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Wednesday Morning Markets: FTSE Dips Ahead of Budget; GSK and Unilever Results Weigh

The FTSE 100 is down 0.2% early on Wednesday, with the UK Budget due today and oil higher after reports of possible renewed US action against Iran.

The FTSE 250 was 0.1% lower, while Sterling slipped 0.1% to $1.3290. Elsewhere in Europe, the DAX has declined 0.1% and the CAC 40 is flat.

FTSE.INDX

Oil and the Middle East

Brent is up 1.4% at $110.97 and WTI 1.7% at $101.56. The Wall Street Journal reported, citing unnamed people briefed, that the US has told several Gulf Arab countries to prepare for a short, intense military campaign after the US midterm elections.

Iran’s foreign minister Abbas Araghchi has warned of a “devastating impact” on global energy markets from any military action.

FTSE 100 movers

Standard Chartered leads the FTSE 100, up 4.36% at 2,107p after raising its 2026 income guidance. Pre-tax profit rose to $2,250m from $1,766m, even after a $34m charge tied to the Middle East conflict.

Other FTSE 100 gainers include Prudential, which rose 1.65%, and Polar Capital Technology Trust, which gained 1.43%.

GSK.LSE

Meanwhile, GSK fell 4.11% to 1,844.5p after third-quarter results. Total operating profit fell 16% at constant rates after restructuring charges; 2026 guidance was reaffirmed.

Unilever dropped 2.12% to 4,790p despite 5.2% underlying sales growth and an upgraded volume outlook.

FTSE 250 movers

In the FTSE 250, Hunting, the oilfield equipment group, fell 12.81% to 372.25p after cutting 2026 EBITDA guidance to $128m-$133m. Chief executive Jim Johnson said “the protracted and deepening nature of the conflict in the Middle East has impacted our overall results in Q3 and into Q4”.

Princes Group gained 3.90%, Raspberry Pi 3.23% and Pollen Street 2.52%. WAG Payment Solutions lost 2.96% and Funding Circle 2.80% to 207.75p.

Budget day

Chancellor John Healey is expected to speak at about 12:30 pm. Reports point to help with energy bills and tax rises, including on banks.

Sam Boughedda
Sam Boughedda
Team Member

Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples. 

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