Thursday Morning Markets: FTSE 100 Gains Despite Further US-Iran Strikes

London Holds Firm Despite Geopolitical Jitters

The FTSE 100 is up 0.5% in early Thursday trading, despite news of further strikes between the US and Iran. 

The U.S. reportedly launched attacks against multiple targets in Iran, while Iran responded with retaliatory strikes against US forces in the region, specifically mentioning bases in Kuwait, Bahrain, and Jordan.

Asia-Facing Names Lead the Risers

Prudential and Standard Chartered are among the FTSE 100’s top risers this morning, up 4.4% and 2.9% respectively. 

The stocks came under pressure recently after reports emerged that Hong Kong banks were tightening scrutiny on mainland Chinese clients who open savings and investment accounts in the city. 

Meanwhile, Airtel Africa is up 2.9%, while miners Fresnillo, Anglo American, Antofagasta and Rio Tinto are also moving positively as precious metal prices rise after a sharp sell-off in recent sessions.

On the softer side, Halma has plunged over 10% following its results, while Wizz Air has gained over 3% following its release.

Housebuilders, including Persimmon, Barratt Redrow, and Berkeley Group, are slipping despite a survey published this morning suggesting the UK property market slowdown appears to have bottomed out. 

All Eyes on Frankfurt

Alongside the geopolitical noise, the ECB rate decision is the day’s key scheduled event. 

Markets widely expect the European Central Bank to raise its deposit rate by 25 basis points to 2.25% after eurozone inflation jumped again in May. 

Across European markets, Germany’s DAX is down -0.1%, while France’s CAC 40 is trading higher (+0.4%), as well as the Euro Stoxx 50 (+0.7%) and other European bourses.