The FTSE 100 started the session 183.54 points lower at 10,422.46 as a global sell-off in bonds drove UK 30-year gilt yields to 6%, reaching levels not seen since early 1998. Meanwhile, Brent crude futures climbed 1.53% to USD 99.19 per barrel, and US West Texas Intermediate (WTI) gained 1.50% to reach USD 91.78 per barrel.
Early Thursday, the pound slipped to USD 1.3249, down from USD 1.3276 late Wednesday afternoon. Against the euro, however, it strengthened to EUR 1.1698 compared to EUR 1.1688 previously.
Gainers & Losers
Rolls-Royce Holdings led the winners, moving up 0.82% to 1,473.60p, while DCC rose 0.16% to 6,440p. Polar Capital Technology Trust added 0.14% to reach 700p, easyJet crept up 0.03% to 677.80p, and Intertek Group remained flat at 5,870p.
Conversely, Games Workshop Group suffered a 6.45% drop to 16,830p, and British American Tobacco fell 3.83% to 3,971p. Lion Finance Group dropped 3.20% to 13,910p, Rio Tinto lost 2.14% to 6,947p, and AstraZeneca retreated 1.86% to 12,052p. Next also saw a decline, falling 1.42% to 14,585p, alongside Fresnillo and Smiths Group, which slipped 0.40% to 2,717p and 0.39% to 2,814p, respectively.
Filtronic Bags SpaceX Order
Filtronic has landed its largest contract to date with SpaceX, securing a USD 68.1 million (GBP 51.3 million) agreement to supply hardware to the aerospace company.
The technology firm will supply equipment designed to support high-frequency satellite communications for SpaceX. This new agreement surpasses an earlier USD 62.5 million order placed by SpaceX in August 2025, with fulfillment expected to take place largely across Filtronic’s 2028 financial year.
Chief executive Nat Edington described the contract as a “significant milestone” that provides the business with enhanced revenue visibility over the coming years.
UK Gilt Surges
Yields on British 30-year government bonds climbed to their highest point since early 1998 on Thursday. This followed another sharp increase in US Treasury yields as oil prices advanced amid renewed optimism that the Iran war might soon conclude.
According to LSEG figures, 30-year gilt yields touched 6.029%—their highest mark since early 1998—after climbing 6 basis points during the day. Ten-year yields added 8 basis points to hit 5.509%, the highest since July 2007, while five-year yields reached their highest level since July 2008.
UK House Prices Declined
Annual growth in UK house prices was cut in half during September, constrained by elevated mortgage expenses and broader economic uncertainty that made buyers more hesitant. Nationwide reported that prices rose by just 0.8% year-on-year, down from 1.6% in August and marking the slowest annual pace since December 2025. On a monthly basis, prices dropped 0.2%, bringing the typical UK property price down to £274,251.
Robert Gardner, Nationwide’s chief economist, noted that the property market remained “subdued,” with high energy costs fueling inflation worries and maintaining upward pressure on the interest rates that dictate mortgage pricing.
Also Read: Stock Market Update: Nifty 50 Opened 76.75 Points Lower, Sensex Fell 287.5 Points
Global Market View
Overnight on Wall Street, US indices finished mixed. The S&P 500 dropped 0.3% and the Dow Jones Industrial Average fell 0.9%, whereas ongoing strength in technology stocks pushed the Nasdaq Composite up by 0.2%.
Across Asia on Thursday, Tokyo’s Nikkei 225 jumped 3.3% to 68,958.72, and China’s Shanghai Composite grew 0.31%. Hong Kong’s Hang Seng index gained 0.37%, while South Korea’s Kospi increased by 1.95%. Meanwhile, India’s major indexes both declined, with the Nifty 50 down 1.27% and the Sensex falling 1.16%.
