London pre-open: Stocks seen flat as Trump says talks with Iran are ongoing

(Sharecast News) - London stocks were set for a steady open on Wednesday as investors mulled US President Donald Trump's latest comments on the Middle East conflict. The FTSE 100 was called to open flat at around 10,373. At 0725 BST, Brent crude was up 1.8% at $97.75 a barrel.

In a post on Truth Social on Tuesday, Trump dismissed recent reports that the US and Iran had stopped peace talks.

"Fake News Reports that the Islamic Republic of Iran, and the U.S.A., stopped speaking a few days ago are false and erroneous," he said. "The conversations between us have been going on continuously, including four days ago, three days ago, two days ago, one day ago, and today.

"Where they lead, one never knows, but as I told Iran, 'It's time, one way or another, for you to make a Deal. You've been doing this for 47 years, and it cannot be allowed to go on any longer!"

Investors will also be mulling the Trump administration's proposed imposition of additional tariffs of 10% or 12.5% on imports from 60 economies, including the European Union and the UK.

In corporate news, B&M European Value Retail posted a sharp slide in annual profits after a "challenging" year which saw British sales weaken as costs rose.

Group revenues at the bargain retailer improved 3.6% in the year to 28 March, supported by a 2.9% uplift in like-for-like sales in B&M France. However, in the UK, like-for-like sales softened 0.1%, while Heron Foods saw revenues decline 0.3%. Costs also rose sharply.

As a result, adjusted earnings before interest, tax, depreciation and amortisation slumped 25.9% to £459m.

Howden Joinery said it has agreed to buy the parent company of Ultima Furniture Systems Limited, trading as DIY Kitchens, for £390m.

DIY Kitchens is "a high quality vertically integrated online kitchen business" through which Howdens will be able to access, directly, non-trade consumers, it said.

In 2025, the business generated revenue of £136m and earnings before interest and tax of £37m.

Electricals retailer Currys said it had appointed insider Fredrik Tønnesen as chief executive to replace Alex Baldock.

Tønnesen, who started his career as a shop assistant, has been CEO of the group's Nordics business since March 2023 and will take the reins on 3 August.

Real estate investment trust Tritax Big Box said it has sold six logistics assets to EQT Real Estate for £199m in cash. Tritax said the disposals were in line with their respective book values and comprised big box and urban logistics assets located at Leamington Spa, Peterborough, Didcot and Kettering.

The assets generate a total contracted annual rent of £12m.