- FTSE 100 up 4 points to 9,967
- MONY up 4% after upgrade
- AstraZeneca jumps 2.9% on trial results
- Consumer sentiment dips in March
- US futures retrace gains
5.05pm: FTSE little changed
The FTSE 100 finished Friday’s session little changed, down 4 points at 9,967, but remained up slightly for the week as investors remained cautious amid geopolitical uncertainty.
"Oil prices are on track for their third straight day of gains with Brent crude climbing back above $100 per barrel as doubts over a near-term US-Iran deal and escalating military activity kept supply risks elevated, particularly around the Strait of Hormuz,” IG chief technical analyst Axel Rudolph said.
“Despite a temporary pause in US strikes and ongoing diplomatic efforts, markets remain sceptical about de-escalation, with troop build-ups on both sides and disrupted tanker flows sustaining upward pressure on energy prices and pushing US Treasury yields to their highest levels since mid-2025.”
3.32pm: Turnaround
Heading into the final furlong of what has been a roller coaster week for global markets, the Footsie has managed to poke its nose into the green, having been firmly in the red for most of the day.
On Wall Street, the mood remains depressed as confusion over peace talks with Iran persists. Crude prices continue to reflect the fear and uncertainty of the situation, with Brent pinned at around $110 a barrel.
2.48pm: UK blue-chips lower, but off their lows as Wall Street struggles
The Footsie stemmed its losses on Friday, holding steadier than Wall Street, where stocks fell sharply despite President Trump delaying threatened strikes on Iran's energy infrastructure.
The Dow Jones Industrial Average dropped around 400 points, or 0.9%. The Nasdaq Composite fell 1.3%, sinking further into correction territory. The S&P 500 lost 0.9%, following steep losses the previous session.
Oil pushed more than 2% higher as fighting continued across the Middle East, raising fears the conflict could stretch well into April. Brent crude traded above $104 a barrel and West Texas Intermediate topped $97, with investors focused on the mounting economic damage from disrupted Strait of Hormuz traffic.
Trump extended his Iran deadline by 10 days, giving Tehran until April 6 to meet US demands or face strikes on its power plants. Iran has so far rejected US efforts to reach a deal, leaving markets uncertain whether the pause leads anywhere.
The Senate passed a bill funding the TSA and other Homeland Security operations overnight, clearing the path to end a partial federal shutdown that has paralysed airports.
1.01pm: MONY, MONY, MONY
MONY Group shares rose 4% after Jefferies upgraded the price comparison website operator to buy from hold, lifting its price target to 230p from 205p and arguing that fears over artificial intelligence disrupting the sector are misplaced.
The broker said MONY, which operates MoneySuperMarket, has de-rated to a five-year valuation low of around nine times forward earnings, presenting what it describes as a compelling entry point, particularly given a dividend yield it estimates at close to 7%, a decade high for the stock.
Jefferies argued that so-called agentic AI, which refers to artificial intelligence systems capable of independently browsing the web and completing tasks on a user's behalf, will not disintermediate price comparison websites because regulatory complexity and the need to handle sensitive consumer data make platforms like MONY essential partners for AI systems rather than targets for disruption.
It pointed to MONY's February launch of a MoneySuperMarket app within ChatGPT as concrete evidence of this partnership dynamic playing out.
11.52am: Footsie off session low ahead of US open
The FTSE 100 was down 38 points ahead of the US open on Friday, though off its session lows, as investors weighed a deteriorating geopolitical picture against signs of potential de-escalation.
US stock futures pointed lower. Dow Jones futures fell 0.4%, S&P 500 contracts dropped 0.3%, and Nasdaq 100 futures slid 0.5%, extending Thursday's losses on Wall Street.
Oil pushed higher as fighting continued across the Middle East, raising fears the conflict could stretch well into April. Brent crude traded above $110 a barrel and West Texas Intermediate neared $97, with traders focused on the growing economic cost of disrupted Strait of Hormuz traffic.
President Trump extended his deadline for Iran by 10 days, giving Tehran until April 6 to meet US demands or face strikes on its power infrastructure. Iran's leadership remains reluctant to negotiate directly with Washington, according to reports, despite a US proposal on the table.
In Washington, the Senate passed a bill funding the TSA and other Homeland Security operations, clearing the way to end a partial federal shutdown that has paralysed airports and rattled markets.
10.05am: Rain stops play for retailers
Retail stocks are under pressure after the ONS revealed a 0.4% drop in retail sales in February, reversing January's 2% gain.
Shares in JD Sports Fashion PLC (LSE:JD., OTC:JDSPY), Marks and Spencer Group PLC (LSE:MKS) and Next PLC (LSE:NXT) all fell on the news.
AJ Bell's Dan Coatsworth blamed miserable weather for keeping shoppers at home, though he noted the decline was less severe than the 0.7% fall analysts had forecast. On a three-month basis, sales were still up 0.7%. However, Coatsworth sounded a note of caution, warning that the Middle East crisis, weakening consumer confidence and potential Bank of England rate rises could spell further trouble ahead.
“Higher energy prices make it more expensive to fill up the car with fuel or boil the kettle for a cup of tea, and they could feed into higher costs for food, drink and clothing," Coatsworth added. "Households might feel no choice but to watch their spending more closely, and that is terrible news for retailers.”
The FTSE 100, in the meantime, has extended its losses and is now 87 points down at 9,885.05.
9.45am: 'Delay is no deal'
Saxo Markets' Neil Wilson has stepped in with his thoughts. While Trump's deadline extension to Iran to 6 April has eased immediate escalation fears, it offers no clear resolution. Brent crude rose back to $110 for a third day, while European equities opened lower on Friday, reflecting ongoing market caution.
