Market Overview

At 03:23 ET (07:23 GMT) the FTSE 100 was down 0.08%, while Germany’s DAX slipped 0.06% and France’s CAC 40 fell 0.07%. The British pound was flat against the U.S. dollar at $1.3501.

Geopolitical Context

Renewed U.S.–Iran tensions dominated headlines. The Washington Post reported that President Donald Trump used a decoy aircraft to leave Turkey on 8 July after the NATO summit, transferring covertly via a catering truck to a smaller C‑32A plane amid what a U.S. official called a “credible threat” from Iran. A White House spokesperson said the operation employed “every tool at our disposal” to protect the president. Trump later told reporters that the U.S. Navy has “100 percent control” of the Strait of Hormuz, describing the blockade as “infallible” and a “steel wall.” Iran’s Revolutionary Guard Corps responded that the waterway would remain a “theatre of war” until Washington meets Tehran’s conditions, including financial restitution. Trump reiterated on Truth Social that Iran should pay compensation for the “last five‑month Military Conflict,” citing the USS Cole bombing and claiming 52,000 deaths, and added that Iran should be responsible for damages in Lebanon, Syria, Yemen and Gaza.

UK Retail Data

BRC‑KPMG data showed UK retail sales growth slowed sharply in July, with total sales up 1.3% year‑on‑year versus 2.5% a year earlier and below the 12‑month average of 1.8%. Food sales rose 3.8%, helped by the tail end of the World Cup, while non‑food sales fell 0.7%. Helen Dickinson, chief executive of the British Retail Consortium, said “consumer demand has struggled in the heat, leaving retailers facing a challenging start to the second half of the year” and warned that “household budgets remain stretched,” urging the government to cut business rates and regulatory costs. IGD chief executive Sarah Bradbury warned that “pressures are building across the food supply chain” from the Middle‑East conflict and hot weather, risking higher food costs into autumn.

Commodity Prices

Brent crude rose 2.15% to $89.62 a barrel and U.S. WTI added 2.24% to $83.95. Gold futures slipped 0.02% to $4,418.82, while spot gold fell 0.65% to $4,360.46.

Company Updates

Bellway plc flagged near‑term demand uncertainty amid higher build costs and moderating consumer demand, stating that operating profit is expected at the lower end of its guidance range. InterContinental Hotels Group (IHG) reported higher second‑quarter RevPAR, driven by strong demand from affluent travellers and the upcoming 2026 Soccer World Cup.

Index Movements Summary

Overall, the FTSE 100’s modest 0.08% decline reflected a blend of geopolitical risk, weaker retail performance, and mixed commodity price movements.