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London stocks were mixed at Wednesday midday as Pakistan said that technical talks between the US and Iran were set to restart; meanwhile Segro shares continued to shine after it rebuffed an approach from ProLogis. The FTSE 100 index was up 6.10 points, 0.1%, at 10,434.95. The FTSE 250 was up 25.69 points, 0.1%, at 22,952.16, and the AIM all-share was down 3.39 points, 0.4%, at 779.20. The Cboe UK 100 was down 0.2% at 1,035.97, the Cboe UK 250 was up marginally at 19,649.77, and the Cboe small companies was down 0.1% at 18,044.86. In geopolitical news, Pakistan said on Wednesday that technical talks that Islamabad has been mediating between the US and Iran were set to restart. ‘Talks will resume next week, I presume on Tuesday,’ Pakistan’s foreign ministry spokesman Tahir Andrabi told journalists in Islamabad. Meanwhile, Mohammad Bagher Ghalibaf, the head of the Iranian negotiating team, called the two countries’ previous memorandum of understanding ‘a declaration of America’s defeat’ at a conference broadcast on Iranian television. Also, US Secretary of State Marco Rubio has met United Arab Emirates President Mohamed bin Zayed, as he kicks off a tour of the Gulf countries hit hardest by Iran during the Middle East war. Speaking on Tuesday, Rubio had said he intended to discuss the US-Iran memorandum of understanding with Gulf leaders, which does not address Iran’s missile programme and proxies two long-standing Gulf concerns. He also insisted that no country is allowed to impose tolls on the Strait of Hormuz after Oman and Iran, which border the waterway, said they were considering charging ‘costs’ for navigating the key exit route for Gulf oil and gas. ‘It’s an international waterway. No country is allowed to charge tolls or fees on an international waterway. That’s existing international law,’ he said as he arrived in the UAE capital. Meanwhile, Japanese Prime Minister Sanae Takaichi has laid out plans to invest JP¥370 trillion, or $2.3 trillion, in Japan over the next 14 years, Bloomberg reported. The spending agenda spans public and private investment, running until the end of March 2041. It sets aside JP¥101.6 trillion for artificial intelligence and computer chips alone, according to documents that released after an advisory panel meeting. In European equities on Wednesday, the CAC 40 in Paris was up 0.2%, while the DAX 40 in Frankfurt was down 1.0%. German business sentiment improved in June, survey data from the Ifo Institute showed. The Ifo business climate index rose to 85.6 points in June from 85.0 in May. Companies assessed their current business situation more positively and were slightly less sceptical about the months ahead. The current conditions index increased to 87.0 points in June from 86.1 in May, while the expectations gauge edged up to 84.1 from 83.9. ‘Firms perceive the business environment as less uncertain. German companies are hoping for geopolitical tensions to ease,’ the Ifo Institute said. The pound was quoted lower at $1.3156 midday Wednesday, compared to $1.3198 on Tuesday. Against the euro, sterling rose to €1.1598 from €1.1595 a day prior. The euro stood at $1.1339, lower against $1.1382. Against the yen, the dollar was trading higher at JP¥161.71 compared to JP¥161.54. Stocks in New York were called mixed. The Dow Jones Industrial Average was called down 0.1%, the S&P 500 index up 0.2%, and the Nasdaq Composite up 0.5%. This followed a sell-off on Tuesday, although AJ Bell Head of Markets Dan Coatsworth noted that this ‘didn’t trigger contagion across global markets’. ‘This suggests the US tech sell-off was simply a bout of profit taking after a stellar run for memory chip suppliers,’ he continued. ‘Semiconductor group Micron reports results today, and certain investors will have taken the view that it is better to travel than arrive, cashing out before the results in case the numbers don’t smash expectations.’ Micron was called up 3.7%. Seoul-listed chipmaker SK Hynix, meanwhile, said it plans to raise ₩45.45 trillion, $29 billion, through a Nasdaq listing, marking a major push to broaden its access to US capital markets. In a regulatory filing, the Icheon, South Korea-based company said it had ‘decided to conduct a public offering of American Depositary Receipts, through the issuance of new shares and list them on Nasdaq’ on July 10. The yield on the US 10-year Treasury was quoted at 4.48%, narrowing from 4.49%. The yield on the US 30-year Treasury was quoted at 4.92%, narrowing from 4.93%. Brent oil was quoted lower at $75.75 a barrel at midday in London on Wednesday from $77.10 late Tuesday. Gold was quoted lower at $4,061.53 an ounce against $4,134.67. On the FTSE 100, Segro continued to lead, up 17%. The real estate investor, whose portfolio includes data centres as well as big box and urban warehousing, said US logistics property titan ProLogis’ recent takeover proposal ‘falls a long way short of Segro’s own views on value’ of its assessment of the company’s value and was ‘opportunistically timed’. Earlier, Prologis revealed it had approached Segro with an all-share proposal under which Segro shareholders would receive 0.084 new Prologis shares for each Segro share, valuing Segro at £12.6 billion. ‘Momentum is building in Segro’s occupational markets and the company has a large and attractive development pipeline, including an exceptional data centre platform, as well as a long track record of delivery,’ it said. ‘Accordingly, the board remains very confident in Segro’s ability to capture substantial value for its shareholders during the coming years.’ AJB’s Coatsworth commented: ‘Prologis urging shareholders to encourage Segro to engage suggests the initial all-share bid submitted last week is just its opening salvo and that Segro’s rejection won’t be the final word in the story. ‘Whether an all-share bid will prove attractive to shareholders, given it would mean ending up with an investment in a much different entity, is open to question. Perhaps including a cash element would help smooth the passage of any deal.’ Gamma Communications led the FTSE 250 laggers, down 8.2%. US private equity firm Providence Equity Partners has disclosed that it is no longer part of the consortium bidding for the provider of cloud communications and voice services, and does not intend to make an offer. Earlier this month, Gamma had reported a possible offer from the consortium of Providence and London-based private equity firm Epiris. Epiris said ‘it is continuing to consider its options’ in relation to a potential offer, but noted there is no certainty an offer will be made. Under UK takeover rules, it has until July 8 to ’put up or shut up’. On AIM, Avingtrans was down 4.6%, after the Cambridgeshire, England-based engineering firm said full-year profit will be in line with market expectations but said it will need to unexpectedly repay some Covid-19 loans to the US government. The principal amount is around $3.1 million, with interest and penalties expected to bring the total to $5.0 million. Repayment terms remain under discussion, but are currently expected to be spread over approximately 24 months. Thalia Therapeutics rose 19%. The biotechnology company is acquiring Sanmirna Therapeutics Inc, which holds an exclusive licence for acute myeloid leukaemia treatment miRisten. Initial consideration is £3.7 million, with deferred milestone payments worth up to an additional £13 million. Thalia also raised £2.8 million through a placing and subscription of 458.3 million shares at 0.6p each. Velocity Composites, meanwhile, lost 6.7%. The supplier of composite material kits to high-performance manufacturers guides for adjusted earnings before interest, tax, depreciation and amortisation of around £500,000 for the year ending October 31, and for overall full-year results ‘below current market expectations.’ This was alongside its half-year results, which included revenue of £8.4 million, down from £10.4 million the year before; adjusted Ebitda of £82,000, down from £258,000; and a pretax loss of £1.0 million, widened from £574,000. Still to come on Wednesday’s economic calendar, Canada reports manufacturing sales. The US has figures for building permits and current accounts; new home sales; and crude oil stocks. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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