UK equity markets opened broadly steady on Wednesday, with the FTSE 100 edging higher to 10,429.02 despite a challenging global backdrop.
European sentiment was more cautious, with Germany’s DAX falling 0.59 per cent to 24,790.70 and the Euronext 100 slipping marginally to 1,900.85.
Wall Street closed in negative territory overnight, with the Nasdaq finishing at 25,587.04 and the S&P 500 ending the session at 7,365.46.
A technology-led sell-off and ongoing uncertainty over the Federal Reserve’s interest rate path weighed heavily on US investor confidence heading into the session.
Housebuilder Berkeley Group (LSE: BKG) reported annual profits below market expectations and revised its medium-term growth targets, adding pressure to an already difficult UK housing market picture.
The update signals a challenging operating environment for the wider housebuilding sector, as affordability pressures and subdued demand continue to weigh on new build activity.
Segro (LSE: SGRO), the FTSE 100 industrial property giant, rejected a £12.6 billion takeover approach from a US rival, reaffirming the board’s confidence in the company’s standalone strategy and long-term valuation.
The rebuffed bid underscores persistent overseas appetite for UK-listed real estate assets, particularly in the industrial and logistics space where demand fundamentals remain strong.
In commodity markets, Brent crude weakened as expectations of smoother crude flows through the Strait of Hormuz eased geopolitical supply concerns among traders.
Gold and copper both advanced during the session, while natural gas prices also moved higher, reflecting a mixed but broadly constructive tone across raw materials markets.
Currency markets saw the US dollar, euro and Swiss franc all strengthen against sterling, while the Australian dollar and Japanese yen both weakened during morning trading.
Bitcoin held steady against the pound, trading unchanged at £47,473.62, as cryptocurrency markets remained largely unmoved by the broader risk-off sentiment seen in equities.