Category: Market Summary

FTSE 100 opens steady as Barclays publishes interim results and Games Workshop reports record profits while Brent crude eases and European markets edge higher.

Market Overview

The FTSE 100 opened broadly unchanged at 10,781.87, while the Euronext 100 gained 0.10 per cent and Germany’s DAX advanced 0.62 per cent. Overnight in the US, the Nasdaq closed lower at 24,932.08, while the S&P 500 edged higher to 7,413.18. Market sentiment improved as the recent technology-led sell-off eased, although investors continued to monitor Middle East tensions, bond yields and corporate earnings across Europe.

Commodity markets reflected easing geopolitical concerns, with Brent crude and natural gas both trading lower after reports that investors continued to assess a pause in US strikes on Iran. Copper and gold edged higher, while Bitcoin was unchanged against sterling. Sterling weakened modestly against the US dollar, Swiss franc and Australian dollar, was little changed against the euro, and strengthened slightly against the Japanese yen.

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Market Numbers

FTSE 100: Unchanged (+0.00%), 10,781.87

Euronext 100: Up (+0.10%), 1,906.92

DAX: Up (+0.62%), 25,518.50

NASDAQ: Down, 24,932.08

S&P 500: Up, 7,413.18

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In the Headlines

Interim results – Barclays (LSE:BARC)

Barclays published its interim 2026 results, highlighting performance across its banking divisions and outlining a programme of investor meetings over the coming quarter. The update reinforces the group’s focus on profitability, capital management and engagement with institutional investors following its half-year results.

Record performance – Games Workshop (LSE:GAW)

Games Workshop reported record annual revenue and profit as demand for its Warhammer franchise remained strong. Continued growth in its core hobby business offset an expected decline in licensing income, demonstrating the resilience of the company’s long-term growth strategy.

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Currencies (vs GBP)

USD: Down (-0.01%), $1.329

CHF: Down (-0.01%), Fr.1.089

EUR: Unchanged (+0.00%), €1.169

JPY: Up (+0.03%), ¥217.664

AUD: Down (-0.01%), $1.9022

Bitcoin (BTC/GBP): Down, £47,702.90

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Commodities

Copper: Up

Gold: Up

Brent Crude: Down

Natural Gas: Down

U.S. equity futures pointed to a positive start for Monday’s session as investors responded favourably to signs of easing geopolitical tensions in the Middle East, helping improve sentiment ahead of several key market events.

Markets reacted after President Donald Trump suspended military operations against Iran following nearly two weeks of strikes, allowing diplomatic efforts to continue.

“He’s giving talks some space, he’s giving it a little bit of room,” U.S. ambassador to the United Nations Mike Waltz told Fox News on Sunday.

Iran also confirmed it had halted retaliatory attacks while reporting progress in discussions with Oman over the future management of the Strait of Hormuz, easing fears of further disruption to global oil supplies.

Falling oil prices support investor confidence

Crude oil prices moved sharply lower after the latest diplomatic developments, with U.S. oil futures dropping by more than 6%.

Lower energy prices also pushed Treasury yields lower, reducing concerns over inflation and monetary policy ahead of this week’s Federal Reserve meeting.

“Sentiment has received a further boost from a sizzling stock market debut in China by silicon chip maker CXMT,” said AJ Bell investment director Russ Mould.

He added, “Its near five-fold surge may help to soothe concerns about the AI trade after slumps in SpaceX and Korea’s SK Hynix after their recent offerings.”

Investors look ahead after volatile trading

Friday’s session ended with mixed results after stocks experienced wide swings throughout the day.

The Nasdaq declined 0.6% to 24,975.82, while the S&P 500 edged 0.1% higher to 7,411.98. The Dow Jones Industrial Average added 0.5% to close at 51,947.25.

On a weekly basis, the Nasdaq fell 2.1%, while the S&P 500 and Dow lost 0.6% and 0.4%, respectively.

Tariffs remain a source of uncertainty

Friday’s early gains were fuelled by lower oil prices following reports that Pakistan was exploring ways to revive U.S.-Iran negotiations.

However, market sentiment weakened later in the session after President Donald Trump threatened additional tariffs on the European Union in response to regulatory fines imposed on major U.S. technology companies.

The administration also confirmed tariffs ranging from 10% to 12.5% on imports from 60 economies, including the European Union, the United Kingdom, China, India, Japan and Canada.

Sector performance remains mixed

Semiconductor stocks were among the weakest performers, with Intel (NASDAQ:INTC) falling 7.9% despite reporting stronger-than-expected quarterly results and issuing upbeat guidance.

