Market Overview

British equities rallied on Friday, with the FTSE 100 gaining 0.85% to trade at 7:27 GMT (3:27 ET). The German DAX rose 1.33% and France’s CAC 40 increased 1.47%. The pound slipped 0.17% against the dollar, quoting $1.3394. Brent crude fell 1.96% to $88.61 a barrel and WTI declined 1.79% to $86.13 a barrel, while spot gold dropped 0.76% to $4,179.15 per ounce.

US‑Iran Diplomatic Development

President Donald Trump announced a preliminary U.S.–Iran agreement, describing it as a “very strong memorandum of understanding” that would restart shipping in the Strait of Hormuz and include Tehran’s commitment not to pursue a nuclear weapon. The proposed memorandum would extend the cease‑fire by 60 days, immediately reopen the Strait of Hormuz without tolls, and grant Iran sanctions relief contingent on compliance, with the United States lifting its naval blockade. Trump said a signing could occur as soon as the weekend in Europe and that Vice President JD Vance would attend if it materialises. Iran’s response remained guarded; the semi‑official Fars news agency reported that officials had not yet approved the text.

UK Economic Data

Data from the Office for National Statistics showed the UK economy expanded by 0.7% in the three months to April 2026, marking the fifth consecutive quarter‑on‑quarter growth and an acceleration from the 0.6% recorded in the previous period. However, on a monthly basis GDP contracted by 0.1% in April, the first monthly decline since August 2025, driven by a 0.2% fall in services output that offset a 0.1% rise in construction. The ONS attributed part of the monthly softness to the Middle‑East conflict, citing cancellations of sporting events and reduced turnover in manufacturing, wholesale and travel businesses.

Company Specific Updates

Flutter Entertainment announced it will delist its ordinary shares from the London Stock Exchange effective 3 August, stating the move is in the best interests of the company and its shareholders. Its shares will continue to trade on the New York Stock Exchange under the ticker FLUT.

Household cleaning products maker McBride warned that the Middle‑East conflict has driven sustained cost increases in petrochemical‑derived and energy‑intensive materials beyond its original expectations. Consequently, the company now expects its FY26 and FY27 adjusted EBITA to be 5%‑10% below current analyst forecasts, although it anticipates performance to normalise heading into Q2 FY27 and beyond.

Publication Details

The article was authored by Navamya Acharya for Reuters, published on 12‑06‑2026 at 01:00 pm and updated at 01:30 pm.