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London stocks recover from session lows after Trump suspends Iran power strikes
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London stocks recover from session lows after Trump suspends Iran power strikes
Mar 23, 2026 10:33 AM

* FTSE 100 down 0.2%, FTSE 250 down 0.2%

* Miners lead gains as gold rebounds

* BoE bets trimmed after Trump remarks

* Goodwin slumps on dividend-cut risk from Middle East

delays

(Updates to market close)

March 23 (Reuters) - The UK's FTSE 100 eased on Monday,

recovering from sharp losses earlier after U.S. President Donald

Trump ordered a pause on military strikes against Iranian power

plants, prompting traders to rein in their rate-hike

expectations.

The blue-chip FTSE 100 fell as much as 2.4% during the

session before recovering to close down 0.2%, near a three-month

low.

Heavyweight oil majors BP and Shell fell

2.2% and 4.2% respectively, following a sharp slide in crude

prices, as Trump's comments came ahead of a deadline that had

raised fears of further escalation in the four-week-old Middle

East war.

The mid-cap FTSE 250 dipped 0.2%.

British 10-year gilt yields hit 5.118%, their

highest since July 2008, before steadying around 5.00%, while

investors scaled back Bank of England rate-hike bets to around

three quarter-point moves this year, down from four earlier in

the session.

Goodwin shares nearly halved in value after the

mechanical engineering firm said it was considering cutting

dividend payouts as the Iran conflict led to order delays in the

Middle East.

British Prime Minister Keir Starmer summoned a national

emergency meeting to deal with the economic fallout from the war

in Iran, with finance minister Rachel Reeves and Bank of England

Governor Andrew Bailey in attendance.

Starmer said that Britain must plan for the possibility that

the Iran war could continue for some time, but added that he had

no "meaningful concerns" about energy supply.

Energy stocks posted the biggest losses among

sector indexes, falling from last week's record highs as oil

prices dropped sharply.

Most sectors traded in the green, with precious metal miners

providing the biggest boost after gold rebounded

from a four-month low.

Among other stocks, betting company Entain ( GMVHF ) rose

8.2%, topping the benchmark index after a WSJ report said that

U.S. lawmakers are to introduce bipartisan bill banning sports

bets on prediction markets.

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