the Strait of Hormuz, he said, as Tehran’s stranglehold on the key shipping route has seen oil and gas prices soar. The FTSE 100 index was up 184.13 points, 1.8%, at 10,360.58. The FTSE 250 was up 361.08 points, 1.7%, at 21,564.79, and the AIM all-share was up 18.86 points, 2.6%, at 735.98. The Cboe UK 100 was up 1.7% at 1,031.62, the Cboe UK 250 was up 1.6% at 18,669.47, and the Cboe small companies was up 0.6% at 17,119.86. Defence and gold stocks continued to lead the FTSE 100, with Babcock up 6.0% and Rolls-Royce up 5.1%. Anglo American gained 5.1%, Antofagasta 5.0%, Endeavour 4.7% and Fresnillo 3.6%. On the FTSE 250, Pan African Resources rose 7.3%. Gold was quoted higher at $4,728.11 an ounce against $4,613.15. Brent oil, meanwhile, was quoted lower at $103.28 a barrel at midday in London on Wednesday from $107.38 late Tuesday. The White House has said US President Donald Trump will give ‘an important update on Iran’ to the nation at 2100 EDT on Wednesday, and Trump said on Tuesday he expects the US to ‘finish the job’ in Iran ‘within maybe two weeks’. Meanwhile, US-Israeli strikes have hit steel complexes in central and southwest Iran, causing damage to production units, Iranian media reported. Berkeley Group remained the lowest FTSE 100 stock, down 15%, after it said it will stop buying new land and cut work in progress as the Iran war and a tough economic backdrop weigh on the UK housing market. In an unscheduled trading update, the Surrey, England-based housebuilder said it was taking ‘decisive action’ by re-phasing the delivery of its ’Berkeley 2035’ strategy over the four years to 2030. Rightmove was the second-lowest, down 5.8%. The London-based online property portal said it will ‘vigorously’ defend a proposed £1.5 billion class action claim filed against it, as estate agents accuse the firm of charging excessive fees. International Consolidated Airlines was up 4.5%. On the FTSE 250, Wizz Air gained 5.3% and easyJet rose 3.7%. On AIM, Deltic Energy fell 30%. The investor, which has an exploration and appraisal portfolio in the southern and central North Sea, said a takeover offer from Viaro has lapsed amid a regulatory delay. The bid, which Deltic agreed to in June, valued it at around £7 million. Also in domestic news, the seasonally adjusted S&P Global UK manufacturing PMI posted 51.0 in March, above the neutral 50.0 mark separating growth from contraction but down from 51.7 in February. It was also below the flash estimate of 51.4. ‘Manufacturing output decreased for the first time in six months, as a solid contraction in the intermediate goods industry more than offset mild (but slower) expansions at consumer and investment goods producers,’ S&P Global said. ‘The scaling back of production volumes was linked to rising uncertainty, war in the Middle East, stock management initiatives and lower levels of confidence about the year ahead at manufacturers and their clients alike.’ In European equities on Wednesday, the CAC 40 in Paris was up 1.7%, while the DAX 40 in Frankfurt was up 2.0%. Leading economic institutes cut their growth forecasts for Germany on Wednesday, warning that surging inflation resulting from the Middle East war would hit Europe’s top economy hard. The German economy should grow by 0.6% in 2026, the seven institutes said, down from a September forecast of 1.3%, while inflation is predicted to rise to 2.8%, up from 2.0%. For 2027, the forecast for economic growth in Germany was cut to 0.9%, from a previous forecast of 1.4%. Meanwhile, the eurozone manufacturing sector recorded stronger growth last month, although the Middle East conflict lengthened lead times. The S&P Global eurozone manufacturing purchasing managers’ index rose to a 45-month high of 51.6 points in March from 50.8 in February, and S&P Global said there was a ‘broad stabilisation of export demand’. Unemployment in the eurozone, meanwhile, unexpectedly increased in February amid an uptick in female unemployment, data published by Eurostat. The unemployment rate was 6.2% in February, up from 6.1% in January, where it had been expected to remain according to the FXStreet-cited consensus. The pound was quoted higher at $1.3313 midday on Wednesday, compared to $1.3205 late Tuesday. Against the euro, sterling rose to €1.1478 from €1.1463 a day prior. The euro stood higher at $1.1598, against $1.1523. Against the yen, the dollar was trading lower at JP¥158.62 compared to JP¥159.02. Stocks in New York were called higher. The Dow Jones Industrial Average was called up 0.5%, the S&P 500 index up 0.5%, and the Nasdaq Composite up 0.7%. The yield on the US 10-year Treasury was quoted at 4.28%, narrowing from 4.33%. The yield on the US 30-year Treasury was quoted at 4.88%, narrowing from 4.91%. Still to come on Wednesday’s economic calendar, the US has ADP employment data, retail sales, and its manufacturing PMI. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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