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Stock prices in London moved little on Wednesday midday ahead of US retail sales figures, as oil prices came down following the US and Iran stating they reached an agreement. The FTSE 100 index was up 4.98 points, marginally higher, at 10,499.24. The FTSE 250 was down 67.84 points, 0.3%, at 23,258.74, and the AIM all-share was down 0.36 points, marginally lower, at 803.57. The Cboe UK 100 was marginally lower at 1,042.22, the Cboe UK 250 was down 0.6% at 19,964.21, and the Cboe small companies was down 0.1% at 18,455.35. In European equities on Wednesday, the CAC 40 in Paris was up 0.2%, while the DAX 40 in Frankfurt was marginally higher. Oil prices touched three-month lows after the US and Iran said they had reached an agreement that would end the US blockade of Iranian ports and reopen the strategically important Strait of Hormuz. Brent crude was quoted at $78.90 a barrel early Wednesday, down from $79.95 late Tuesday and touching its lowest level in three months. Crude nevertheless remains above levels seen before the conflict began, when it traded around $65 a barrel. Trump posted late Sunday afternoon on social media that a deal with Iran is now complete. The full text of the agreement has not yet been published, but the memorandum is expected to be signed Friday in Switzerland. Trump added that he authorised ‘the toll free opening of the Strait of Hormuz.’ Ships have been charged about $2 million on average for passage, according to a member of Iran‘s parliament. US President Donald Trump posted on social media late Sunday that a deal with Iran ‘is now complete’. While the full text has yet to be published, the memorandum is expected to be formally signed in Switzerland on Friday. Trump added that he had authorised ‘the toll free opening of the Strait of Hormuz’. According to a member of Iran’s parliament, ships have recently been charged around $2 million on average to transit the waterway. Meanwhile, leaders of the G7, meeting in the French spa town of Evian, pledged to increase military support for Ukraine. Following face-to-face talks between Trump and Ukrainian President Volodymyr Zelensky on Tuesday, the leaders agreed to provide additional air defence systems and long-range weapons. In a statement released by the Elysee Palace, the G7 said: ‘We commend Ukraine for its resilience and progress on the battlefield in recent months and emphasise there is now a new momentum.’ The pound was quoted at $1.3414 midday Wednesday, lower compared to $1.3422 on Tuesday. Against the euro, sterling fell to €1.1561 from €1.1567 a day earlier. The euro stood at $1.1596, lower against $1.1603. Against the yen, the dollar was trading at JP¥160.23, lower compared to JP¥160.46. Data from Eurostat showed eurozone inflation accelerated in line with expectations in May. Consumer price index inflation rose to 3.2% annually in May from 3.0% in April. On a monthly basis, consumer prices increased just 0.1%, slowing from a 1.0% rise in April. The figures matched the flash estimate published at the start of June and are likely to keep attention focused on the European Central Bank’s policy outlook amid lingering price pressures. Stocks in New York were called mixed. The Dow Jones Industrial Average was called down 0.1%, the S&P 500 index marginally higher, and the Nasdaq Composite up 0.5%. Investors were also looking ahead to a busy US economic calendar. Retail sales data are due at 1230 GMT, with economists expecting monthly growth of 0.5% in May, unchanged from April. Pending home sales are scheduled for 1400 GMT and are forecast to rise 0.8% month-on-month after a 1.4% increase in April. The Federal Reserve announces its interest rate decision at 1800 GMT, with markets expecting rates to remain unchanged at 3.75%. It will be Kevin Warsh’s first meeting as Fed chair. The yield on the US 10-year Treasury was quoted at 4.44%, narrowing from 4.45%. The yield on the US 30-year Treasury was quoted at 4.94%, narrowing from 4.95%. Back in the UK, steady inflation data eased pressure on the Bank of England to raise rates on its meeting on Thursday. UK inflation held at 2.8% in May, prompting a pullback in rate-hike expectations and supporting the gilt market. Barclays topped the FTSE 100, up 3.3%, after Bank of America raised its price target on the stock to 600 pence from 570p and reiterated its ’buy’ recommendation. Weir Group rose 2.9%, making it the second-best performer in the index, after securing a significant pumps order from Lloyds Metals & Energy Ltd. The Glasgow-based engineering firm will supply 14 GEHO TZPM 2000 positive displacement pumps equipped with its GEHO Load Reduction System. British American Tobacco was among the laggards, down 1.9%, after The Times reported the company donated to a Trump-aligned political group ahead of US regulatory reforms. According to analysis by non-profit OpenSecrets cited by the newspaper, Reynolds America donated $8 million to Maga Inc since 2025 through subsidiary RAI Services Co, including a $5 million contribution in April shortly before US authorities announced plans to loosen regulation on vapes and nicotine pouches. The report said this came in addition to $10 million of donations made by BAT during the 2024 US election cycle. Earlier this month, in a trading update for the first half, BAT Chief Executive Tadeu Marroco commented: ‘We welcome the FDA’s recent prioritisation guidance as an important step toward effective enforcement and expanding market access for responsible products, and we are actively preparing our future Modern Oral and Vapour portfolio for market.’ Among smaller caps, Smiths News rose 6.2% after securing a long-term distribution agreement with News UK, publisher of The Sun and The Times newspapers. The contract extends the partnership through July 2037 and expands Smiths News’ territories, making it the exclusive national distributor of News UK’s titles across Great Britain from July 2027. The company expects the deal to add around £125 million in annual revenue from that date. Gold was quoted at $4,332.20 an ounce, up slightly from $4,323.46 on Tuesday. Still to come on Wednesday’s economic calendar are US retail sales figures, EIA crude oil inventories data and the Federal Reserve’s interest rate decision. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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