15:00 — FTSE 100 enjoys a rally as Wall Street inspires market to go risk-on
London's blue-chip index climbed 109 points, 1.06%, to 10,413 on Friday as the afternoon's trade brought some SpaceX-shaped novelty to proceedings - meanwhile, evidently the market paid attention to Trump's latest claims about peace in the Middle East.
10:46 — Gold extends gain to +3.2%
Gold at $4,246.8 is now the session's most emphatic move, up 3.23% and running well ahead of the equity rally, the FTSE 100 holds at 10,434.95 (+1.27%) with 76 of its constituents in positive territory, a breadth reading that has barely shifted from the morning's best levels.
Greatland Gold leads the FTSE 100 gainers at +7.29%, with IAG extending its advance to 6.48% at 433.8p and Antofagasta up 5.21%.
10:02 — FTSE 100 holds gains on Iran relief
The FTSE 100's morning advance is holding at 10,439.97 (+1.32%), but the macro picture has a crack in it: UK GDP contracted 0.1% in April, with Middle East conflict-driven cost pressures beginning to weigh on growth.
The index is absorbing that data without visible damage; 71 of 90 the FTSE 100 constituents are trading higher, though the energy sector remains a clear drag.
In London, Serica Energy was off 7.19%, Ithaca Energy was down 4.16%, and Harbour Energy and Shell both traded in the red as Brent slides toward the mid-$80s on Iran de-escalation signals.
Brent has now shed roughly $4.50 across two sessions as US-Iran tensions ease, cooling inflation expectations and pushing Fed tightening bets further out.
That combination powered Wall Street's biggest single-session gain in two months at the previous close, and the relief is still feeding through to European equities this morning.
Gold's simultaneous surge to $4,240.2 (+3.07%) sits awkwardly alongside that risk-on picture, the two moves are pulling in opposite directions, and no single macro narrative fully reconciles them.
Panmure Liberum has been active on the broker note front this morning, reiterating BUY on M.P. Evans with a 1,600p target, upgrading NCC Group to BUY at 165p, and issuing a SELL on Unite Group with a 430p target. Severfield gets a BUY at 48p following its facility refinancing on improved commercial terms, including a renewed £60m revolving credit facility.
The morning's corporate action, Glenstone's offer for AIRE, Medpal AI's GLP-1 approval, Pri0r1ty's revenue collapse, has been the sharper story.
08:31 — IAG leads FTSE 100 higher as Iran de-escalation lifts airlines and crushes oil producers
The FTSE 100 made a positive start to Friday's session, marking gains of 0.82% to 10,387.99.
International Consolidated Airlines (LSE:IAG) was among the early standout large-cap movers, up 4.39% to 425.3p. The driver is clear: Brent crude has dropped to around $88.80 a barrel after signals that the US has little appetite to escalate military action against Iran, with oil's two-session decline now approaching 4.5%.
Energy names across the London indices are bearing the cost, Shell is off 2.43% to 3,196.5p, Harbour Energy down 3.07% to 258.8p, and Ithaca Energy lower by 4.16% to 241.9p.
Reckitt Benckiser is another other notable large-cap riser, up 5% to 4,608p, while CRH has climbed 3.88% to 8,790p.
Among smaller names, African Pioneer saw a 24.3% surge to 1.647p, whilst Cizzle Biotechnology was up 15.27% gain to 3.17p following a US patent grant. On the downside, BSF Enterprise dropped sharply.
08:01 — Virgin Wines, Glanbia, McBride and Pennant among early headlines
Virgin Wines (LSE:VINO) reports resilient trading in what it describes as challenging markets and has signed a lease for a new warehouse facility in Preston. The company says the move will deliver synergies and remove transport costs between its current Preston and Bolton sites from FY28 onwards, ahead of audited results due in October.
Glanbia (LSE:GLB) has published the result of a secondary share sale this morning.
McBride (MCB:LSE:) has issued a trading and acquisition update, and Pennant International (PEN) has announced a multiyear contract award for Auxilium services, both without body detail available at this stage.
07:16 — Bitcoin slips to $63,205.65
Bitcoin slipped to $63,205.65, down 0.55%, and Ethereum has eased to $1,660.30, down 0.68%, both reversing modest overnight gains.
The dollar index is broadly flat at 99.833. With the VIX last closing at 19.52, volatility expectations remain contained.
06:00 — Gold holds at $4,211 after Wall Street surge
Wall Street set a positive tone, with Thursday's gains holding the market's attention, albeit that attention will soon be spent on the huge SpaceX IPO later today in the United States.
On Thursday, the S&P 500 closed up 1.74% at 7,393.23, and the Nasdaq added 2.52% to 25,803.61, with the Dow Jones rising 1.87% to 50,852.99.
At 19.52, the VIX was at its lowest reading of the week.
05:00 — FTSE set for firm open as Wall Street surges and Nikkei jumps 3.2%
London is set for a positive start on Friday, as risk appetites ran hot across global markets since Thursday's close.
Wall Street's previous session delivered broad-based gains, with the S&P 500 rising 1.74% to 7,393 and the Nasdaq Composite climbing 2.52% to 25,803, while the Dow added 1.87% to 50,852.
Asia carried the momentum forward. In Japan, the Nikkei 225 surged 3.19% to 66,267 in Friday's trading, one of the more emphatic moves seen in Tokyo this year.
The dollar index has softened further to 99.75, which should provide some tailwind for commodity-linked names on the FTSE.
Gold futures are the session's most striking data point away from equities, rising 2.59% to $4,220, a sharp move that sits in unusual tension with the broader risk-on tone.
The VIX, the 'volatility index' fell to 19.52 at the previous close, suggesting US options markets are not pricing elevated near-term stress, yet gold's advance points to some demand for real-asset protection running in parallel with the equity rally.
The FTSE open will establish whether London can close out the week on the front foot. RNS flow and any UK-specific corporate announcements in the first hour will be the key variables to watch as the session gets underway.