Airline shares outperformed as lower fuel prices improved the sector’s outlook, while oil services companies also advanced, led by SLB (NYSE:SLB), which jumped 11% after posting earnings above expectations.

Commercial real estate and homebuilding companies also benefited from lower Treasury yields, which eased concerns over financing costs.

European equity markets traded higher on Monday as investors welcomed signs of improving relations between the United States and Iran, reducing concerns over energy supplies and geopolitical risk.

Brent crude dropped about 6% to trade near $90 a barrel after Washington and Tehran suspended military operations over the weekend, opening the door to renewed diplomatic discussions aimed at preventing a broader regional conflict.

Iran also reported progress in negotiations with Oman regarding the management of the Strait of Hormuz, raising optimism that one of the world’s most important oil shipping routes will remain open without further disruption.

Market participants are now shifting their focus toward a busy week of corporate earnings from major U.S. technology companies, alongside the Federal Reserve’s upcoming monetary policy decision.

Major European indices move higher

Germany’s DAX gained 1.6%, leading regional markets, while France’s CAC 40 added 0.8%. The UK’s FTSE 100 also traded higher, advancing 0.5%.

Carmakers benefit from continued EV demand

Automotive stocks posted solid gains after recent industry figures showed demand for electrified vehicles continued to support growth across the European car market in June.

Volkswagen (TG:VOW3), Mercedes Benz (TG:MBG), Volvo (FTSE:SSVOLVO) and Renault (EU:RNO) all climbed between 1% and 2%.

DCC agrees takeover as Vodafone and AstraZeneca climb

DCC Energy (LSE:DCC) gained more than 1% after the Irish energy distributor accepted a £5.75 billion takeover proposal from private equity groups KKR and Energy Capital Partners.

Vodafone Group (LSE:VOD) jumped 4% after reporting a strong first quarter and saying it now expects full-year earnings to finish at the upper end of its guidance range.

AstraZeneca (LSE:AZN) rose 1.3% after delivering better-than-expected second-quarter profit while reaffirming both its full-year and long-term financial outlook.

Siemens strengthens AI offering

Shares of Siemens (TG:SIE) advanced 1.4% after the industrial technology group announced the integration of new Nvidia artificial intelligence software into its Intelligence Center X platform.

U.S. equity futures traded higher on Monday as investors reacted positively to signs of easing tensions between the United States and Iran, helping improve market sentiment ahead of one of the busiest weeks of the earnings season and a key Federal Reserve policy meeting.

Dow Jones futures rose 398 points, or 0.8%, while S&P 500 futures added 0.9%. Nasdaq 100 futures outperformed with a 1.4% gain, supported by renewed optimism surrounding technology stocks.

Investors await major earnings reports

Attention is now shifting toward quarterly results, with around one-third of S&P 500 companies due to report this week. Analysts expect overall earnings growth of roughly 26.5% compared with the same period last year.

The spotlight will fall on several of the largest technology companies, including Amazon (NASDAQ:AMZN), Meta Platforms (NASDAQ:META), Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL). Their earnings are expected to provide important clues about the sustainability of record investment in artificial intelligence infrastructure and whether those expenditures are translating into stronger financial performance.

Markets will also closely monitor Wednesday’s Federal Reserve meeting. Although geopolitical developments have added uncertainty to the inflation outlook, investors continue to expect policymakers to leave interest rates unchanged.

Geopolitical developments support risk appetite

The improvement in investor confidence follows a second consecutive day without renewed military action between the United States and Iran, reducing fears of a broader conflict that could disrupt global energy supplies.

Reports suggest President Donald Trump chose to delay further military operations while diplomatic efforts continue. Speaking to Fox News, U.S. Ambassador to the United Nations Mike Waltz said the administration is “giving talks some space.”

He added: “We’ve had both Oman and Iran, and a number of our other negotiators, engaged at every level, from the most senior levels all the way down to the technical level over the past few weeks, and particularly in the past few days.”

Iran has also indicated it will refrain from additional attacks provided the United States maintains its suspension of military operations.

Oil declines while AI investment remains in focus

Brent crude fell 6.8% to around $90.25 per barrel as concerns over potential supply disruptions eased. Investors had previously feared that conflict around the Strait of Hormuz and the Bab el-Mandeb Strait could significantly disrupt global energy markets.

Meanwhile, Nvidia (NASDAQ:NVDA) is reportedly discussing a financial guarantee worth approximately $250 billion for OpenAI’s planned Ohio data centre project. According to the Wall Street Journal, the development could ultimately exceed $500 billion in value and highlights the continued scale of investment flowing into artificial intelligence infrastructure.

