21st Apr 2026 07:50
(Alliance News) - The FTSE 100 was called higher on Tuesday, after UK unemployment increased less than expected.
Meanwhile, in the US, the White House said Vice President JD Vance was ready to fly back to Islamabad, which was preparing for a second round of talks on ending the war with Iran. However, Tehran's government declined to confirm that it would participate and accused the US of violating the temporary ceasefire.
"By imposing a blockade and violating the ceasefire, Trump wants to turn this negotiating table into a surrender table or justify renewed hostilities, as he sees fit," said Iran's parliament speaker Mohammad Bagher Ghalibaf, who headed the delegations to talks in the Pakistani capital two weeks ago.
"We do not accept negotiations under the shadow of threats, and in the last two weeks we have been preparing to show new cards on the battlefield," he wrote on X.
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 13.5 points, 0.1% at 10,622.58
GBP: lower at USD1.3523 (USD1.3535 at previous London equities close)
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ECONOMICS
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UK average earnings increased more than expected in the February quarter, the Office for National Statistics reported on Tuesday. The average ILO unemployment rate for the three months ended February was 4.9%, down from 5.2% for the prior few months and below the FXStreet-cited consensus for another 5.2% reading. Employment for the three-month period increased by 25,000 people, down from 84,000 in the three months ended January. Average earnings excluding bonuses increased 3.6%, slowing from 3.8% the previous quarter but surpassing the consensus estimate of 3.5%. Including bonuses, they rose 3.8%, more than the expected 3.6% but less than the prior growth of 4.1%, revised upwards from 3.9%. The number of people claiming unemployment benefits increased by 26,800 in March, higher than the consensus estimate of 21,400 people and above February's 17,100 increase, revised downwards from 24,700. The claimant count rate increased to 4.4% in March from 4.3% in February, which was downwardly revised from 4.4%.
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BROKER RATINGS
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RBC raises Unilever to 'sector perform' (underperform) - price target 4,200 pence
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Citigroup cuts Ryanair price target to 32 (32.50) EUR - 'buy'
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COMPANIES - FTSE 100
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Rio Tinto reports improved first-quarter production. The London-based miner says Pilbara iron ore output in the first quarter ended March 31 increased 13% to 67.8 million tonnes from 60.1 million tonnes in the same period a year earlier, while sales increased 0.5% to 61.2 million tonnes. Global iron ore production increased 12% to 82.8 million tonnes, while sales increased 2.1% to 75.7 million tonnes. Bauxite production for the period fell 11% to 13.3 million tonnes. Alumina output increased 6.1% to 2.0 million tonnes, while aluminium production grew 0.7% to 840,000 tonnes. Copper production on a consolidated basis climbed 8.9% to 228,600 tonnes. Rio Tinto reaffirms its full-year guidance of Pilbara iron sales between 323 million and 338 million tonnes, copper production within the range of 800,000 and 870,000 tonnes, and bauxite production of 58 million to 61 million tonnes. Alumina production is still expected between 7.6 and 7.8 million tonnes, and aluminium at 3.25 million to 3.45 million tonnes. It also says it has implemented initiatives delivering USD650 million in annualised productivity gains.
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Associated British Foods declares an interim dividend of 20.7 pence per share for the 24 weeks ended February 28. The company also announces that it will proceed with a demerger of its Retail business, Primark, from its Food business, which will retain the Associated British Foods name. Says its shareholders will hold stakes in both listed entities following completion, and that a demerger will deliver various benefits, including a clearer investment proposition and more accountability to each entity's shareholders. Adds that it is confident in the long-term prospects of both businesses. Expects "dis-synergies" of less than GBP45 million and one-off separation and transaction costs "in the region of GBP75 million." Current ABF Chair Michael McLintock will remain in post until the completion, after which ABF intends to appoint George Weston as chief executive of 'FoodCo' and Eoin Tonge as CEO of Primark.
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COMPANIES - FTSE 250
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XPS Pensions releases a trading update for the year ended March 31, celebrating "another year of record results, in line with expectations". Says revenue has increased 13% with 7% organic growth, which is "particularly pleasing given the very strong comparative prior year performance." Notes that revenue has more than doubled over the last five financial years. Revenue increases 18% after adjusting for the McCloud remedy project, with 12% organic growth. "We are very pleased with the full year performance of the Group, with another period of excellent growth," comments Co-CEO Paul Cuff. "Our strong organic performance has been supplemented by the acquisition of Polaris, which is increasingly contributing to group performance and supporting demand across the group. The pensions industry is undergoing a structural shift. Regulatory change and the shift toward surplus management create opportunities for better member and sponsor outcomes, and we are proud to lead through this transformation."
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OTHER COMPANIES
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Crest Nicholson issues a profit warning, now expecting to report earnings before interest and tax of between GBP5 million and GBP15 million for the current financial year. Says that macro uncertainty has increased since its trading update in March, "with the ongoing conflict in the Middle East contributing to the prospect of a more prolonged higher interest rate environment, renewed cost pressures and a deterioration in consumer confidence." Says there has been a marked softening in sentiment among prospective land purchasers, and it now expects lower land sales. Reduces its revenue forecast to around GBP40 million from its prior estimate of GBP75 million to GBP100 million, and says it does not expect to make a material level of profit on disposals in the remainder of the year. Adds that it is in the early stages of seeking temporary banking covenant relaxation, and has started talks with its lenders.
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By Emma Curzon, Alliance News reporter
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