London midday: FTSE nudges up as investors eye Trump-Xi meeting

24th Sep 2026 10:51

(Sharecast News) - London stocks had nudged into the black by midday on Thursday, but gains were muted following a selloff in US bond markets, and as investors eyed a meeting between US President Trump and China's Xi Jinping.

The FTSE 100 was up 0.1% at 10,718.68, while Brent crude was 1.3% firmer at $104.41 a barrel and West Texas Intermediate was 0.9% higher at $93.02.

Sentiment was shaky after stocks on Wall Street fell sharply amid a selloff in the bond market, as a survey showed that US business activity unexpectedly rose to a five-year high in September, lifting rate hike bets. S&P Global's flash US Composite PMI output index rose to 58.4 from 56.0 in August. This marked the highest reading since July 2021.

Neil Wilson, Saxo UK investor strategist, said: "Bond yields are blowing out again partly because the US economy is booming."

He said the US PMI data "rekindled the bonfire in the bond market as the latest S&P services and manufacturing activity surveys hit 5-year highs, underlining why the Fed is right to adopt a more hawkish stance".

On Wednesday evening, US Treasury Secretary Scott Bessent said the US and China had agreed to extend their trade truce by two months, as Xi Jinping arrived in Washington for a summit with Donald Trump. The truce had been due to expire on 10 November.

Patrick Munnelly at Tickmill Group said: "The US-China truce extension reduces near-term tail risk, but it does not remove strategic uncertainty. Investors will want to see whether the two sides can make tangible progress on tariffs, semiconductor restrictions and AI governance, rather than simply deferring escalation.

"That distinction matters for Asia's export-sensitive markets and global technology supply chains. A truce extension helps, but a credible roadmap would help far more."

In equity markets, BP and Shell gushed higher as oil prices climbed again, while Raspberry Pi surged to the top of the FTSE 250 as lifted its full-year profit outlook and hailed a record first-half performance, pointing to strong OEM and reseller demand and increased unit shipments.

Mitchells & Butlers rose as the pub group said it returned to growth in the fourth quarter of its fiscal year, driven by a 3.8% rise in drink sales on the back of the hot August weather.

On the downside, Victrex slid as it outlined new five-year financial targets ahead of its capital markets day.

Housebuilder Vistry tumbled as it unveiled heavy interim losses and trimmed its full-year profit guidance, as it launched a major overhaul of the business.

AO World was also under pressure, with investors seemingly disappointed that the online electricals retailer didn't upgrade guidance, as it pointed to a continued strong performance between 1 April and 30 September, with year-on-year revenue expected to be up 5.5% and pre-tax profit set to be more than 20% higher at around £21.5m.

B&Q and Castorama owner Kingfisher was knocked lower by a downgrade to 'hold' from 'buy' at Investec.

Halma reversed earlier gains to trade slightly lower despite boosting its full-year targets following a robust first half.

Market Movers

FTSE 100 (UKX) 10,718.68 0.13%

FTSE 250 (MCX) 24,273.09 -0.36%

techMARK (TASX) 6,124.50 -0.43%

FTSE 100 - Risers

JD Sports Fashion (JD.) 76.52p 3.26%

Sainsbury (J) (SBRY) 341.00p 2.16%

British American Tobacco (BATS) 4,280.00p 2.14%

Diploma (DPLM) 7,765.00p 1.90%

Marks & Spencer Group (MKS) 374.70p 1.82%

Ithaca Energy (ITH) 295.30p 1.79%

Antofagasta (ANTO) 3,789.00p 1.66%

Diageo (DGE) 1,648.00p 1.60%

Haleon (HLN) 346.60p 1.55%

Tesco (TSCO) 478.00p 1.53%

FTSE 100 - Fallers

Standard Life (SDLF) 892.00p -3.67%

St James's Place (STJ) 1,057.00p -3.65%

Rentokil Initial (RTO) 311.80p -3.28%

Kingfisher (KGF) 329.00p -3.01%

Computacenter (CCC) 5,325.00p -2.83%

Autotrader Group (AUTO) 456.40p -2.54%

Investec (INVP) 623.50p -1.97%

Pershing Square Holdings Ltd NPV (PSH) 3,594.00p -1.80%

Abrdn (ABDN) 241.80p -1.55%

Metlen Energy & Metals (MTLN) 47.97p -1.50%

FTSE 250 - Risers

Raspberry PI Holdings (RPI) 706.00p 11.80%

Schroder Asian Total Return Investment Company (ATR) 746.00p 3.32%

Telecom Plus (TEP) 815.00p 3.29%

Harbour Energy (HBR) 280.00p 2.34%

Barr (A.G.) (BAG) 601.00p 2.21%

Mitchells & Butlers (MAB) 278.00p 2.21%

Domino's Pizza Group (DOM) 209.40p 2.05%

Ocado Group (OCDO) 234.20p 2.00%

FirstGroup (FGP) 174.80p 1.62%

Foresight Environmental Infrastructure Limited (FGEN) 89.40p 1.59%

FTSE 250 - Fallers

Victrex plc (VCT) 902.00p -7.96%

Ceres Power Holdings (CWR) 402.00p -7.42%

CVS Group (CVSG) 1,234.00p -5.22%

AO World (AO.) 88.50p -4.84%

Vistry Group (VTY) 254.00p -4.55%

Rightmove (RMV) 447.20p -4.49%

Rathbones Group (RAT) 1,546.00p -2.52%

Bridgepoint Group (Reg S) (BPT) 302.00p -2.39%

Pan African Resources (PAF) 126.20p -2.32%

IP Group (IPO) 72.30p -2.30%