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The FTSE 100 fell 0.4% to 10,340 in the first trading session of May, weighed down by banking stocks following NatWest’s earnings release and rising tensions in the Middle East. NatWest reported a Q1 pretax operating profit of £2.03 billion, beating expectations and supporting its income outlook, but cautioned that the conflict involving Iran poses economic risks.
Pearson rose more than 1% after the education group reported a 4% increase in Q1 sales, driven by robust growth in its Virtual Learning division, and reiterated its guidance for 2026. Diageo gained 1.6% after US President Donald Trump announced plans to lift certain tariffs on Scotch whisky following a visit from King Charles III.
In commodities, oil prices extended their gains as Trump kept a naval blockade of Iranian ports in place. On the macroeconomic front, UK house price growth eased to 0.4% in April from 0.9% in March, bucking forecasts of a 0.3% decline.
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