18th Feb 2026 08:00
(Alliance News) - The FTSE 100 was called higher on Wednesday, while the UK reports decelerating food price growth last month.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called up 25.6 points, 0.2% at 10,581.77
GBP: higher at USD1.3558 (USD1.3531 at previous London equities close)
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ECONOMICS
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UK consumer and producer output price inflation slowed on an annual basis, the Office for National Statistics reported on Wednesday. On a monthly basis in January, the consumer price index showed a 0.5% decline, in line with FXStreet-cited consensus and flipping from a 0.4% rise in December. Annually, consumer prices rose 3.0% as expected, slowing from a 3.4% rise in December. Notably, the annual inflation rate for food and non-alcoholic beverages decelerated to 3.6% in January from 4.5% in December. Monthly, consumer prices for food and non-alcoholic beverages fell 0.1% in January, compared to a 0.9% on-month rise in January 2025. The core consumer price index posted a 3.1% increase, also in line with consensus and slowed from 3.2%. The input producer price index showed prices rising 0.4% on-month, as expected, against a revised 0.5% decline in December. Annually, prices decreased 0.2% compared with December's revised 0.5% increase. Output producer prices showed no monthly change, consensus having forecast a 0.2% rise, compared with the prior month's revised 0.1% decrease. For the year to January, output prices climbed 2.5%, slowing from a revised 3.1% increase. Core output prices rose 0.2% on-month against December's revised 0.2% decrease, and inflation slowed on-year to 2.9% from a revised 3.1%. Finally, retail prices declined 0.5% on-month in January, missing consensus for a 0.4% decrease and against December's 0.7% rise. Annually, prices rose 3.8%, below the consensus of a 3.9% rise, and slowed from a 4.2% increase.
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BROKER RATINGS
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Berenberg cuts Unilever to 'hold' (buy) - price target 5,840 (5,600) pence
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Barclays raises Molten Ventures to 'overweight' (equal weight) - price target 575 pence
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JPMorgan cuts Kerry price target to 105 (110) EUR - 'overweight'
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COMPANIES - FTSE 100
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Glencore reports annual results. The Barr, Switzerland-based commodity trading and mining company posts net attributable income of USD363 million in 2025, flipped from a loss USD1.63 billion in 2024. Pretax income is USD321 million, swung from USD998 million. In 2024, Glencore took an impairment charge of USD2.26 billion, compared to just USD868 million in 2025. Revenue for the year is USD247.54 billion, up 7.2% from USD230.94 billion. It is higher than an increase of 1.9% to USD235.3 billion that was expected by analysts at First National Bank. Earnings before interest, taxes, depreciation and amortisation fall 5.9% to USD13.51 billion from USD14.36 billion. Basic earnings per share total USD0.03, swung from loss per share of USD0.13. Glencore declares a base distribution of 10 US cents per share, and tops it up with 7 cents after its Viterra deal. Copper production falls 11% to 851,600 tonnes in 2025 from 951,600 tonnes in 2024. Glencore is targeting 1.6 million tonnes of copper production by 2035.
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London-based defence contractor BAE Systems reports results for 2025. IFRS sales increase 10% to GBP28.34 billion from GBP26.31 billion the year before. Pretax profit rises to GBP2.57 billion from GBP2.33 billion. Basic earnings per share rise 6.0% to 68.8 pence from 64.9p. The total dividend for the year is 36.3p per share, up 10% from 33.0p. For 2026, BAE's guidance includes sales rising by between 7% and 9%. "In a new era of defence spending, driven by escalating security challenges, we're well positioned to provide both the advanced conventional systems and disruptive technologies needed to protect the nations we serve now and into the future," says Chief Executive Charles Woodburn. "With a record order backlog and continuing investment in our business to enhance agility, efficiency and capacity, we're confident in our ability to keep delivering growth over the coming years."
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COMPANIES - FTSE 250
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Pan African Resources reports results for the six months ended December 31. Gold production increases 52% to 128,296 ounces from 84,705oz a year prior. Revenue more than doubles to USD487.1 million from USD189.3 million, and the received gold price surges 62% to USD3,812 per ounce from USD2,359/oz. Pretax profit multiplies to USD209.9 million from USD58.8 million. Board approves a 12.00 rand cents per share, or 0.74 US cents, interim dividend. The half-year dividend yield is 37.0 rand cents, up 68% compared to 22.0 rand cents a year prior. Pan African says it is on track to meet its financial year 2026 production guidance range of between 275,000 oz and 292,000 oz, and is positioned to continue its trajectory of near-term, sector-leading and fully funded production growth. For financial year 2027, it targets gold production of between 280,000 and 302,000 oz.
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By Emma Curzon, Alliance News reporter
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Related Shares:
BAE SystemsUnileverMolten VenturesPan African ResourcesGlencore