FTSE 100 opens steady as BP updates second-quarter outlook, Debenhams reports strong trading and Brent crude rises on Middle East tensions.
Market Overview
The FTSE 100 opened broadly flat at 10,498.70, while the Euronext 100 slipped 0.13 per cent and Germany’s DAX fell 0.48 per cent. Overnight, the Nasdaq closed lower at 25,873.18 and the S&P 500 finished at 7,515.34, both declining as investors reacted to renewed tensions in the Middle East. European markets also remained under pressure amid concerns that disruption around the Strait of Hormuz could keep energy prices elevated and complicate the outlook for interest rates.
Commodity markets reflected the geopolitical backdrop, with copper and Brent crude advancing while gold edged lower and natural gas was little changed. Sterling weakened slightly against the US dollar but strengthened against the euro, Swiss franc, Japanese yen and Australian dollar, while Bitcoin rose. Rising oil prices remained the dominant macro driver as investors assessed the potential impact on inflation and global growth.
Market Numbers
FTSE 100: Up (+0.001%), 10,498.70
Euronext 100: Down (-0.13%), 1,907.05
DAX: Down (-0.48%), 24,993.99
NASDAQ: Down, 25,873.18
S&P 500: Down, 7,515.34
In the Headlines
Trading Update – BP (LSE:BP.)
BP said second-quarter upstream production is expected to be lower, although oil trading should be slightly stronger than the first quarter. Higher oil prices and stronger refining margins may help offset weaker production ahead of its August results.
Retail Update – Debenhams (LSE:DEBS)
Debenhams reported strong summer trading as its turnaround strategy continued to gain momentum. The update suggests improving consumer demand and operational progress, providing a positive signal for the UK retail sector.
Currencies (vs GBP)
USD: Up (+0.04%), $1.335
CHF: Down (-0.11%), Fr.1.0876
EUR: Down (-0.05%), €1.1728
JPY: Down (-0.04%), ¥216.833
AUD: Down (-0.01%), $1.9293
Bitcoin (BTC/GBP): Up, £46,794.59
Commodities
Copper: Up
Gold: Down
Brent Crude: Up
Natural Gas: Up
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