3rd Sep 2026 07:01
(Alliance News) - Stocks in London are set to open marginally lower on Thursday as investors monitor fresh tensions between the US and Iran, while digesting new US trade measures and a busy day of corporate updates.
IG says futures indicate the FTSE 100 to open 2.7 points down, marginally lower, at 10,753.75 on Thursday. The index of London large-caps closed down 0.3% at 10,756.45 on Friday.
Iran and the US traded fresh threats after some of the heaviest military exchanges in weeks, including a strike on a wedding party that Tehran blamed on Washington and described as a "war crime".
President Donald Trump said US forces had carried out a "very heavy attack" on Iranian targets overnight and were "prepared to do another one any time we want."
Iran's security chief warned that Washington would face a "new strategy" in the conflict, which began in late February with US and Israeli strikes on the Islamic Republic.
Trump also floated renaming the Strait of Hormuz, the vital oil shipping lane that has effectively remained shut for six months, as "Trump Strait", although he later downplayed the suggestion.
Brent oil was trading at USD94.36 a barrel early Thursday, lower than USD95.40 late Wednesday.
Separately, US Energy Secretary Chris Wright rejected claims that Washington was "stealing Venezuelan oil" after Venezuela agreed to give the US majority control over more than 65 billion barrels of reserves.
Caracas has estimated the agreement could generate USD209 billion over 25 years.
"Private companies are bringing the money to produce the oil, but the benefits, the royalties and the taxes all go to the government of Venezuela and the people of Venezuela," Wright said.
Sterling was quoted at USD1.3494 early Thursday, lower than USD1.3505 at the London equities close on Wednesday. Against the euro, sterling fell to EUR1.1633 from EUR1.1648 a day prior.
The euro traded at USD1.1600 early Thursday, higher than USD1.1594 late Wednesday. Against the yen, the dollar was quoted at JPY157.53 versus JPY158.67.
In the US on Wednesday, Wall Street ended higher, with the Dow Jones Industrial Average up 0.6%, the S&P 500 up 0.5% and the Nasdaq Composite up 0.5%.
In Asia on Thursday, the Nikkei 225 index in Tokyo fell 0.4%. In China, the Shanghai Composite was marginally lower, while the Hang Seng index in Hong Kong fell 0.4%. The S&P/ASX 200 in Sydney rose 0.4%.
Meanwhile, new US tariffs of up to 100% on drones and certain drone components came into force on Thursday as Washington seeks to reduce reliance on Chinese imports in the sector.
The measures, signed by Trump in August, impose a 100% tariff on drones weighing more than 25 kilograms, as well as those equipped with thermal imaging capabilities and docking stations. Smaller drones are subject to a 25% tariff.
Gold was quoted at USD4,436.10 an ounce early Thursday, higher than USD4,371.82 on Wednesday.
In UK corporate news, investment firm Toscafund Asset Management is preparing to install former Circle Health chief executive Paolo Pieri as executive chair of Spire Healthcare if its proposed GBP1 billion takeover of the private hospital operator succeeds, Sky News reported.
Toscafund has been in talks over a 250 pence-per-share offer for several months.
In Thursday's corporate calendar, Brooks Macdonald reports full-year results, Eurocell and Everyman Media publish half-year results, while Safestore Holdings and Jet2 issue trading statements, among others.
In the economic calendar on Thursday, services and composite PMI readings are due from Germany, the eurozone, the UK and the US. The eurozone also releases producer price data, while the US publishes weekly jobless claims and trade balance figures.
By Eva Castanedo, Alliance News senior economics reporter
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