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Highlights
The FTSE 100 was on course for a weaker start as markets reacted to fresh economic figures showing a sharper-than-expected decline in UK gross domestic product. The FTSE 350 and broader FTSE indices were also poised for muted sentiment following a mixed session in US markets.
New data from the Office for National Statistics revealed a contraction in economic activity in April, reversing gains posted in the previous month. Services and manufacturing sectors both posted declines, driven in part by reduced activity in legal and real estate services. A notable drop in goods exports to the United States contributed to the overall slowdown.
Crest Nicholson Adjusts Focus Amid Market Conditions
Housebuilder (LON:CRST) reiterated its annual guidance following a rise in adjusted earnings during the first half. While completions fell, the company shifted its focus toward higher-margin open market homes in the mid-premium segment. This strategic realignment comes amid easing mortgage costs and a backdrop of gradually falling interest rates.
Crest Nicholson continues to assess its positioning within the UK housing sector, which has experienced fluctuations due to regulatory changes and borrowing cost variations. The company previously saw a surge in housing activity in March, as accelerated transactions ahead of changes to stamp duty. April’s figures, however, reflected a pullback in demand.
Segro Announces CFO Transition
FTSE 100-listed real estate investment trust (LON:SGRO) confirmed the appointment of Susanne Schroeter-Crossan as its incoming Chief Financial Officer. She will succeed Soumen Das, who is set to retire later this year after a long tenure with the company.
Schroeter-Crossan brings experience from her role as CFO at Berlin-based freight technology company Sennder Technologies. Her background also includes board positions at major European firms such as Zalando and senior roles at global financial institutions including Deutsche Bank and Morgan Stanley.
Her appointment is expected to support Segro’s long-term growth strategy in logistics and industrial property segments across the UK and continental Europe.
Broader Market Outlook Clouded by Economic Slowdown
The unexpected drop in GDP raised concerns over the underlying momentum of the UK economy. The decline in goods exports, particularly to the US, marks a shift after months of export growth. Tariff changes appear to have weighed on trade performance, with multiple categories of goods affected.
Meanwhile, sectors such as real estate and legal services have faced headwinds after a strong first quarter. Industry watchers note that part of the decline may reflect a front-loading of activity ahead of tax-related deadlines, affecting output in April.
Manufacturing, too, saw a reversal from its previous expansion, with areas such as car production seeing a dip after gains earlier in the year.
With economic indicators showing mixed signals, market participants remain focused on corporate updates and evolving macroeconomic trends for further insight into the health of UK plc.
