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The FTSE 100 opened 21.60 points lower at 10,721.75 as investors weigh escalating US pressure on Iran, review Federal Reserve minutes, and assess mounting US debt. Brent crude futures rose 0.63% to $92.20 per barrel. US West Texas Intermediate (WTI) advanced 0.82% to $85.08 per barrel.
Sterling was quoted at $1.3602 early Thursday, slightly lower than $1.3608 at the London equities close on Wednesday. Against the euro, sterling fell to €1.1654 from €1.1669 a day prior.
On the upside, Weir Group climbed 1.89% to 2,692p. United Utilities Group advanced 0.99% to 1,423p, while Severn Trent gained 0.98% to 3,098p. Diageo rose 0.86% to 1,704p, St. James’s Place added 0.73% to 1,180.50p, and Metlen Energy & Metals increased 0.67% to €48.24.
On the downside, JD Sports Fashion fell 12.78% to 81.52p. Investec declined 4.06% to 637.50p, while Legal & General Group dropped 3.19% to 288.50p. Coca-Cola HBC slipped 2.21% to 4,416p, Entain lost 2.21% to 532p, and M&G edged 1.70% lower to 341.10p.
British recruiter Hays cut its full-year dividend by 65% on Thursday and unveiled a new strategy to retreat from a third of its markets.
Hays said its full-year dividend fell to 0.44p per share from 1.24p, after the final dividend of 0.29p per share, unchanged from the prior year, was set in line with the revised capital allocation framework and dividend policy announced last year. This brought the full-year payout to 2.8 times pre-exceptional earnings cover.
The US national debt has doubled in a decade to $40 trillion, according to official figures. The rise follows years of heavy spending.
In 2016, the national debt stood at just under $20 trillion. Higher interest payments have also contributed to the quick jump in the debt.
The Congressional Budget Office (CBO) had projected overall borrowing would only reach $39.6 trillion by the end of fiscal year 2026.
Shares of JD Sports tumbled after the sportswear retailer cut its profit forecast and revealed falling sales.
The firm had grown its share price by about 9% in the past year. JD Sports has now shed nearly 60% of its market value in the last five years and fallen 30% since chief executive Régis Schultz was appointed in September 2022.
The group downgraded its pre-tax profit target to between £700 million and £800 million, down from an upper limit of £850 million.
In the US, Wall Street recovered its losses. The S&P 500 ended a three-day losing streak and advanced 0.21% to close at 7,707.98, while the Nasdaq Composite gained 0.16% and the Dow Jones Industrial Average added 0.22%.
In Asia on Thursday, Tokyo's Nikkei 225 gained 1.36% to 66,216.79, while China’s Shanghai Composite gained 0.24%. Hong Kong’s Hang Seng advanced 1.09%, and South Korea’s Kospi surged 5.89%. In India, both the Nifty 50 and the Sensex rose by 0.55% and 0.72%, respectively.
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