Business live: FTSE 100 opens down after Trump warning to Tehran
The FTSE 100 has opened down 40 points, or 0.45 per cent, at 8,835.33, days after hitting a new all-time high, with concerns about increased tensions in the Middle East. The more UK-focused FTSE 250 dipped 12 points, or 0.06 per cent.
Brent crude, which was higher earlier on concerns over supply from Iran, was down 0.4 per cent at $72.96 a barrel. Earlier safe-haven buying of gold eased with the price flat at $3,385.09 an ounce. The pound was down against the dollar at $1.36.
In other corporate news this morning:
Informa: The FTSE 100 events and academic publishing group said it was on track to meet full-year expectations before its annual general meeting later this morning. The company reported underlying revenue growth of 9.3 per cent for the five months to May 31.
Morgan Sindall: The construction and infrastructure company expects full-year results for 2025 will be significantly ahead of its previous expectations. Trading has been strong in its fit-out and construction businesses. It is the second uplift in its outlook since its results in February.
Asos: The online fashion retailer has announced the departure of its finance director Dave Murray, who will leave the group at the end of this month. The retailer has appointed Aaron Izzard, his deputy at present, to succeed him.
The FTSE 100 industrial equipment hire group has warned that rental revenue in the current financial year will slow to between 0 per cent and 4 per cent amid continued weakness in the US construction market.
The warning came as Ashtead posted full-year results that showed operating profits slipped 5 per cent to $2.12 billion, from $2.23 billion, in the 12 months to the end of April. Revenue fell 1 per cent to $10.79 billion from $10.85 billion as the company reported 4 per cent growth in group rental revenue.
Ashtead said it was on track to shift its primary listing to the US in the first three months of 2026. America accounted for 98 per cent of operating profits last year and is home to Ashtead's Sunbelt rentals division.
John Lewis has poached Anna Braithwaite, the former marketing director of Marks & Spencer, as its new chief customer officer. Braithwaite was a key figure behind the transformation of M&S.
Isabella Fish, retail editor, writes that the move signals renewed ambition in John Lewis's attempt to win back the shoppers of middle England.
As chief customer officer, Braithwaite will oversee marketing and customer experience across all John Lewis channels. Her focus will be on reviving the brand's core promise of quality, value and service. She will join John Lewis on October 1.
European markets are expected to open down after President Trump left the G7 early to return to Washington and urged Iranians to evacuate Tehran as fighting between Israel and Iran entered a fifth day.
Trump is also reported to have called the US national security council to be ready on his return.
The FTSE 100 is forecast to open 48 points, or 0.5 per cent lower, with stock markets in Germany and France expected to fall as investors move into safe-haven assets.
Gold rose close to $3,400 an ounce after dropping yesterday. The dollar strengthened and yields on US government bonds fell as investor bought Treasuries, traditionally a safe haven investment although recent events suggest their status may be shifting.
Brent crude gained 0.78 per cent to $73.77 a barrel on concerns about supply from Iran, a big Opec oil producer.
• For the latest on the Middle East tensions, follow here
1 Businesses intend to lay off staff and increase prices to deal with the £25 billion rise in payroll taxes announced by Rachel Reeves at the October budget, researchers have said. Of 500 owners of businesses, 33 per cent plan to reduce headcount, says a survey by Censuswide.
2 Oil prices receded and equities rose as traders bet that the Iran-Israel conflict would not escalate into a wider war. Reports that Iran is seeking a peace deal and evidence that oil supplies are unaffected reversed a sharp rally in crude prices.
3 The prospect of a takeover bid for Metro Bank sent shares in the lender surging to their highest in more than two years. The stock rose by 18.4 per cent after it was reported Pollen Street Capital, owner of Shawbrook Bank, made an approach.
4 German-owned Ensus, Britain's biggest producer of carbon dioxide for use in operating theatres and food and drink, has threatened closure as a result of the US-UK trade deal.
5 Entain's US betting and gaming joint venture raised full-year revenue and profit guidance. In a trading update, the group said 'positive momentum' of BetMGM continued in the second quarter.