Markets also welcomed the strong stock market debut of Chinese chipmaker CXMT Corp, whose shares surged around 500% following an $8.6 billion IPO, underlining continued investor appetite for AI-related businesses despite growing concerns over capital expenditure.

European markets rally as oil falls on US-Iran truce hopes, Vodafone lifts guidance, AstraZeneca posts strong first-half growth and Brent declines.

Market Overview

The FTSE 100 opened broadly unchanged at 10,736.14, while European markets moved higher, with the Euronext 100 gaining 0.11 per cent and Germany’s DAX rising 1.38 per cent. Overnight, the Nasdaq closed lower at 24,975.82, while the S&P 500 edged higher to 7,411.98. Investor sentiment improved as the US-Iran truce continued to hold, easing geopolitical concerns and supporting European equities alongside expectations surrounding central bank policy.

Commodity markets reflected the shift in risk sentiment, with Brent crude falling sharply as hopes for a diplomatic breakthrough reduced supply concerns, while copper and gold edged higher and natural gas eased. Bitcoin traded broadly unchanged against sterling, while the pound weakened slightly against the US dollar, Swiss franc, euro, Japanese yen and Australian dollar.

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Market Numbers

FTSE 100: Down (-0.001%), 10,736.14
Euronext 100: Up (+0.11%), 1,923.38
DAX: Up (+1.38%), 25,445.57
NASDAQ: Down, 24,975.82
S&P 500: Up, 7,411.98

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In the Headlines

Guidance raised – Vodafone (LSE:VOD)
Vodafone raised its full-year guidance after reporting a strong first quarter, supported by broad-based revenue growth and the consolidation of Safaricom. The upgrade reinforces confidence in the group’s earnings and cash flow outlook following its strategic expansion.

Pipeline strength – AstraZeneca (LSE:AZN)
AstraZeneca reported strong first-half growth, driven by robust demand across its medicines portfolio and continued pipeline expansion. The results support the company’s long-term growth strategy and reinforce its position within the global pharmaceutical sector.

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Currencies (vs GBP)

USD: Down (-0.03%), $1.3351
CHF: Down (-0.08%), Fr.1.0898
EUR: Down (-0.01%), €1.1717
JPY: Down (-0.00%), ¥218.449
AUD: Up (+0.01%), $1.9089
Bitcoin (BTC/GBP): Up, £48,925.10

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Commodities

Copper: Up
Gold: Up
Brent Crude: Down
Natural Gas: Down

European equity markets opened strongly on Monday after a sharp decline in crude oil prices boosted investor confidence, easing concerns over inflation and supporting risk appetite ahead of a busy week of central bank decisions and corporate earnings announcements.

The pan-European STOXX 600 advanced nearly 1% in early trading, breaking out of several sessions of largely sideways movement. Gains were widespread, with technology and other rate-sensitive stocks leading the advance alongside industrial companies and consumer-focused businesses expected to benefit from lower energy costs.

Germany’s DAX climbed 1.3%, while France’s CAC 40, Italy’s FTSE MIB and Spain’s IBEX each gained 0.9%. London’s FTSE 100 also moved higher, adding 0.4%.

Oil retreat eases inflation concerns

Energy markets came under pressure after Iranian officials indicated Tehran would suspend attacks in key shipping corridors if the United States maintained its pause in military operations. The prospect of a reduction in regional tensions sent crude prices down by almost 5%, reversing part of the recent rally that had lifted oil above $100 a barrel.

The decline in energy prices has been welcomed by investors, as lower oil costs reduce inflationary pressures and ease operating expenses for businesses across Europe. Lower fuel prices also improve the outlook for corporate earnings by reducing manufacturing and transportation costs, while helping to limit the risk of further inflation-driven interest rate increases.

The softer energy backdrop also helped calm bond markets after concerns over supply disruptions had previously driven Eurozone government bond yields to their highest levels in 15 years.

Corporate earnings support gains

Company updates added further momentum to European markets.

AstraZeneca (LSE:AZN) gained 1.3% after reporting second-quarter earnings that exceeded market expectations.

Vodafone (LSE:VOD) rose around 4% after upgrading its full-year outlook following a strong start to the financial year.

Pharos Energy (LSE:PHAR) jumped 25% after Serica Energy agreed to acquire the company in a recommended cash transaction.

Pinewood Technologies (LSE:PINE) was among the session’s strongest performers, surging 33% after receiving a takeover approach from Ridgeview-backed U.K. Piston Bidco.

