British stocks moved slightly higher on Monday as investors monitored geopolitical developments in Ukraine and Iran, a new OPEC+ output increase, and a busy UK economic calendar.
By 03:15 ET, or 07:15 GMT, the FTSE 100 was up 0.26%. Germany’s DAX slipped 0.02%, while France’s CAC 40 gained 0.30%. The pound fell 0.11% against the U.S. dollar to $1.3338.
Ukraine Diplomacy Remains in Focus
Russian President Vladimir Putin and U.S. President Donald Trump held a phone call lasting nearly 90 minutes on Sunday, according to Russia’s foreign ministry. It was their fourth call this year.
The ministry said Trump repeated his willingness to help bring about the earliest possible end to hostilities in Ukraine. It also described the conversation as businesslike and highly constructive.
Ukrainian President Volodymyr Zelensky separately said he had a very good call with Trump on Saturday. He added that there was a real chance to end the war and said America’s resolve remained decisive.
The calls came ahead of a NATO summit scheduled to begin on Tuesday in Turkey, which Trump is expected to attend.
Iran Funeral Procession Adds to Geopolitical Watch
Iran began a 12-hour funeral procession through Tehran on Monday for slain Supreme Leader Ayatollah Ali Khamenei. The event marked the third day of official ceremonies.
Mojtaba Khamenei, who has been named as his father’s successor, has not appeared publicly since the February 28 airstrike that killed his father. Officials have said he was wounded and has communicated only through written statements.
Streets, airspace, and normal daily activity have been heavily restricted during the mourning period. The ceremonies are expected to end on Thursday with Khamenei’s burial in Mashhad.
UK Politics Also Draws Attention
Andy Burnham, the Makerfield MP seen as a possible successor to Prime Minister Keir Starmer, said he would not call a general election if he became prime minister.
Responding to a question on Reddit, Burnham said he would work according to the 2024 manifesto. He also said he would push his party toward electoral reform in its next manifesto.
Conservative leader Kemi Badenoch criticized Burnham for taking questions on Reddit rather than from journalists. She urged him to face a proper press conference.
OPEC+ Announces Another Output Increase
Seven OPEC+ countries agreed to raise combined oil production by 188,000 barrels per day from August. The countries involved were Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
According to OPEC, this marks the fifth consecutive monthly increase in output.
Brent crude for September delivery fell 0.42% to $71.82 a barrel. WTI crude for August delivery declined 0.32% to $68.47 a barrel.
Gold Prices Mixed
Gold futures for August delivery rose 0.91% to $4,162.51 an ounce.
However, spot gold moved in the opposite direction, falling 0.60% to $4,150.56 an ounce.
UK Corporate Roundup
EasyJet agreed to a £5.5 billion takeover by U.S. investment firm Castlelake. The offer values the airline at £6.90 per share and could reshape Europe’s aviation sector.
Ocado said Chief Executive Tim Steiner will remain in his role until the start of 2028. He is then expected to move into a founder role through 2029 as part of the company’s succession plan.
ITV agreed to sell its media and entertainment division to Sky for £1.6 billion. The company will keep ITV Studios and add Love Productions to the business.
The Society of Motor Manufacturers and Traders reported that UK new car registrations rose about 11% year-on-year in June. Battery electric vehicles accounted for 30% of the market.
FTSE 100 Outlook
The FTSE 100 remained supported as investors balanced stronger UK corporate news with global geopolitical risks.
Markets will continue to watch developments in Ukraine, Iran, oil prices, and UK economic data for further direction.