6 Jaguar Land Rover has downgraded its earnings forecast and cashflow expectations for this year. JLR said its profit margins in the year to March would come in between 5 per cent and 7 per cent.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Auto Car
30 minutes ago
- Auto Car
Volkswagen's first electric GTI will get a hotter 282bhp Clubsport model
Hardcore version of first electric GTI set to bring mechanical limited-slip differential and big power boost Close Volkswagen is developing a hardcore Clubsport version of the upcoming ID 2 GTI, according to insiders. The front-wheel-drive ID 2 GTI, revealed in near-ready concept form, is due on sale towards the end of 2026 with around 223bhp from VW's new-generation APP550 electric motor. But Autocar has learned that engineers at VW's research and development centre in Braunschweig, Germany, are also working on a more potent and focused range-topper, targeting a peak output of 282bhp. Alongside the additional power, this flagship – in keeping with the hot Golf Clubsports that have gone before – is being conceived with a series of mechanical and electronic upgrades. Chief among them is a fully mechanical limited-slip differential, which offers torque-vectoring capability between the front wheels. 'We're not working with brake intervention,' said one source. 'It's a fully mechanical system.' Further upgrades under consideration include variable torque delivery and a virtual gearchange function. Together, these systems modulate how quickly torque builds with speed and throttle input to reduce jerkiness under hard acceleration while replicating the stepped response of a traditional manual gearbox. Both ID 2 GTI variants will be based on the MEB Entry platform (internally known as MEB-21) and are expected to use the APP550 motor also used in other recently unveiled or upgraded Volkswagen EVs. 'We're arriving late, but with force,' said one Volkswagen insider. Although a launch date has yet to be confirmed, the ID 2 GTI Clubsport is expected to follow the template set by previous Golf GTI Clubsport models, which have historically offered more power, sharper chassis tuning and limited-edition status over their standard GTI counterparts. The first Golf GTI Clubsport was launched in 2016 to mark the GTI's 40th anniversary and was followed by the Clubsport S – then a Nürburgring record holder with a stripped-out interior and manual gearbox. The current Golf GTI Clubsport is powered by a 296bhp 2.0-litre four-cylinder turbo petrol engine and features bespoke ECU mapping, chassis upgrades and adaptive suspension tuning. It is positioned as Volkswagen's fastest and most advanced front-wheel-drive hot hatchback to date. Join our WhatsApp community and be the first to read about the latest news and reviews wowing the car world. Our community is the best, easiest and most direct place to tap into the minds of Autocar, and if you join you'll also be treated to unique WhatsApp content. You can leave at any time after joining - check our full privacy policy here. Next Prev In partnership with
Reuters
32 minutes ago
- Reuters
Rupee volatility, forwards unruffled by Middle East flare up
MUMBAI, June 23 (Reuters) - Expectations of rupee volatility and the cost of hedging against the currency's decline had a muted reaction to worries over a deepening of the conflict in the Middle East after the U.S. struck Iran's nuclear sites over the weekend. The reaction across global markets was relatively muted as investors kept their attention on potential retaliation by Iran. The Indian rupee declined 0.2% on the day to 86.8025 per U.S. dollar, tracking weakness in Asian peers. The currency's 1-month implied volatility, a gauge of future expectations, nudged slightly higher but was hovering near its average over the last two months, signalling that market participants were not yet pricing in the risk of outsized swings. Markets are wagering that "risk of further escalation seems low", a trader at a large private bank said, pointing out to the quick cooling of crude oil prices after an initial jump. Brent crude oil futures rose to a peak of $81.4 per barrel but pared gains to quote up 1.7% at $78.3 per barrel. Dollar-rupee forward premiums, too, reflected limited concern about a sharp depreciation of the rupee. The 1-month forward premium was nearly flat at 11.25 paisa. Far forward premiums also showed a contained reaction. However, as a large oil-importing nation, India remains vulnerable to risks from sharp spikes in oil prices, MUFG said in a note. "We would likely revise our USD/INR forecast profile higher if geopolitical risks remain elevated moving forward. Nonetheless, given the weakness already seen in INR, the balance of risks for the currency could be more two-sided." Dampened risk appetite also weighed on Asian currencies and equities across the board. India's benchmark equity indexes, the BSE Sensex (.BSESN), opens new tab and Nifty (.NSEI), opens new tab, fell about 0.8% each. The Korean won led losses among Asia FX with a 0.9% decline.
Reuters
32 minutes ago
- Reuters
Italy's Eni sells 20% of Plenitude unit to Ares for 2 billion euros
MILAN, June 23 (Reuters) - Italy's Eni ( opens new tab said on Monday it signed a deal with Ares Management Alternative Credit funds (ARES.N), opens new tab worth around 2 billion euros ($2.30 billion) for the sale of a 20% stake in its retail and renewable unit Plenitude. The transaction, for which Mediobanca acted as Eni's financial adviser, gives Plenitude an equity value of 10 billion euros, corresponding to an enterprise value of more than 12 billion euros. The deal is part of the Italian energy group's long-term strategy to find partners to jointly develop its businesses. ($1 = 0.8693 euros)
