23rd Jul 2026 08:05
(Alliance News) - Stocks opened lower on Thursday morning, although the pound was stronger, ahead of the eurozone rate decision and as escalation in the Middle East continues.
A Saudi vessel was attacked in the Red Sea as Tehran-backed Houthi rebels claimed to strike tankers in the waterway, signalling a potential new front in the US-Iran conflict, Riyadh's state media has said.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: opened 0.3% lower at 10,689.85
GBP: higher at USD1.3387 (USD1.3377 at previous London equities close)
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ECONOMICS
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Business rates will be cut by 20% for pubs, clubs and live music venues across England from April next year, Downing Street has announced. The discount will apply to nearly 32,000 hospitality businesses and is expected to save a typical pub some GBP1,100 annually, but will not be available to the very largest live music venues. The overhaul of business rates will be funded through a review of reliefs for businesses that "do not make a positive contribution to local communities" such as vape shops and a crackdown on online marketplaces that do not comply with tax obligations, No 10 said. UK Prime Minister Andy Burnham had previously pledged to raise taxes on out-of-town warehouses for large online companies such as Amazon to help pay for cuts to rates for hospitality firms.
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BROKER RATINGS
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Peel Hunt cuts JD Wetherspoon to 'hold' (add) - price target 750 pence
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Jefferies cuts Henry Boot to 'hold' (buy) - price target 170 (226) pence
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COMPANIES - FTSE 100
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British Gas owner Centrica has said it plans to axe a further 800 jobs on top of 500 role cuts announced last month as part of efforts to overhaul its customer services and support teams. The energy supplier said the approximately 1,300 reductions would take place over two years. Proposals involve the reduction of around 500 contact-based jobs in its customer operations team, alongside additional cuts to offshore outsource support jobs. This will lead to an approximately 14% reduction in the company's customer operations workforce. Additionally, it is proposing to reduce roles within its group support functions in a bid to make them more efficient. This overhaul is a response to structural changes in customer behaviour, with customer contact falling sharply as around 90% opt to use digital methods of support, according to Centrica.
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Relx reports revenue of GBP4.87 million for the first half of 2026, up 3% from GBP4.74 billion the year before with 7% underlying growth. The analytics and decision tools provider declares an interim dividend of 20.9 pence, up 7% from 19.5p. Pretax profit rises to GBP1.59 billion from GBP1.52 billion, and operating profit increases 5% to GBP1.73 billion from GBP1.65 billion. Looking ahead, Relx says: "We continue to see positive momentum across the group, and we expect another year of strong underlying growth in revenue and adjusted operating profit, as well as strong growth in adjusted earnings per share on a constant currency basis."
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Anglo American reports production for the second quarter. Copper is flat year-on-year at 173,200 tonnes, with higher throughput at Los Bronces offset by processing lower-grade stockpile ore at Collahuasi and expected lower grades at Quellaveco. Premium iron ore decreases 3% to 15.4 million tonnes from 15.9 million tonnes, and manganese ore increases 22% to 908,300 tonnes due to a tropical cyclone in Australia hitting the previous year's total. Rough diamond production increases by 88% to 7.8 million carats from 4.1 million, after maintenance at Orapa affected the comparative quarter and driven by planned higher-grade ore at both Jwaneng and Gahcho Kue. Steelmaking coal production is down 1% at 2.0 million tonnes from 2.1 million, and nickel decreases 4% to 9,100 tonnes due to maintenance at Barro Alto and Codemin. Anglo American says production and unit cost guidance remain unchanged, aside from lower Copper Chile unit costs of around 210 c/lb and Copper Peru unit costs of around 65 c/lb.
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BT releases first-quarter results, including GBP4.32 billion in adjusted revenue from continuing operations for the three months to June 30, down from GBP4.34 billion. Adjusted Ebitda decreases to GBP2.01 billion from GBP2.03 billion. Continuing pretax profit falls to GBP505 million from GBP526 million. For the financial year ending March 31, 2027, BT expects adjusted group revenue excluding International of GBP17.1 billion to GBP17.6 billion, compared to previous guidance, which included International, of GBP19.0 billion to GBP19.5 billion; further, it anticipates adjusted Ebitda of GBP8.1 billion to GBP8.2 billion excluding International, compared to GBP8.2 billion to GBP8.3 billion, including International.
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COMPANIES - FTSE 250
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Frasers Group says the offer period for Accent Group has been extended to the Sydney market close on September 30. This follows the Sports Direct owner in June announcing an all-cash offer for all Accent shares it does not already own, at 65 Australian cents each.
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easyJet reports third-quarter results, saying headline pretax profit has fallen 70% to GBP85 million from GBP286 million for the prior year. Headline earnings before interest, tax, depreciation and amortisation fall 38% to GBP304 million from GBP491 million. Group revenue increases 2% to GBP2.98 billion from GBP2.92 billion, but passenger revenue declines 1% to GBP1.74 billion from GBP1.76 billion, although airline ancillary revenue rises 3% to GBP753 million and holidays revenue jumps 14% to GBP489 million. Passenger figures stood at 25.8 million, nearly unchanged from 25.9 million. Fuel costs increase to GBP732 million from GBP627 million. "We have continued to manage the impact of the Middle East conflict, and its effect on fuel prices and booking trends, during the quarter. Pricing has been attractive, driving strong late booking demand for our flights and holidays and our relentless focus on execution has delivered an excellent operational performance," says Chief Executive Kenton Jarvis, noting that easyJet is now entering into "the busy summer period".
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AJ Bell issues a trading update for the three months ended June 30. Investment assets under management increase 41% on-year and 16% on-quarter to GBP11.4 billion, with net inflows rising to around GBP800 million from GBP400 million. Platform customers increase 23% on-year to 762,000. Assets under administration increase 26% annually to GBP121.5 billion. Net inflows increase 43% to GBP3.0 billion. "I am delighted to report a quarter of record growth, with our dual-channel platform surpassing GBP120 billion of assets under administration, supported by record net inflows of GBP3.0 billion, and our investment business delivering its strongest ever quarter with net inflows of GBP0.8 billion," CEO Michael Summersgill says. Adds: "We have entered the final quarter with strong momentum."
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OTHER COMPANIES
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Alternative Income REIT notes that it considers Glenstone REIT's takeover offer to effectively be worth 70.0p per share, reflecting the reduction in consideration required under the terms of the offer. Glenstone's offer comprised 71.4p per share, but this was subject to adjustment to reflect the value of any dividend or other distribution by AIRE, and the trust has declared a 1.4p per share fourth interim dividend for the year ended June 30. Back on Monday, AIRE had said that AEW UK REIT's possible takeover offer is more attractive than that of Glenstone. At the time, AIRE said AEW UK's possible offer had an implied value of around 77.4 pence per share. AIRE said the implied value of AEW UK's possible offer is based on AEW UK's share price of 106.8p on July 15, the last business day before its possible offer announcement. Under the all-share proposal announced by AEW UK last week Thursday, Alternative Income shareholders would receive 0.725 of an AEW UK share for each Alternative Income share held. AEW UK has until August 28 to either announce a firm intention to make an offer, or walk away.
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By Emma Curzon, Alliance News reporter
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