Oil flows remain under pressure, with around 8 million bpd still at risk, and the Strait of Hormuz remains effectively blocked. G7 diplomats meet in Paris today to try to ease tensions, but disruption is set to continue. Market focus is increasingly shifting from inflation to the growing stagflation risk, Wilson added.
"Delay is not a deal: Minutes after US stocks posted their worst day since Middle East war, Trump was back on Truth Social extending his deadline for a peace deal with Iran by 10 days, claiming talks were going 'very well'," Wilson said. "So far so Taco...but markets ain’t buying it with crude oil prices stubbornly higher and equity markets lower while the dollar and bond yields are elevated."
The FTSE 100 is now 38 points down at 9,934.32. In Paris, the CAC 40 has slid 0.5%, while Frankfurt's DAX is 1.1% lower.
8.45am: FTSE 100 turns tail
The FTSE 100's early gains were short-lived, with the index dipping back into the red in early trading. It's now 27 points down at 9,945.08.
The price of oil is creeping higher following President Trump's extension of the deadline for Iran to reopen the Strait of Hormuz. Brent crude futures are up 1.4% at $109.49 a barrel.
“The oil price remains the reverse indicator for equity markets, with other asset classes also playing second fiddle to black gold," commented interactive investor's Richard Hunter. "In turn, on a day-to-day basis, oil traders are scrambling to unpick the mixed messages coming through social media and interviews between the warring parties on the possibility of de-escalation."
While markets reacted quickly to Trump's delay, with oil prices initially slipping and US futures moving higher, Hunter said that momentum has started to fade, with oil edging back up and futures giving back some gains as investors weigh what the extension really means, and whether it points to a longer-running conflict.
"While the extension offers some short-term relief, it also risks prolonging uncertainty, leaving markets questioning whether this is a delay to resolution rather than a step towards it.”
8.15am: FTSE 100 gains on Trump's delay
The FTSE 100 looks set to end the week on the front foot after US President Donald Trump delayed a strike on Iran's energy infrastructure by 10 days to 6 April, saying talks between the two sides were progressing.
Shortly after the open, London's blue chip index rose above the 10,000 mark, before pulling back slightly to show a gain of 23 points to 9,994.91.
AstraZeneca PLC (LSE:AZN, NASDAQ:AZN) is at the top of the leaderboard, up 2.9%, after it announced positive trial results for its monoclonal antibody, tozorakimab. Pershing Square Holdings (LSE:PSH) and Berkeley Group Holdings PLC (LSE:BKG) both added more than 2%.
Metlen Energy & Metals PLC (LSE:MTLN) slumped 8% after delaying the release of its FY25 results by 9 days at the request of its external auditors. JD Sports Fashion PLC (LSE:JD., OTC:JDSPY) opened 1.6% down, while Compass Group PLC (LSE:CPG) fell 1.2% at the open.
8am: Middle East conflict hits consumer sentiment
UK consumer confidence fell two points to -21 in March, according to GfK, as the Middle East conflict began to unsettle household sentiment.
The sharpest move came in economic expectations for the next twelve months, which dropped six points to -37. The Major Purchase Index also fell four points, while the Savings Index jumped six points to 27, a clear sign that people are holding back rather than spending.
GfK's Neil Bellamy warned that a "ripple of fear is spreading," with people unconvinced the economy can absorb the knock-on effects of the conflict. He flagged two key concerns: the need for a carefully balanced government response to ongoing volatility, and the risk of further sharp price rises ahead.
Unless the conflict is resolved quickly or fresh support measures are introduced, Bellamy cautioned, that ripple of fear "has the danger of turning into a flood."
7.35am: Car makers hit the brakes
The UK's motor industry had a rough February, with vehicle production dropping 17% to just over 68,000 units. Car output fell nearly 11%, while commercial vehicle production absolutely cratered, down 74%, hit by model changeovers and restructuring at a major plant.
Exports held up better in Europe, with EU shipments of cars actually rising 5%. But demand from the US fell 34%, China dropped 66%, and Japan slipped too. Electric and hybrid cars now make up 40% of total output, so the green shift is well underway.
The worry is what comes next. SMMT chief Mike Hawes pointed out that these figures don't yet factor in the Middle East crisis, warning that supply chains face further strain. He's calling on the government to cut energy costs, support suppliers and lock down a better trade deal with Europe - fast.
7.15am: FTSE 100 likely to open up
The FTSE 100 is set to open higher on Friday after US President Donald Trump extended his deadline for Iran to reopen the Strait of Hormuz before attacking its power plants by ten days to 6 April, saying talks are "going very well."
Spread betters are calling London's benchmark index to open around 29 points higher. That would partially claw back Thursday's 134-point fall to 9,972, which came as Middle East tensions continued to weigh on sentiment.
US futures are also pointing up, despite another tough session on Wall Street. The Nasdaq shed 2.4%, the S&P 500 fell 1.7%, and the Dow Jones dropped 1%.
Swissquote's Ipek Ozkardeskaya struck a cautious note. "This is becoming increasingly difficult to follow," she said. "With or without the US in the mix, attacks continue in the Middle East. Gulf countries have exchanged strikes throughout the week, and traffic through the Strait of Hormuz remains very limited."
She added that the deadline extension shouldn't be read as a breakthrough. "It does not necessarily point to material progress toward peace or an improvement in oil flows. However, it appears to reassure investors that the weekend could be less volatile than feared, in the sense that the US may refrain from further escalation after the market close."
Asian markets are mixed. Tokyo's Nikkei 225 and Seoul's Kospi are both down 0.4%, while Hong Kong's Hang Seng and Shanghai's SSE Composite are each up 0.6%. Sydney's ASX 200 edged 0.1% lower.
Brent crude remains elevated above $108 a barrel.