The combination of easing geopolitical tensions, lower energy prices and a series of positive corporate announcements provided a strong catalyst for European equities, with investors returning to risk assets at the start of a crucial week for financial markets.

UK equities moved higher on Monday after signs of a sustained pause in hostilities between the United States and Iran helped improve investor sentiment and reduced concerns over a broader regional conflict. Continued diplomatic discussions involving Iran and Oman over the reopening of the Strait of Hormuz also supported markets by raising hopes that a key global shipping route could soon return to normal operations.

By 07:35 GMT, the FTSE 100 was up 0.42%, while Germany’s DAX gained 1.3% and France’s CAC 40 added 0.72%. Sterling also strengthened against the U.S. dollar, with GBP/USD rising 0.16% to 1.3345.

The improvement in market confidence follows a third consecutive night without U.S. military strikes on Iran after senior military advisers reportedly recommended suspending the campaign. Diplomatic efforts have continued in an attempt to prevent a renewed escalation of the conflict.

Iran also signalled a temporary reduction in military activity. Army spokesperson Mohammad Akraminia said: “These attacks continued until two nights ago, but over the past two nights the Americans have stopped their attacks.”

He added: “Since… our strategy has essentially been retaliatory, we have also halted our retaliatory operations.”

According to reports, Admiral Bradley Cooper, the senior U.S. military commander in the region, advised President Donald Trump that the campaign had “reached the limits of its effectiveness” after most planned military targets had been exhausted. The assessment was reported to have influenced the decision to suspend further strikes.

However, U.S. officials stopped short of ruling out future military action. Speaking on NBC’s Meet the Press, U.S. Ambassador to the United Nations Mike Waltz said: “I wouldn’t go that far at all. The president is keeping all options on the table.”

Separately, Iranian state broadcaster IRIB reported that six vessels attempting to transit what it described as an “illegal and unsafe” route through the southern Strait of Hormuz were intercepted after allegedly disabling their navigation systems. According to the broadcaster, one vessel was involved in an accident while the remaining ships were turned back under “decisive Iranian management.” IRIB also claimed the vessels had been “provoked by the US military,” although this assertion has not been independently verified.

Attention is now turning to Washington, where Israeli Prime Minister Benjamin Netanyahu is scheduled to meet President Trump on Tuesday in what will be their seventh meeting since January 2025.

Oil prices declined sharply as traders reacted to the apparent easing in geopolitical tensions. U.S. WTI crude fell 5.6% to $84.32 a barrel, while Brent crude dropped 5.2% to $86.94. Gold continued to attract safe-haven demand despite the improved market mood, with gold futures rising 0.84% to $4,104.95 and spot gold advancing 1.2% to $4,102.82.

UK corporate highlights

Among individual stocks, AstraZeneca (LSE:AZN) exceeded second-quarter profit expectations and reaffirmed its outlook for 2026, supported by continued strong sales of its oncology and cardiovascular medicines.

Vodafone (LSE:VOD) upgraded its full-year guidance after delivering a strong start to the financial year, helped by solid underlying trading and the consolidation of its increased stake in Safaricom.

Meanwhile, Cranswick (LSE:CWK) reported higher first-quarter revenue, driven by continued demand for protein products, while leaving its full-year expectations unchanged.

U.S. equity futures pointed to a stronger start on Friday, with investors looking to rebound from the previous session’s losses after upbeat earnings from Intel and a sharp retreat in crude oil prices helped restore confidence.

The market recovery follows a difficult Thursday in which technology stocks came under heavy pressure amid rising concerns over artificial intelligence investment spending and soaring energy prices.

Intel delivers a boost for semiconductor stocks

Intel (NASDAQ:INTC) rose roughly 3% in premarket trading after posting second-quarter earnings that surpassed analysts’ expectations, supported by its fastest revenue growth in fifteen years.

The chipmaker also issued encouraging guidance for the third quarter, helping improve sentiment across the semiconductor sector after a broad technology sell-off.

Oil retreat supports broader market mood

Crude oil prices reversed sharply on Friday, with U.S. futures falling more than 3% after surging over 6% during the previous session.

The earlier rally had been triggered by attacks on oil tankers in the Red Sea, which intensified fears of potential supply disruptions.

Despite lower energy prices, geopolitical risks remained elevated as military exchanges between the United States and Iran continued to escalate.

The U.S. carried out a thirteenth consecutive night of strikes on Iranian targets, while Iran responded with missile attacks directed at neighbouring countries hosting American military installations.

Investors continue to watch trade developments

Market participants also remained focused on fresh trade measures announced by the Trump administration.

