index Update: The FTSE 100 index, a key benchmark index for the London Stock Exchange, was trading declined around 0.84% on 23 April 2026. 

Macro Update: The UK economy grew 0.5% in February, but the IMF slashed 2026 growth forecasts to 0.8% due to Middle East-driven energy shocks. Inflation jumped to 3.3%, delaying Bank of England rate cuts. While Manufacturing and services show resilience, rising inactivity and high Debt interest payments create a fragile fiscal outlook. 

Top Market Movers: Among top gainers on FTSE 100 index, Airtel Africa PLC (LSE: AAF) witnessed a rise of 2.16% followed by Haleon PLC (LSE: HLN) witnessed a rise of 1.33%. 

Commodity Update: The dollar hovered near a one-and-a-half-week high on Thursday as tensions between the U.S. and Iran and stalled peace efforts lifted oil above USD 100 per barrel, dampening sentiment. Gold slipped 0.63% to USD 4,723.05, silver dropped 2.47% to USD 76.05, and copper declined 1.34% to USD 13,256.50. Brent Crude gained 1.84% to USD 103.73 amid limited shipping activity in the Strait of Hormuz. 

Our Stance: The UK maintains a cautious and pragmatic stance, prioritizing domestic economic stability amid global energy shocks. While remaining a close US ally and aiding Ukraine, the government has avoided direct escalation in the Middle East to protect fragile growth. 

FTSE 100: The FTSE 100 is trading near 10,393.76, down 0.79%, and has slipped below its 20-day SMA near 10,415 and 50-day SMA around 10,431, indicating a softer near-term structure. The index is consolidating after failing to hold higher levels, with price action showing mild pressure. The 14-day RSI near 48 suggests easing momentum. Immediate support is seen near 10,300, followed by 10,150, while resistance is placed around 10,430 and a higher hurdle near 10,600. 

Source: Charts by REFINITIV

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