25th Jun 2026 07:59
(Alliance News) - The FTSE 100 was called to open lower on Thursday, as markets wait for further news on the next US-Iran talks.
US Secretary of State Marco Rubio, and mediator Pakistan, said technical talks between the US and Iran were expected to resume in the coming days following a first round in Switzerland. However, he also insisted on Wednesday that the US was committed to preserving the pre-war status quo of toll-free navigation in the Strait of Hormuz.
Meanwhile in the UK, Chancellor Rachel Reeves has declared her support for Andy Burnham to succeed Keir Starmer as prime minister.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called down 22.2 points, 0.2% at 10,439.43
GBP: higher at USD1.3177 (USD1.3167 at previous London equities close)
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ECONOMICS
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Rachel Reeves says she is "backing" Andy Burnham to be the UK's next prime minister amid speculation she could be replaced as chancellor if he takes office. Speaking to the BBC, Reeves, who is predicted to be replaced if Burnham becomes prime minister, would not be drawn on reports she may accept another role. "I'm not going to pre-empt the decisions that the new prime minister will make," she said. "I'm backing Andy. I think he'd be a great prime minister, but those are his decisions, not mine to make." Her comments came ahead of a planned address at the British Chamber of Commerce's global annual conference on Thursday. Few potential challengers to Burnham have emerged as the contest picks up pace. Former armed forces minister Al Carns, who resigned earlier this month in a row over defence spending, remains a possible contender, calling for a "proper debate" on the country's future.
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BROKER RATINGS
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Barclays raises InterContinental Hotels target to 19,100 (16,300) pence - 'overweight'
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Berenberg starts Ithaca Energy with 'buy' - price target 270 pence
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COMPANIES - FTSE 100
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BP signs a concession agreement, with the Abu Dhabi National Oil Co, alias ADNOC, and other partners, to develop the Bab Gas Cap project in Abu Dhabi. It now holds a 10% interest in the concession, and expects it to produce up to 1.5 billion cubic feet per day of gas. ADNOC holds 60%. TotalEnergies is also involved, with a 10% holding. BP says the Bab Gas Cap project is the world's largest development of its kind and is made up of three reservoirs in the Bab Field, one of Abu Dhabi's biggest onshore oil fields, for which BP is the asset lead. The project involves the co-production of gas and condensate. "The Bab Gas Cap project continues BP's track record in discovered resource access opportunities following Kirkuk in Iraq, Western Offshore fields in India, and Karabagh and Ashrafi-Dan Ulduzu-Aypara in Azerbaijan in 2025," BP says.
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3i Group says Action's like-for-like sales growth was 3.3% in the year to date as of last week Sunday. Action is a non-food discounter in Europe. New store openings of 105 are on track with Action's expansion plans for 2026, the London-based private equity investor adds. 3i says Action is set for a "good" quarter of profit growth, alongside a cash balance of EUR699 million as at Sunday, after the payment of a EUR450 million dividend to all shareholders in May. "The remainder of the Private Equity portfolio continues to demonstrate good momentum in line with our expectations," 3i says.
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COMPANIES - FTSE 250
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Moonpig reports "strong" results for the financial year ended April 30. Revenue increases 6.5% to GBP373.0 million from GBP350.1 million. Pretax profit surges to GBP68.9 million from GBP3.0 million, while adjusted pretax profit rises 13% to GBP76.5 million from GBP67.5 million. Total dividend for the year is 3.75 pence per share, up 25% from 3.00p. The greetings card retailer says its expectations for the current year remain unchanged, and that trading has been in line with expectations so far.
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easyJet rejects fourth takeover proposal from Castlelake, this one offering 650 pence per share in cash. It also includes "a partial alternative for easyJet shareholders to elect for unlisted, non-transferrable, non-voting shares in a vehicle within Castlelake's proposed structure". easyJet says the bidding vehicle would be 49% owned by Castlelake and co-investors, including Brookfield Asset Management, with the other 51% held by EU nationals, including Peter Bellew and Mark Breen. Says it has "carefully reviewed" the approach and still believes this fourth proposal substantially undervalues easyJet and its prospects, hence the board's unanimous rejection. "However, the Board believes that giving Castlelake access to limited commercial information...might produce a more attractive proposal that better reflects the value of easyJet and its prospects and the interests of shareholders thereto," it adds. Says the PUSU deadline has been extended by nine days to July 5, "to facilitate limited diligence access and allow Castlelake to work on a further increased proposal and to address the board's deliverability concerns."
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OTHER COMPANIES
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Advanced Medical Solutions says its board unanimously recommends a 285p per share cash takeover offer from HB Fuller. Says the offer implies an equity value of GBP659 million and an enterprise value of GBP715 million, and a 39% premium to the surgical dressings company's three-month undisturbed volume-weighted average price. Adds that the offer represents a pre-synergy multiple of 12.9x FY26E Ebitda, which it says is attractive compared to sector transaction and trading multiples. Chair Grahame Cook says the acquisition "delivers attractive and certain value in cash to AMS shareholders." Company expects the deal to close by the end of calendar 2026.
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By Emma Curzon, Alliance News reporter
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