FTSE 100 Rises 0.26% Amid Geopolitics
The FTSE 100 index was up 0.26% at 03:15 ET (07:15 GMT), while Germany’s DAX slipped 0.02% and France’s CAC 40 gained 0.30%. The pound weakened 0.11% against the dollar, trading at $1.3338.
Diplomatic developments featured a 90‑minute phone call between Russian President Vladimir Putin and U.S. President Donald Trump, their fourth this year, in which Trump reaffirmed readiness to facilitate an early cessation of hostilities in Ukraine. Ukrainian President Volodymyr Zelensky described his recent call with Trump as “very good” and highlighted a real prospect of ending the war, noting America’s decisive resolve. The calls preceded the opening of a NATO summit in Turkey, which Trump plans to attend.
In Iran, a 12‑hour funeral procession for the late Supreme Leader Ayatollah Ali Khamenei continued on Monday, marking the third day of mourning. Mojtaba Khamenei, named his father’s successor, has not appeared publicly since the February 28 airstrike that killed the elder Khamenei; officials say he was wounded and now communicates only in writing. Streets, airspace and daily life remain shut down, with the mourning period scheduled to end on Thursday when the burial takes place in Mashhad.
UK political commentary included Makerfield MP Andy Burnham, a potential successor to Prime Minister Keir Starmer, stating he would not call a general election if he became prime minister and would work to the 2024 manifesto, pledging electoral reform. Conservative leader Kemi Badenoch criticised Burnham for taking questions on Reddit rather than at a press conference.
On the energy front, seven OPEC+ members – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman – agreed to raise combined oil production by 188,000 barrels per day from August, marking the fifth consecutive monthly increase.
Oil prices slipped, with Brent crude for September delivery down 0.42% to $71.82 per barrel and WTI crude for August delivery down 0.32% to $68.47 per barrel. Gold futures for August delivery rose 0.91% to $4,162.51 an ounce, while spot gold fell 0.60% to $4,150.56 an ounce.
Corporate developments included EasyJet’s agreement to a £5.5 billion takeover by U.S. investment firm Castlelake at £6.90 per share, a transaction that could reshape Europe’s aviation sector. Ocado announced that CEO Tim Steiner will remain in his role until the start of 2028 before transitioning to a founder position through 2029 as part of its succession plan. ITV disclosed a sale of its media and entertainment division to Sky for £1.6 billion, while retaining ITV Studios and adding Love Productions to its portfolio.
The Society of Motor Manufacturers and Traders reported that UK new‑car registrations rose approximately 11% year‑on‑year in June, with battery‑electric vehicles accounting for 30% of the market.