The White House introduced tariffs ranging from 10% to 12.5% on imports from 60 economies accused of failing to prevent goods produced with forced labour from entering global supply chains.

The new measures affect major trading partners including the European Union, the United Kingdom, China, India, Japan and Canada, replacing the temporary 10% tariff that expired on Friday.

Thursday’s losses were led by technology stocks

All three major U.S. indices closed lower on Thursday.

The Nasdaq dropped 2.2% to 25,137.69, the S&P 500 declined 1.2% to 7,408.30 and the Dow Jones Industrial Average lost 1.0% to finish at 51,711.65.

Tesla (NASDAQ:TSLA) plunged 14.5% after reporting disappointing quarterly earnings alongside sharply higher capital expenditure.

Alphabet (NASDAQ:GOOGL) also fell 7.1%. Although the Google parent exceeded earnings forecasts, investors reacted negatively to its increased capital spending plans.

Inflation concerns remain despite oil pullback

The previous day’s surge in crude prices had revived worries that higher energy costs could complicate the inflation outlook and delay further interest rate cuts.

Danni Hewson, Head of Financial Analysis at AJ Bell, said: “With nerves about the potential inflationary impact of the escalating conflict in the Middle East colliding with worries about soaring tech capex it’s been tough to find the optimism.”

“It’s worth remembering that at the start of the month the price was hovering around $70 a barrel and markets had dared to hope that central bankers might be able to seamlessly shift from a pause to further cuts,” she added.

Labour market remains resilient

Economic data released on Thursday showed initial unemployment claims fell to 187,000 during the week ended July 18, well below expectations of 212,000.

The reading marked the lowest level for first-time jobless claims since September 1969, highlighting continued strength in the U.S. labour market.

Airlines and retailers lagged the market

Airline shares posted some of the steepest declines, with the NYSE Arca Airline Index falling 3.3%.

American Airlines (NASDAQ:AAL) slid 8.4% after reducing its full-year earnings outlook despite reporting quarterly results above expectations.

Retail, software, telecommunications and gold-related stocks also weakened, while biotechnology, pharmaceutical and healthcare shares outperformed.

European equity markets moved higher on Friday, recovering from their sharpest daily decline in more than two weeks as easing oil prices encouraged investors back into risk assets despite ongoing concerns over artificial intelligence spending.

Sentiment improved after Brent crude retreated almost 4 percent, having briefly climbed above $100 per barrel on Thursday following renewed Houthi attacks on oil tankers in the Red Sea.

UK retail sales surprise to the upside

Sterling strengthened against both the U.S. dollar and the euro after new figures showed that UK retail sales unexpectedly expanded in June.

Retail sales increased by 1.0 percent during the month, following May’s revised 1.2 percent gain, supported by strong demand for outdoor products during warmer weather. Economists had expected a monthly decline of 0.3 percent.

Compared with the same month last year, retail sales were up 4.2 percent, accelerating from the 3.5 percent annual growth recorded in May.

Major European indices post gains

Germany’s DAX advanced 0.8 percent, while France’s CAC 40 and the UK’s FTSE 100 each gained 0.4 percent during morning trading.

Corporate earnings drive individual movers

British polymer specialist Victrex (LSE:VCT) rose almost 2 percent after announcing changes to its management team.

HSBC Holdings (LSE:HSBA) added 1.3 percent after agreeing to sell its Singapore life and health insurance business to Allianz.

Shares in DiscoverIE Group (LSE:DSCV) jumped 13 percent after the electronics manufacturer reported organic order growth of 31 percent and a 6 percent year-on-year increase in first-quarter sales.

Engineering company Renishaw (LSE:RSW) climbed 6.6 percent after indicating that annual profit is expected to exceed previous market expectations.

German software leader SAP (TG:SAP) gained 6 percent after delivering stronger quarterly revenue.

ATOSS Software (TG:AOF) advanced 4.3 percent following second-quarter revenue and profit growth.

Volkswagen (TG:VOW3) slipped 1 percent after posting weaker-than-expected second-quarter earnings and lowering its forecasts for annual sales and vehicle deliveries.

Swedish security and access specialist Assa Abloy (TG:ALZC) edged 1 percent higher after completing the acquisition of U.S.-based Classic Brass Inc.

Security services provider Securitas (TG:S7MB) tumbled 11 percent after reporting second-quarter core profit below market expectations.

French pharmaceutical company Sanofi (EU:SAN) declined 2.2 percent after ending the clinical development of amlitelimab for moderate-to-severe atopic dermatitis following mixed Phase 3 trial results.