| Asset | Level | Change |
|---|---|---|
| FTSE 100 | 10,910.60 | +0.59% |
| FTSE 250 | 23,757.20 | +0.16% |
| GBP/USD | 1.34 | -0.81% |
| GBP/EUR | 1.14 | -0.26% |
| GBP/JPY | 209.94 | -0.15% |
| Brent Crude | 78.73 | +8.62% |
| Gold | 5,398.00 | +3.20% |
| UK Nat Gas | 2.96 | +3.60% |
| Bitcoin | 66,233.93 | +0.75% |
| UK 2Y Gilt | - | - |
| UK 10Y Gilt | 4.45% | -0.70% |
| Data | Prior | Cons | Actual |
|---|---|---|---|
| Nationwide Housing Prices Month-over-Month | 0.30 | 0.30 | - |
| Nationwide Housing Prices Year-over-Year | 1 | 0.70 | - |
| Data | Prior | Cons | Time |
|---|---|---|---|
| BoE Consumer Credit | 1,524m | - | 23:30 |
| Mortgage Approvals | 61,010 | 62,000 | 23:30 |
| Mortgage Lending Level | 4,600m | - | 23:30 |
| Thursday (2026-03-05) | |||
| S&P Global Construction PMI | 46.40 | 47.90 | 23:30 |
| Friday (2026-03-06) | |||
| Halifax House Price Index Month-over-Month | 0.70 | 0.40 | 21:00 |
| Halifax House Price Index Year-over-Year | 1 | - | 21:00 |
Yesterday's UK calendar featured pending Nationwide Housing Prices, with Month-over-Month consensus at 0.3% matching prior, and Year-over-Year at 0.7% versus prior 1%, as actuals remained unreported. This anticipation contributed to a 0.81% decline in GBP/USD to 1.34, reflecting caution on housing trends. The FTSE 100 advanced 0.59% to 10,910.60, driven by energy stocks amid an 8.62% surge in Brent Crude to 78.73, fueled by Middle East conflicts.FTSE 250 edged up 0.16% to 23,757.20, buoyed by slight domestic sentiment. GBP/EUR fell 0.26% to 1.14 and GBP/JPY dipped 0.15% to 209.94, as the 10-year Gilt yield eased 0.70% to 4.45%. Gold rallied 3.20% to 5,398.00 for safe-haven demand, while UK Natural Gas rose 3.60% to 2.96 on supply worries.Bitcoin gained 0.75% to 66,233.93. Markets maintained stability, eyeing upcoming data for direction.
Today's UK releases include BoE Consumer Credit at 23:30 ET, prior 1.524 billion with no consensus, Mortgage Approvals expected at 62,000 versus prior 61,010, and Mortgage Lending Level prior 4.6 billion without forecast, providing borrowing insights amid high rates. No events tomorrow. Thursday features S&P Global Construction PMI at 23:30 ET, consensus 47.9 against prior 46.4, indicating sector trends.Friday brings Halifax House Price Index MoM at 21:00 ET, consensus 0.4% versus prior 0.7%, and YoY prior 1% with no consensus. These could sway sterling and yields ahead of policy signals.
UK economy faces ongoing inflation at verified CPI YoY of 3.40%, straining households despite moderation. Unemployment at 5.10% signals labor slack, potentially curbing wages and aiding BoE caution. Housing pressures from high rates may dampen confidence and spending, as recent indicators suggest affordability challenges.
Escalating Middle East tensions, with US-Israel strikes on Iran and Hezbollah retaliation, including explosions in Gulf cities and Beirut evacuations, lifted Brent Crude and stoked UK energy inflation risks. (cont...)
UK celebrations post-strikes reflect sentiment shifts impacting politics and GBP. FCA's stablecoin sandbox includes Revolut, enhancing London's fintech status despite Coinbase CEO's critiques of caps, potentially drawing crypto flows. US Supreme Court tariff ruling curbs executive power, aiding UK trade.Canadian defense surge amid Arctic focus pressures UK NATO commitments and budgets. Chinese computing advances heighten global tech rivalry, urging UK innovation. Apple's iOS 26.4 update supports tech resilience, benefiting UK digital sectors.City of London counters crime disinformation, bolstering investor confidence. These dynamics foster risk-off moves, seen in gold and bitcoin gains.
The Bank of England maintains the Bank Rate at 3.73%, with the committee voting to hold amid persistent inflation at verified CPI YoY of 3.40%. Incoming Deputy Governor Katharine Braddick's appointment ensures regulatory continuity, emphasizing credit monitoring via upcoming data. MPC guidance stresses data dependence, highlighting wage and energy risks, alongside quantitative tightening to normalize the balance sheet.This supports gilt yield stability, with the 10-year at 4.45%, as markets watch for pivots from housing or PMI surprises. No easing rush prioritizes inflation control, limiting sterling gains if risks rise.