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The FTSE 100 is closed today, Monday, May 4, 2026, for the early May bank holiday in the United Kingdom. Regular trading will resume on Tuesday, May 5. The index closed down 14.89 points or 0.1% at 10,363.93 on Friday; it had earlier traded as low as 10,294.20.
The pound firmed to $1.3626 on Friday afternoon from $.3588 on Thursday. Against the euro, sterling was flat at €1.1578.
In the UK, manufacturing growth exceeded expectations in April despite the Middle East conflict. According to S&P Global, the manufacturing purchasing managers' index rose to a 47-month high of 53.7 from 51.0 in March, beating the estimate of 53.6.
Data from the Bank of England showed that UK net mortgage approvals rose in March. Net approvals for house purchases increased to 63,500 from 62,700 in February. The figures followed earlier data from Nationwide Building Society, which showed UK annual house price growth accelerating to 3.0% in April from 2.2% in March.
US President Donald Trump announced Project Freedom to help vessels through the Strait of Hormuz.
Shipping executives are perplexed by the announcement and are seeking more details and assurances around concerns, including mines and safety from Iranian attacks.
Under what he called Project Freedom, Trump said on Sunday the US would guide ships trapped in the Persian Gulf ‘safely out of these restricted waterways, so that they can freely and ably get on with their business.’
The head of the Iranian parliament’s National Security Commission, meanwhile, has already responded that US interference in Hormuz would constitute a violation of a fragile ceasefire in place since last month.
Citi analyst Andrew Coombs said he was not surprised by the market reaction but believes this misses the larger picture.
"NatWest has reported better loan and deposit growth than peers, is seeing healthy net interest margin progression, has been disciplined on costs, and the underlying cost of risk is running well below full-year guidance," he said.
Also Read: Stock Market Today: Nifty50 24,242, Sensex 77,733 as Oil Price Stays Near $108
The FTSE 100 has rebounded from its March low of 9,626, finding support at the 200-day moving average. However, the recovery stalled near 10,700, forming a potential double-top pattern.
The index has since turned lower, breaking below the 50-day moving average and testing support around 10,300. A break below this level would open the door to the 10,000 psychological mark and expose the 200-day moving average near 9,830.
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