(Alliance News) – London stock prices opened lower on Wednesday, as uncertainty resurfaced in energy markets and a number of business updates weighed on sentiment ahead of the Fed call.
The FTSE 100 index opened up 60.16 points, or 0.6%, at 10,272.63. The FTSE 250 was up 13.53 points, or 0.1%, at 22,413.24, while the AIM all-share was up 3.77 points, or 0.5%, at 790.67.
The Cboe UK 100 was down 0.5% at 1,024.07, the Cboe UK 250 was down 0.1% at 19,479.63, and the Cboe smaller companies were up 0.8% at 18,119.68.
In European markets on Wednesday, the CAC 40 in Paris fell 0.4%, while the DAX 40 in Frankfurt was slightly lower.
Energy markets remained volatile. The United Arab Emirates is expected to withdraw from the Organization of the Petroleum Exporting Countries, also known as Opec, a move that adversely affects the oil company while the war in Iran continues to upset energy markets around the world.
The UAE energy minister told CNN that the decision was made now because an effective closure of the Strait of Hormuz would reduce the immediate impact on the oil market.
Meanwhile, mediators in Pakistan expect to receive a revised peace proposal from Iran in the coming days, after US President Donald Trump indicated that he would not accept the previous version.
Brent crude was trading at USD106.27 a barrel early Wednesday, up from USD104.28 late Tuesday.
In currency markets, the pound was quoted at USD1.3508 early Wednesday, up from USD1.3505 at London’s close on Tuesday. Against the euro, sterling fell to EUR1.1543 from EUR1.3505 the previous day. The euro traded at USD1.1703, down from USD1.1709. Against the yen, the dollar was quoted at JPY159.67 versus JPY159.61.
On London’s blue-chip index, DCC, a provider of sales, marketing and distribution services to the energy sector, continued to rise after leading Tuesday’s session, up 6.0%.
At the other end of the index, St James’s Place fell 5.8% despite reporting higher revenue under management in the first quarter, supported by continued inflows and customer retention.
The wealth manager said funds under management rose to GBP216.95 billion on March 31 from GBP188.59 billion a year earlier, despite market volatility. Net income rose to GBP5.23 billion from GBP5.14 billion, while revenue fell to GBP1.53 billion from GBP1.69 billion, reflecting a weaker market recovery and higher outflows.
Funds under management retention rate remained stable at 95.3%, compared to 95.0% last year. St James’s Place described the period as a “good start” to the year.
It’s also been a busy time for health care names. Pharmaceutical company GSK fell 2.8% after reporting higher first-quarter profit, supported by strong growth in Specialty Medicines.
Profit rose to GBP7.63 billion in the three months to March 31 from GBP7.52 billion a year earlier. Pre-tax profit rose to GBP2.14 billion from GBP2.11 billion, while earnings per share rose to 43.2 pence from 39.7p.
It announced a quarterly dividend of 17p per share, up from 16p a year earlier, and continued its GBP2 billion share buyback plan, with GBP1.7 billion already completed.
Haleon fell 2.5% after reporting first-quarter revenue rose 0.1% to GBP2.86 billion, or 2.2% organically, while reiterating 2026 guidance for revenue growth of between 3% and 5%.
AstraZeneca lost 0.8% despite a rise in first-quarter profit due to strong sales of its cancer drugs.
On the FTSE 250, Ceres Power jumped 18%, while Oakley Capital Investments gained 3.3% after reporting net asset value per share of 758p on March 31 and a first-quarter NAV gain of 2.7%.
Aston Martin rose 2.5% after reporting first-quarter revenue rose 16% to GBP270.4 million from GBP233.9 million, helped by higher Specials deliveries.
Loss before tax narrowed to GBP65.5 million from GBP79.6 million, while gross margin improved to 34.7% from 27.9%, supported by higher sales volumes. Retail sales were flat at 939 vehicles.
The luxury carmaker maintained its full-year outlook for 2026 and expects gross margin to rise to the high 30% range from 29% last year, with free cash flow expected to improve materially.
With unusual growth in the London markets, which have seen an increase in listings in recent years, PureTech Health fell 3.0% despite announcing plans to delist from Nasdaq and focus on its full listing in London.
The Boston-based biotech said the move would simplify its structure, cut costs and better align with its UK-focused investor base. Separately, PureTech shifted to a 2025 pre-tax loss of USD110.9 million from a profit of USD23.8 million, as other income fell sharply to USD36.6 million from USD163.7 million.
Jet2 rose 0.9% after it said it was maintaining close dialogue with fuel suppliers and airport partners to manage supply risks as the war in Iran weighed on the sector.
The company noted that booking patterns have changed, with customers booking closer to departures since the conflict began. Apart from this, passengers booked so far have increased by 6.2% year-on-year, and in the summer of 2026 its capacity is 7.7% higher with 19.9 million seats.
Jet2 said 87% of summer fuel demand was hedged. For the full year, it expects an operating profit of between GBP435 million and GBP440 million, compared to GBP446.5 million last year.
In Asia on Wednesday, the Shanghai Composite rose 0.7%, while the Hang Seng index in Hong Kong gained 1.7%. The S&P/ASX 200 in Sydney closed up 0.3%.
In the US on Tuesday, Wall Street ended lower, with the Dow Jones Industrial Average down 0.1%, the S&P 500 down 0.5% and the Nasdaq Composite down 0.9%.
Attention now turns to the big banks. The US Federal Reserve is due to announce its interest rate decision at 1900 BST, with consensus expected to be held at 3.75%.
The Bank of Canada is also expected to deliver its rate decision at 1445 BST, with markets expecting no change from 2.25%.
On Thursday, the focus will be on the Bank of England and the European Central Bank.
The 10-year US Treasury yield was quoted at 4.36%, unchanged from Tuesday. The 30-year US Treasury yield was at 4.95%, down from 4.96%.
Gold was quoted at USD4,567.19 an ounce early Wednesday, down from USD4,579.32 on Tuesday.
Still to come on Wednesday’s economic calendar, the eurozone will publish economic and industrial indicators. Ireland reports harmonized CPI, GDP and retail sales, while Germany releases CPI data.
In the US, attention turns to inventories, durable goods orders and construction permits.
By Eva Castanedo, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
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Aston Martin Lagonda 
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