London, Feb 9, 2026, 09:19 GMT — Regular session
- Diageo shares picked up roughly 0.6% in early London trading
- Sterling slipped, which can boost the overseas earnings of UK-listed multinationals.
- Investors are making moves before Diageo’s interim numbers land on Feb. 25
Shares of Diageo gained ground Monday morning, ticking up 0.6% to 1,770 pence after ending last session at 1,760 pence. Traders are watching the impact of the softer pound and bracing for the company’s results later this month. 1
This is a big deal for Diageo, given how much its earnings depend on foreign markets—currency shifts end up reshaping reported profits once they’re converted to sterling. Shares remain far off last year’s peak, so traders are seizing on any macro boost they can get.
Fresh upheaval in British politics knocked sterling lower versus both the euro and the dollar, as investors ramped up bets on rate cuts after last week’s narrow Bank of England decision. “Expect pressure to remain on both sterling and gilts,” said Chris Turner, head of global markets at ING. He pointed to the central bank’s dovish turn, saying it’s kept the currency “under pressure.” 2
Risk appetite held up. European stocks posted small gains Monday, with global equities bouncing off last week’s choppy spell. Defensive names and multinationals ended up a bit firmer than they had been just a few days earlier. 3
Diageo’s next big date comes up fast: Feb. 25. That’s when the Johnnie Walker and Guinness parent will roll out interim results for the half-year ending Dec. 31. Chief Executive Dave Lewis and CFO Nik Jhangiani will lead the webcast. More details at 5 .
Investors are watching for hints that demand is steadying in core markets and checking to see if pricing stays firm without heavier discounting. Insights into inventory and how profit growth might unfold will weigh just as much as the headline figures.
Diageo’s U.S.-listed ADRs slipped about 0.2% to $96.88 in premarket trading.
The lift from the currency isn’t guaranteed to last. If sterling bounces back or shoppers pull back again, the stock could take a hit—particularly if management sounds wary on the call and investors start thinking the comeback story might be running too hot.
Diageo heads into the update still feeling the sting from its November guidance cut. Back then, it warned of weakness in both the U.S. and China and signaled that sales for fiscal 2026 could end up flat or a touch lower. 4
