FTSE 100 edges lower as BP completes its Castrol sale and Ibstock cuts profit guidance. Brent crude declines amid renewed Iran peace talks.
Market Overview
The FTSE 100 opened marginally lower at 10,729.46, down less than 0.01 per cent, as falling crude oil prices weighed on energy shares amid renewed diplomatic efforts to end the Iran conflict. European markets also declined, with the Euronext 100 slipping 0.04 per cent to 1,873.41 and Germany’s DAX falling 0.18 per cent to 25,770.65. Sentiment was further affected by Fitch’s decision to cut France’s credit outlook to negative. Wall Street closed sharply lower on Friday, with the Nasdaq falling to 25,437.00 and the S&P 500 declining to 7,580.07, amid continued scrutiny of technology valuations and artificial intelligence investment.
Commodity markets were mixed, with copper and gold advancing while Brent crude declined as negotiations involving Iran and Qatari mediators raised hopes of reduced Middle Eastern supply disruption. Natural gas also weakened. Sterling lost ground against the US dollar, euro, Japanese yen and Australian dollar, while strengthening marginally against the Swiss franc. Bitcoin fell against sterling. Investors are also assessing the implications of recent Federal Reserve and European Central Bank decisions to leave interest rates unchanged, alongside continuing concerns about European fiscal conditions.
Market Numbers
FTSE 100: Down (-0.003%), 10,729.46
Euronext 100: Down (-0.04%), 1,873.41
DAX: Down (-0.18%), 25,770.65
NASDAQ: Down, 25,437.00
S&P 500: Down, 7,580.07
In the Headlines
Castrol Stake Sale Completed – BP (LSE:BP.)
BP has completed the sale of a 65 per cent stake in its Castrol lubricants business to US investment firm Stonepeak Partners for $6 billion, retaining a 35 per cent interest. The transaction supports the energy group’s restructuring strategy and debt reduction priorities as falling crude prices place additional pressure on oil shares.
Profit Outlook Lowered – Ibstock (LSE:IBST)
Building products manufacturer Ibstock has reduced its FY2026 adjusted EBITDA expectations to the mid-£40 million range following weaker UK brick demand and reduced factory utilisation. The downgrade highlights continued pressure on construction activity and the outlook for domestic building materials suppliers.
Currencies (vs GBP)
USD: Up (+0.25%), $1.3385
CHF: Down (-0.02%), Fr.1.1040
EUR: Up (+0.02%), €1.1998
JPY: Up (+0.003%), ¥211.0666
AUD: Up (+0.16%), $1.9046
Bitcoin (BTC/GBP): Down, £58,243.52
Commodities
Copper: Up
Gold: Up
Brent Crude: Down
Natural Gas: Down
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