The FTSE 100 opened 4,02 points lower at 10,682.52 as investors await Chancellor John Healey's first budget, while interest rate decisions from the US and Canada are also scheduled. Brent crude futures rose 1.20% to USD 115.3 per barrel. US West Texas Intermediate (WTI) advanced 1.52% to USD 101.4 per barrel.
Sterling traded at USD 1.3285 early Wednesday, lower than USD 1.3307 when the London equities closed on Tuesday. Against the euro, sterling rose to EUR1.1950 from EUR1.1943.
On the upside, Segro gained 1.03% to 919.20p, while Polar Capital Technology Trust advanced 0.87% to 635.00p. Lion Finance Group climbed 0.81% to 12,480.00p, and Glencore increased 0.79% to 546.10p. Prudential rose 0.74% to 901.00p, while Babcock International Group added 0.69% to 999.60p.
On the downside, GSK plunged 3.77% to 1,851.00p, while Unilever declined 2.79% to 4,756.00p. Croda International slipped 1.43% to 3,576.00p, and Auto Trader Group fell 1.36% to 521.00p. Sage Group decreased 1.22% to 1,137.00p, while Diageo lost 1.20% to 1,730.00p.
UK Chancellor John Healey said that standing charges on gas bills will be scrapped, as part of the government’s cost of living package to make energy bills cheaper.
It is expected to save around GBP 45 per year on the average bill. Healey has asked Ofgem to deliver the policy change in 2027 or ‘as soon as possible.’ The standing charge is used to fund maintenance of the gas network and is placed on all bills, regardless of use.
Standard Chartered raised its full-year income growth forecast following third-quarter profit beat expectations. Pre-tax profit rose 27% year on year to USD 2.25 billion, above the USD 2.09 billion average estimate compiled by Bloomberg.
Operating income rose 14% in constant currency. The bank now expects 2026 income growth to exceed its previous 5%-7% range and targets a return to around 14%, up from a previous range of 12%.
It also lifted its net interest income guidance to growth of about 4%, from low single digits, and switched its cost target to a cost-to-income ratio of about 60%.
Unilever dropped more than 3.3% in early trading, to 4,727p, after posting slowing sales in food markets. Investors have not been cheered by double-digit growth in Unilever’s emerging markets.
Chris Beauchamp, IG’s chief market analyst, said: “It is important to never forget that markets are about the future.”
“That will make growth harder from here, acting as a brake on future ambitions. While profit guidance is unchanged for now, it remains to be seen if Unilever can keep that in place as cost pressures bite,” he further added.
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In the US, the S&P 500 was up 0.6% to end at 7,722.60, while the Dow Jones Industrial Average added 15.99 points, or 0.03%, to close at 52,377.57. The NASDAQ Composite gained 1.18% to settle at 26,477.81.
In Asia, Tokyo's Nikkei 225 rose 1.08% to 63,954.19, while China’s Shanghai Composite edged up by 0.91%. Hong Kong’s Hang Seng advanced 0.23%, and South Korea’s Kospi gained 6.63%. In India, both the Nifty 50 and the Sensex advanced by 0.15% and 0.34%, respectively.
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