London, July 5, 2026, 18:02 BST
- No cash trading in London Sunday. The LSE opens again Monday at 8:00 a.m. BST.
- FTSE 100 (INDEXFTSE:UKX) closed Friday at 10,679.03. FTSE 250 (INDEXFTSE:MCX) finished at 23,538.80.
- FTSE 100 got its weekly rise from just one day. Thursday’s jump was larger than the index’s net gain for the week.
- BoE rate bets, OPEC+ output moves and a light UK earnings calendar shape risks this week.
London cash trading is closed for the weekend. The London Stock Exchange trades 8:00 a.m. to 4:30 p.m. BST, Monday to Friday, making Friday’s close the last open cash print until Monday.
Last week’s advance in the FTSE 100 (INDEXFTSE:UKX) was narrow. The index climbed 171.01 points for the week, but almost all of that came from Thursday’s 174.53-point leap. Excluding that U.S.-payrolls session, the FTSE 100 lost ground during the other four days. The FTSE 250 (INDEXFTSE:MCX) also did most of its work in one move—Wednesday’s 316.62-point jump made up 81% of its gain for the week. Daily closes from Investing.com were used for the FTSE 100 and Investors Chronicle market data for the FTSE 250.
| Index | Jun 26 close | Jul 3 close | Week | Friday | Biggest positive day |
|---|---|---|---|---|---|
| FTSE 100 (INDEXFTSE:UKX) | 10,508.02 | 10,679.03 | up 1.63% | added 0.25% | July 2 added 174.53 points, accounted for 102% of the week’s gain |
| FTSE 250 (INDEXFTSE:MCX) | 23,147.19 | 23,538.80 | rose 1.69% | gained 0.52% | July 1 up 316.62 points, about 81% of that week’s total gain |
A softer U.S. jobs report pushed LSEG-compiled odds of a Fed rate hike this year to 76%, from about 84% before the data, Reuters said. The FTSE 100 finished up 1.7% Thursday. The FTSE 250 added 0.4%.
Friday gave markets a lighter lift. According to Reuters, financials pushed the UK to a higher close, while precious-metals miners added 1.4% thanks to gold’s gains. Chemicals were up 2.5%. Johnson Matthey LON:JMAT climbed 4.9% after getting Chinese approval to sell its Catalyst Technologies unit to Honeywell International (NASDAQ:HON).
Domestic numbers were weaker. Britain’s services PMI dropped to 48.8 in June, down from 49.3 in May, the lowest since January 2023. The composite PMI was also revised down to 49.3. Tim Moore, economics director at S&P Global Market Intelligence, said the June figures showed “a clear loss of momentum” for the UK economy. Reuters
The Bank of England’s business survey did little to ease nerves for rate traders. Companies saw year-ahead own-price inflation running at 4.1% on a three-month average in June, a touch higher than May. More than half, 56%, still said they planned to lift prices due to higher energy costs, and 66% predicted thinner profit margins. The Bank Rate sits at 3.75%. The next rate call is July 30.
BoE’s Catherine Mann stuck to a hawkish stance, saying, “If you’re going to move, move big,” after she argued bigger rate hikes beat gradual steps. Commonwealth Bank of Australia’s Carol Kong said Mann looks ready for an “activist” hike if second-half numbers miss on inflation expectations. Reuters
Sterling is in focus again this week. Karl Steiner at SEB said the “risk premia leaving sterling” after the currency gained ground last week. That shift could weigh on the FTSE 100, since companies there get more revenue overseas, while Fidelity notes the FTSE 250 has less global exposure than the FTSE 100. Reuters
Oil gives Shell (LON:SHEL) and BP (LON:BP) their own Monday setup. OPEC+ said Sunday it will lift output quotas by 188,000 barrels per day in August. That follows similar quota hikes for June and July. UBS analyst Giovanni Staunovo said the “near-term focus” is on the number of tankers making it through the Strait of Hormuz and the pace of demand and Chinese crude imports coming back. Reuters
| Week-ahead item | Timing | Market read |
|---|---|---|
| LSE cash market | Monday, 8:00 a.m. BST | Spot traders get the first look at moves after OPEC+ and weekend FX shifts |
| ONS release calendar | July 6-10 | No top-tier GDP, CPI or labor market data on deck; real-time indicators land July 9 |
| BoE watch | Next rate decision July 30 | DMP price series keeps focus on banks, housebuilders, REITs for where rates get set |
| Company diary | Wednesday | Pennon Group (LON:PNN), Unite Group (LON:UTG) out with trading updates; Jet2 (LON:JET2) and System1 Group (LON:SYS1) post full-year numbers |
The reporting line-up is quiet this week. The Armchair Trader has no FTSE 350 companies reporting results on Monday, Tuesday, Thursday, or Friday, with most UK-facing news due on Wednesday. The ONS is set to release lower-profile data, like its real-time indicators out July 9.
The gap sticks out for investors because the FTSE 100’s move last week was driven by rates repricing, not better UK earnings outlooks. If the Fed or BoE repricing flips, the biggest chunk—Thursday’s 174.53-point FTSE 100 rally—could get hit.
