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London stocks on the FTSE 100 nudged a touch higher in early trade on Wednesday following solid gains on Wall Street, as investors eyed results from Nvidia after the US close.
At 0825 BST, the FTSE 100 was up 0.1% at 8,785.72.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: “In the US, it’s Nvidia earnings day! The company is expected to post $43.2bn in Q1 sales, with net income above $20bn. Its recent Middle East deals should boost revenue forecasts for next quarter and help offset the impact of US export restrictions to China. In that context, AMD was upgraded yesterday to ‘hold’ at HSBC, thanks to its AI deal with Saudi Arabia.
“Anyway, strategists at BBVA think that strong earnings from Nvidia could fuel another leg of the US equity rally – noting that investors are still sitting on about $7 trillion in cash funds and options markets suggest that the stock price will move more than 7% on either direction depending on whether investors like what they see, or not.”
In UK equity markets, Rentokil was the top performer on the FTSE 100 after agreeing to sell its Workwear business in France to H. I. G Capital for around €410m (£344m).
Defence stocks were among the gainers again amid expectations that NATO members will agree to raise defence spending at a summit next month, with BAE Systems and Rolls-Royce both up.
IT infrastructure group Softcat rallied as it raised its guidance for full-year profit growth after a stronger-than-expected third-quarter performance.
Bulmers cider maker C&C was also higher as it said it expects a limited impact from US tariffs, held annual guidance and reported a jump in profits for 2024/25, while Pets at Home rose after full-year results met consensus expectations.
On the downside, B&Q and Castorama owner Kingfisher fell as it reported a small increase in underlying sales in its first quarter as continued weakness across its French operations was offset by strong growth in the UK and Ireland.
Greggs was knocked lower by a downgrade to ‘hold’ from ‘buy’ at Shore Capital, which said that as investment reaches its peak, it sees little to stimulate the shares.
Top 10 FTSE 100 Risers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Rolls-royce | +1.55% | +13.20 | 864.80 |
| 2 |  |
Segro Plc | +1.44% | +9.60 | 674.60 |
| 3 |  |
Bae Systems Plc | +1.34% | +25.50 | 1,925.50 |
| 4 |  |
Pershing Square Holdings Ltd | +1.34% | +52.00 | 3,928.00 |
| 5 |  |
Aib Group Plc | +1.07% | +6.00 | 568.00 |
| 6 |  |
Flutter Entertainment Plc | +0.98% | +175.00 | 18,115.00 |
| 7 |  |
Barratt Redrow Plc | +0.92% | +4.20 | 462.50 |
| 8 |  |
Intertek Group Plc | +0.84% | +40.00 | 4,824.00 |
| 9 |  |
Fresnillo | +0.71% | +8.00 | 1,130.00 |
| 10 |  |
Antofagasta Plc | +0.70% | +12.50 | 1,809.50 |
Top 10 FTSE 100 Fallers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Sainsbury (j) Plc | -1.64% | -4.80 | 288.20 |
| 2 |  |
3i Group Plc | -1.55% | -64.00 | 4,073.00 |
| 3 |  |
Coca-cola Hbc Ag | -1.45% | -58.00 | 3,932.00 |
| 4 |  |
Gen.acc.8se.pf | -1.28% | -2.00 | 154.00 |
| 5 |  |
Smith & Nephew Plc | -1.26% | -13.50 | 1,059.00 |
| 6 |  |
Wise Plc | -1.25% | -14.00 | 1,103.00 |
| 7 |  |
Smurfit Westrock Plc | -0.94% | -31.00 | 3,261.00 |
| 8 |  |
Diageo Plc | -0.84% | -17.00 | 2,014.00 |
| 9 |  |
Lloyds Banking Group Plc | -0.82% | -0.64 | 77.84 |
| 10 |  |
Astrazeneca Plc | -0.72% | -76.00 | 10,408.00 |
US close: Stocks higher after Trump delays EU tariffs
Major indices closed higher on Tuesday after Donald Trump agreed to delay tariffs of 50% on imports from the European Union.
At the close, the Dow Jones Industrial Average was up 1.78% at 42,343.65, while the S&P 500 advanced 2.05% to 5,921.54 and the Nasdaq Composite saw out the session 2.47% firmer at 19,199.16.
The Dow closed 740.58 points higher on Tuesday, more than erasing losses recorded in the previous session after Trump called for fresh tariffs on the EU and technology giant Apple ahead of the Memorial Day long weekend.
On Tuesday’s macro slate, US durable goods orders plunged by 6.3% in April to $296.3bn, according to the Census Bureau, the sharpest decline since January 2024, although slightly softer than market expectations of a 7.8% drop.
Elsewhere, S&P Case-Shiller’s home price index increased to 338.39 in March, up from 335.08 points in February, while consumer confidence surged to 98.0 in May, according to the Conference Board, a 12.3-point increase month-on-month and significantly better than the consensus estimates of 86.0.
Finally, the Dallas Federal Reserve‘s manufacturing business index rose to -15.3 in May, up from a near five-year low of -35.8 in April but still pointing to a fourth consecutive monthly contraction.
In the corporate space, identity and access management firm Okta warned of an “uncertain economic environment” ahead, causing shares to slump in extended trading.
Still to come, the likes of Nvidia, Macy’s and Costco were all slated to report before the end of the week.
Wednesday newspaper round-up: House prices, Starlink, John Lewis
Donald Trump’s global tariff trade war is “nonsense and stupid” and will damage every country in the world, including the US, the boss of one of Britain’s most powerful property companies has said. Mark Preston, chief executive of the 348-year-old Grosvenor Group, controlled by the Duke of Westminster, said he was “convinced” that the president’s sweeping tariff policies would ultimately be removed. – Guardian
UK homeowners are agreeing to sell for about £16,000 below the average asking price amid the busiest month for home sales since the pandemic boom, according to a leading property website. House sales have climbed by 6% this month compared with May last year, Zoopla found, and 13% more homes came on to the market, giving buyers more choice and helping to boost activity. – Guardian
Rachel Reeves’s plans to combine smaller pension funds into a group of giant “megafunds” will make workers just £6,000 better off by the time they retire, The Telegraph understands. In an announcement expected later this week, the Chancellor will lay out details of new rules to encourage consolidation in the pension industry. – Telegraph
Elon Musk’s Starlink is set to be handed a bigger slice of Britain’s broadband network amid surging demand for satellite internet services. Ofcom has outlined proposals to grant new temporary spectrum licences to Starlink for three of its gateway Earth stations. The stations, which are located at Starlink’s existing sites in Hampshire, Suffolk and Cambridgeshire, help to connect broadband users by transmitting data between satellites and infrastructure on the ground. – Telegraph
The John Lewis Partnership has been given the green light for its biggest build-to-rent project, despite opposition from the council and local residents. The group said a government planning inspector had approved its plans to build 430 homes in towers up to 20 storeys high above its Waitrose supermarket in the west London borough of Ealing. – The Times
