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London benchmarks pared earlier losses and turned modestly positive on Thursday following a reported phone call between Chinese President Xi Jinping and U.S. President Donald Trump, which hinted at a potential easing of trade tensions. Meanwhile, silver surged past the critical $35 mark, reaching a 13-year high. According to Chinese state media, Xi and Trump spoke by phone on Thursday amid escalating tensions over critical minerals, which had threatened an already fragile trade truce. The call is expected to allow Trump to present a more optimistic outlook on U.S.-China relations, potentially reducing the risks of economic decoupling between the two nations—one of the key drivers behind increased investment in precious metals. The British pound climbed to a new high of 1.3616 in 2025, supported by weak U.S. economic data and assertive remarks from ECB President Christine Lagarde, both of which are likely to further bolster GBP/USD. Disappointing trade figures and rising unemployment claims in the U.S. have heightened concerns about slowing growth, exacerbated by underwhelming ADP employment and ISM non-manufacturing reports earlier in the week. Market forecasts now suggest nearly 60 basis points in Federal Reserve rate cuts by December, up from just under 50 basis points before the ADP data release. The fading U.S. economic edge, combined with expectations of an end to ECB rate cuts, points to continued dollar weakness. At the same time, the pound remains well-supported due to favourable interest rate differentials between the U.S. and UK, underpinned by Britain's robust economic performance and persistently high inflation above target levels.

Single Stock Stories & Broker Updates:

• Dr Martens' shares rose 17.9% to 70.7p, making it the top gainer on the FTSE 100, which is up 0.06%. The stock is on track for its best day since June 2022. The company plans to cut discounts in the Americas and EMEA regions this fiscal year and expects FY26 adjusted pre-tax profit to meet market expectations of £54-74 million ($73.26-$100.40 million). Prices for the spring/summer collection will remain unchanged as stock is available in the U.S. Doc Martens reported a better-than-expected FY25 adjusted pre-tax profit of £34.1 million, exceeding the consensus of £30.6 million. Despite today's increase, DOCS stock is down nearly 2% year-to-date.

• Wizz Air shares fell 26.5% to 1,230p, the lowest since Feb 5, making it the top loser on the FTSE mid cap index, which is down 0.3%. FY operating profit was £167.5 million, below expectations of €246 million. The company will not provide a 2026 outlook due to limited visibility. Stock is down 12.7% this year.

• Mitie Group shares fall 10.8% to 142.7p, the largest one-day loss since November 2024, after suspending a £125 million share buyback to focus on M&A. The company will acquire Marlowe for around £366 million, expected to be accretive in the first full year. Marlowe shares rise 8% to 438.5p, while Mitie is up 30% YTD.

• British trading platform CMC Markets saw shares drop 17.9% to 233.5p, marking their largest percentage loss in four months. The stock is among the top losers on the FTSE mid-cap index, which is down 0.28%. CMC reported FY25 adjusted PBT of £84.5 million, below analysts' estimate of £90.6 million. The company noted supportive trading conditions and plans to maintain cost control while investing in efficiency and platform capability. Year-to-date, the stock has decreased by 0.74%.

Technical & Trade View

FTSE Bias: Bullish Above Bearish below 8700

• Primary support 8500
• Below 8500 opens 8250
• Primary objective 8900
• Daily VWAP Bullish
• Weekly VWAP Bullish

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