UK Market Overview
The FTSE 100 climbed on Friday, supported by HSBC shares and monitoring of oil prices alongside escalating Middle East tensions. The index rose 0.9% to 10,736.23 points, while the FTSE 250 gained 0.3%. Both are on track for a second consecutive week of gains.
Notable Stocks
- HSBC: +1.7% after Allianz agreed to acquire its life insurance business in Singapore for S$2.7 billion ($2.1 billion), streamlining operations and focusing on core Asian banking.
- 3i Group: +3.1%, with UBS raising its target price from 2,900 to 3,200 pence per share.
- discoverIE: +12.5% in the FTSE Mid-Cap after exceeding annual earnings expectations.
- BP: -1.6% and Shell: -0.9%, impacted by energy stock weakness.
Geopolitical and Economic Factors
- US missiles struck targets across Iran after President Trump warned of “major military punishment” against Iran and Houthi allies in Yemen.
- The US imposed new tariffs of 10% and 12.5% on goods from 60 trading partners.
- UK retail sales rose unexpectedly in June, aided by warm weather and the World Cup.
- UK companies reported growth in July after a brief pause in US-Israel-Iran tensions.
