23rd Sep 2026 06:53
(Alliance News) - Stocks in London are set to open higher on Wednesday as investors welcomed signs of renewed US-Iran diplomacy ahead of a fresh batch of flash PMI data from Europe, the UK and the US.
IG says futures indicate the FTSE 100 to open up 38.2 points, 0.4%, at 10,746.53 on Wednesday. The index of London large-caps closed down 0.3% at 10,708.33 on Tuesday.
Sterling was quoted at USD1.3315 early Wednesday, lower than USD1.3342 at the London equities close on Tuesday. Against the euro, sterling fell to EUR1.1652 from EUR1.1662 a day prior.
The euro traded at USD1.1428 early Wednesday, lower than USD1.1440 late Tuesday. Against the yen, the dollar was quoted at JPY157.65 versus JPY157.38.
Brent oil was trading at USD98.49 a barrel early Wednesday, lower than USD99.39 late Tuesday.
US President Donald Trump revealed that American and Iranian officials had held talks for the first time in months, even as he said he was still deciding whether to "annihilate" Iran.
Iranian Foreign Minister Abbas Araghchi met US envoy Steve Witkoff and Trump's son-in-law Jared Kushner on the sidelines of the UN General Assembly in New York.
Trump struck a confrontational tone in his address to the UN, telling delegates: "I have a big decision to make – will a deal be made with Iran that lets them rebuild and create a far greater country?"
"Or do I annihilate the Islamic Republic and do it quickly, never giving them a chance to kill and destroy people and countries again? Do I drive them into hell with no chance of survival?" he added.
Trump said he believed Iran would agree to a deal immediately after November's US midterm elections. However, shortly after his speech, he disclosed that US and Iranian officials had held a three-hour meeting on the sidelines of the UN gathering.
In the US on Tuesday, Wall Street ended mixed. The Dow Jones Industrial Average fell 0.4%, the S&P 500 closed flat, and the Nasdaq Composite rose 0.5%.
In Asia on Wednesday, China's Shanghai Composite fell 0.4%, while Hong Kong's Hang Seng index lost 1.0%. The S&P/ASX 200 in Sydney was marginally higher.
Financial markets remain closed in Tokyo for a public holiday.
Gold was quoted at USD4,329.46 an ounce early Wednesday, marginally higher than USD4,328.77 on Tuesday.
UK Prime Minister Andy Burnham said the UK would make artificial intelligence a central priority of its G20 presidency in 2027.
Speaking at the UN, Burnham said G20 members would work towards agreeing global AI safety standards.
"We will work towards agreeing a single set of global principles and standards to ensure the transparency and access we need to increase our preparedness and to ensure that AI development is safe," he said.
In Wednesday's corporate calendar, JD Sports Fashion reports half-year results, Renishaw and Time Finance publish full-year results, and Warpaint London releases half-year results.
In the economic calendar on Wednesday, flash composite PMI readings are due from France, Germany, the eurozone, the UK and the US.
By Eva Castanedo, Alliance News senior economics reporter
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