FTSE 100

Key insight

US–Iran Strait of Hormuz diplomacy is the single biggest swing factor right now: a deal reopens the waterway, hammers oil prices further, and lifts risk appetite — but a breakdown sends energy stocks and the FTSE sharply lower.

The FTSE 100 is pinned near 10,877 — below the intraday high of 10,932 — as a mid-session reversal driven by HSBC and Prudential selling offsets mining and retail strength, leaving the index effectively flat on the day.

Main risk

AstraZeneca–Bristol Myers Squibb Merger Speculation

AstraZeneca — the FTSE 100's largest constituent by weight — fell over 6% on merger rumours earlier this week, and continued headline risk around a potential deal with BMS poses a significant drag on the index near the 10,930 resistance zone.