13:11 — Wall Street indicated higher into CPI as oil holds near $88 on Hormuz tensions
US futures point to a firmer open on Wall Street, with the early premarket indicators pointing the S&P 500 up 0.26% at 7,748.73, whilst the Dow is seen 0.14% higher at 53,852.
That's a shift from Tuesday's close, when all three main US benchmarks finished lower, the Dow down 0.38%, the S&P off 0.34% and the Nasdaq Composite down 0.58%.
It comes ahead of the US CPI print due later in the New York morning.
Oil remains the other, more forward-pointing part of the day's inflation math. The price of crude edged up again, its fourth day on the trot, amid renewed attacks on shipping and the stalled talks over reopening the Strait of Hormuz.
In London, the blue-chip index barely moved much through the morning, with the FTSE 100 last at 10,847, up 0.03%, holding in the same tight band it has traded since the open.
11:11 — FTSE 100 turns positive as Balfour Beatty holds yr high
The FTSE 100 has pushed back into positive territory, up 11 points, or 0.11%, to 10,855.58, having spent the earlier part of the morning in the red.
Balfour Beatty (LSE:BBY) remains the session's standout, holding at 939.5p, up 8.55% and a fresh 52-week high, after the construction group's half-year results flagged full-year performance "slightly ahead of prior guidance."
Elsewhere, Eco Animal Health (AIM:EAH) has added to its earlier gain, up 7.22%, after striking an exclusive licensing deal with French biotech Vaxinano for a sheep vaccine candidate against toxoplasmosis, covering all major sheep-rearing markets worldwide.
The rest of the small-cap resources board, Mila Resources (LSE:MILA), Alien Metals (AIM:UFO), Kazera Global (AIM:KZG), Buccaneer Energy (AIM:BUCE) and Sealand Capital Galaxy (LSE:SCGL) among the gainers, Celsius Resources (AIM:CLA) and 80 Mile (AIM:80M) among the fallers.
10:31 — News spotlight: Balfour Beatty hits 52-week high on guidance lift
Balfour Beatty (LSE:BBY) traded positively, up 8.55% to 939.5p, after the group posted first-half results and said full-year performance is now expected to come in slightly ahead of prior guidance.
Chief executive Philip Hoare pointed to "real momentum" heading into the second half, citing profitable growth and strong cash generation. More on the upgraded guidance.
Elsewhere, the FTSE 100 itself is little changed at 10837.75, down 6 points or 0.06%, holding the narrow range it has traded since the open.
09:51 — FTSE eases as oil and CPI risk keep London on edge
London's FTSE 100 was down 0.14% at 10,828, with miner South32 (LSE:S32) being the session's weakest blue-chip, down 2.81% at 256.2p,
Brent crude extended a four-day rally on the continuing failure to reopen the Strait of Hormuz and renewed attacks on shipping in the region. The oil price is again pushing toward the $95-100/bbl bracket.
It's moving inflation math upwards with it.
Backwards looking inflation data comes later today, though, with the US CPI print, and frankly, on an otherwise quiet August day it most of what anyone in the market is really paying much attention to.
Of course, beneath the macro and the blue-chips the small-cap market keeps moving: Zenith has lifted its 2026 solar target with a fresh acquisition, Eco Animal Health has licensed a sheep toxoplasmosis vaccine from Vaxinano, and CLS Holdings has cut its full-year EPS guidance as valuations slide.
07:25 — Oil edges toward $90 as CPI looms
Brent crude, priced at $88.23/bbl, remains historically high and continues to be a factor for those sizing up inflation, which, as we know, is at best a guessing game.
The persistent price of oil over the past four days forced a rethink of last week's relief rally that on the US payrolls print.
This afternoon's CPI print will be the next (LSE:NXT) impetus for macros.
Market commentary meanwhile sees the Federal Reserve as genuinely split on its September rate decision given the central bank's ambiguous signals in recent weeks.
Analysts at Deutsche Bank, meanwhile, caution that markets have spent the summer pricing a benign scenario that leaves "next to no margin for error" if the data disappoints.
06:45 — FTSE seen softer ahead of Wednesday's open
The FTSE 100 is seen softer ahead of Wednesday's open, with IG Markets making an early pre-market price of 10,823.5, down 27.5 points, or 0.25%.
Last night, Wall Street closed lower as optimism over a Strait of Hormuz deal faded, and attention focused on today's pending inflation data.
The Dow Jones was down 203 points, or 0.38%, to 53,772.9, whilst the S&P 500 was off 0.34% at 7,726.89.
The Nasdaq Composite was the weakest of the three, down 0.58% at 26,451.5.
In Asia, Japan's Nikkei 225 was up 547 points, or 0.82%, to 67,517.75.
The dollar index held steady at 99.89, and gold edged up 0.25% to $4,452 an ounce.
Bitcoin and Ethereum both edged higher, up 0.38% and 0.49% respectively.
