25th Aug 2026 07:49
(Alliance News) - The FTSE 100 was called higher on Tuesday, while Germany's gross domestic product "is maintaining the growth momentum" as its on-year rise surpassed an earlier estimate.
Meanwhile, in corporate news, Chesnara reported a swing to an interim pretax profit and Tungsten West is to receive an up to GBP71 million investment from the UK government's National Wealth Fund.
Here is what you need to know before the London market open:
----------
MARKETS
----------
FTSE 100: called up 15.0 points, 0.1% at 10,869.32
GBP: lower at USD1.3623 (USD1.3639 at previous London equities close)
----------
ECONOMICS
----------
Germany's economy grew more than first estimated in the second quarter of 2026, data published by the Federal Statistical Office shows. The country's gross domestic product climbed 0.3% on-quarter, higher than 0.2% reported at the end of July, but slowed from 0.4% growth in the first quarter. On-year growth was 1.0%, better than the initially estimated 0.9% and an improvement from 0.8% in the first quarter. Ruth Brand, president of the Federal Statistical Office, said: "The German economy is maintaining the growth momentum seen at the start of the year. As in the first quarter, growth was primarily driven by the positive development of exports."
----------
BROKER RATINGS
----------
Citigroup raises Next to 'buy' - price target 18,400 pence
----------
UBS raises Drax to 'neutral' - price target 745 pence
----------
COMPANIES - FTSE 100
----------
Melrose Industries notes that the Orange County District Attorney's Office in California has closed its criminal investigation and determined that it will not bring any criminal charges following an incident in May, when an overheating tank at the GKN Aerospace Garden Grove facility prompted the evacuation of local residents over risks of explosion. Melrose says a claims programme will be launched to provide up to USD100 million in damages for eligible residents and businesses, and that GKN aims to resume full manufacturing operations on September 28. Melrose adds that "today's developments represent a significant step towards full resolution of the OCDAO's civil investigation." "Since the incident occurred, GKN has worked closely with regulators, local authorities and other relevant stakeholders to carefully review the incident and prepare to safely return to full operations," it says.
----------
AstraZeneca subsidiary AstraZeneca Finance prices four tranches of eurobonds worth EUR2.55 billion in total. Expects the offering to close on September 1. It consists of EUR700 million of fixed rate notes with a coupon of 3.402% maturing on March 1, 2030; EUR600 million with a coupon of 3.652% maturing on September 1, 2032; EUR500 million with a coupon of 3.923% maturing on September 1, 2035; and EUR750 million with a coupon of 4.169% maturing on September 1, 2038. AstraZeneca expects to use the net proceeds for general corporate purposes.
----------
COMPANIES - FTSE 250
----------
Chesnara reports adjusted operating profit of GBP31 million for the first half of 2026, up 46% from GBP21 million the year before. Further, the firm swings to a pretax profit of GBP61.0 million from a GBP4.6 million loss. Assets under administration total GBP21 billion at the period's end, up 38% on-year from GBP15 billion. The life and pensions consolidator declares an interim dividend of 8.16p, up 6.0% on-year from 7.70p. Operating capital generation jumps 79% to GBP96 million from GBP54 million. The company says: "New business growth was largely driven by increased demand for our UK onshore bond offerings across Countrywide Assured and Chesnara Life UK." Insurance revenue increases to GBP255.9 million from GBP136.0 million. The regulatory change in control for the proposed acquisition of Scottish Widows Europe SA is anticipated around the end of 2026, and we continue to see attractive opportunities to grow the business, underpinned by a healthy mergers & acquisitions pipeline and disciplined execution across the group," comments Chief Executive Steve Murray.
----------
OTHER COMPANIES
----------
Tungsten West has agreed terms with the UK government's National Wealth Fund on an up to GBP71 million proposed investment, comprising an equity investment of GBP36.0 million via NWF subscribing for 100 million new ordinary shares at 36p and therefore holding an approximately 7.42% stake, and an up to GBP25 million debt financing facility with a non-committed GBP10 million accordion facility. The government will also have a limited period to conclude an offtake agreement for up to 50% of the 2025 feasibility study tungsten production from Tungsten West's Hemerdon tungsten and tin mine in Devon, England. Company says this investment completes the funding package necessary for Hemerdon's restart to full production.
----------
By Emma Curzon, Alliance News reporter
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
Tungsten westAstrazenecaMelroseChesnaraNextDrax