17:11 — FTSE 100 closes at 10,509 after round-trip
London closed Tuesday's session at 10,509.3, up 0.2% for the day.
The blue-chip index started softly, with all but the oilers dragged by a risk-averse reaction to Donald Trump's move to reinstate a US blockade on Iranian shipping and impose a 20% levy on cargo through the Strait of Hormuz.
The index fell to its lull near midday, before a softer-than-expected US CPI print mid-afternoon cut Fed hike odds for July 31 from roughly 40% to roughly 15%, lifting Wall Street and dragging London back up through the close.
Gold, having spiked to a fresh high of $4,105 per ounce during the afternoon, faded back to $4,072, still up 1.67% on the day, alongside a softer dollar.
15:36 — US CPI surprise lifts Wall Street as FTSE 100 hits fresh high of 10,529
A softer-than-expected June US inflation print reshaped the macro picture this afternoon.
With the headline CPI number etched lower for the first time since 2020, it marked a notable moderation in US price growth.
Such a reading cuts the odds of a Federal Reserve rate hike at the July 31 meeting from roughly 40% to 15%.
It helped pull Wall Street benchmarks higher, with the S&P 500 up 0.4% at 7,545, the Nasdaq gaining 0.78% to 26,073, and the Dow adding 0.25% to 52,629.
London has extended its own recovery in parallel, with the FTSE 100 climbing to a fresh intraday high of 10,529.04, up 0.29%.
The macro picture is sketched a bit more bullish, whilst crude is also still being supported by geopolitics.
Fed Chair Kevin Warsh's Congressional testimony, due over the coming two days, sits alongside the CPI reading as the next (LSE:NXT) test of whether the rate-cut odds hold.
14:45 — Wall Street opens firmer as Nasdaq leads; FTSE holds gains at 10,505
Wall Street found impetus for a positive cash open, with the Nasdaq leading at 26,020 (+0.57%), the S&P 500 at 7,537 (+0.29%) and the Dow at 52,537 (+0.07%).
At the same time, London was pulled upwards as the FTSE 100 sits at 10,504, ever so slightly higher.
13:11 — Wall Street set for lower open as CPI, bank earnings, oil surge collide
Early premarket quotes see the S&P 500 down 0.17% and the Dow off 0.57%, while the Nasdaq 100 is indicated 0.45% higher.
Brent is up 2.86% at $85.37 and WTI up 1.71% at $79.32, extending the rally triggered by Trump's reinstated blockade on Iranian shipping and the demand for a 20% transit levy on cargo through the Strait of Hormuz.
New York's morning slate brings a heavy calendar on top of that: a US inflation print, testimony from Fed Chair Kevin Warsh, and a run of major bank earnings, all landing alongside the rising oil price.
Back in London, the FTSE 100 sits at 10,474, down 0.2%, still looking resilient thanks to its minority of heavily weighted oil stocks.
Besides the macro, BP's second-quarter trading statement, published this morning, continued to prove supportive.
12:31 — Trump's Hormuz blockade keeps Brent near $85
Donald Trump's reinstated blockade of Iranian shipping in the Strait of Hormuz, plus his proposed 20% levy on cargo transiting the strait, which has kept Brent crude pinned near $85 a barrel and put a floor under the FTSE even as most of Europe struggles more.
The index sits at 10,462, down 0.34%, which is notably more resilient compared to European benchmarks, like the DAX, which was 0.75% lower, at 24925.66.
Attention now turns to Wall Street, where futures pricing points to a mixed open, with the S&P 500 indicated fractionally lower, and the Nasdaq 100 up 0.62%, ahead of a US session already stacked with data and inference, including the June CPI read, new Fed Chair Kevin Warsh's testimony to Congress, and a run of major bank earnings.
10:30 — Headlam plunges; FTSE holds near session low
Amongst the fallers, Headlam Group (LSE:HEAD) is looking like the morning's clearest casualty.
The flooring distributor's shares are down 16.71% to 15.7p after a trading update showed first-half revenue falling 22.8% year-on-year to £188.8 million for the six months to 30 June. The company says the decline partly reflects a deliberate retreat from low-margin business as it refocuses on independent retailers and flooring contractors, with half-year results due in September.
Elsewhere, in the often volatile and occasionally fickle small-cap market, Rockfire Resources (AIM:ROCK) shares dropped 10.89%, to 0.1105p, despite a fresh drilling update from its Molaoi zinc project in Greece, where data from a hole purports to move the explorer closer to a resource upgrade.
Another small-cap, Celsius Resources (AIM:CLA) is down 14.29% as it announced the appointment of a new chairperson, George Bujtor, a mining executive with more than 50 years' experience.
Separately, but similar, Angus Energy (AIM:ANGS) shares are down 10.8% on the day that it named Ross Pearson (LSE:PSON) as Chief Operating Officer and Executive Director.
In the risers column was Shearwater Group (AIM:SWG) which added 7.14% after its Brookcourt Solutions subsidiary secured a $1.2 million, three-year email security contract with a major Japanese financial group (the specifics were not disclosed).
FTSE 100 still hanging on
At 10,474, the FTSE was down just 0.2%, despite nearly 70 of the index's constituents trading lower in Tuesday morning's trade, as the heavily weighted oilers (plus British Gas owner Centrica (LSE:CNA)) offset the otherwise bearish signal of higher energy prices.
09:50 — Oil holds near $85 as Fed's Waller flags near-term hike risk
Brent crude is holding its gains, near $85 a barrel, up over 2% and pressing against its 200-day moving average, as the reinstated blockade on Iranian shipping and Donald Trump's 20% Strait of Hormuz transit fee keep energy markets on edge.
The American crude contract, WTI, trades at $80.03, up 2.62%.
AJ Bell (LSE:AJB) earlier noted that the FTSE 100 is at least superficially faring better than other benchmarks this morning precisely because of its heavy weighting to 'supermajor' producers BP and Shell (LSE:SHEL), even as the broader index sits at 10,440.82, down 0.55%.
Indeed, more than two-thirds of the index constituents were trading in negative territory, whilst the heavyweight oil stocks pushed higher thanks to the rising price of crude.
The split within the index remains stark: Ithaca Energy (LSE:ITH) (237.4p, +3.4%), Harbour Energy (LSE:HBR) (229.4p, +2.41%) and British Gas owner Centrica (LSE:CNA) (176.2p, +2.14%, at a session high) are climbing.
Away from oil, the macro picture is being fed caution in the shape of Fed governor Christopher Waller, who warned that the US central bank may need to raise rates "in the near term" if inflation data keeps running hot.
It is a read that lands awkwardly against oil's climb toward $85, itself a broad driver of input costs, and not least the political context in the States (Trump wants lower interest rates).
Looking ahead, the market is expecting a heavy US data slate today, with major bank earnings, an inflation print and comments from the new Fed Chair all due, adding to a market already digesting the Hormuz escalation.
08:20 — FTSE 100 slips to 10,471 as oil surge hits energy names' peers
The FTSE 100 opened on the back foot, lightly, as expected, with the index down 0.26%, at 10,471.
Brent crude has extended its advance to $84.97 a barrel, up 2.38%, after Donald Trump's reinstatement of the Hormuz blockade and 20% cargo levy, and the index's own energy exposure is showing mixed reaction rather than a straightforward crude-price lift.
“Investors feel like they’ve hit rewind on a movie they didn’t enjoy first time round," said AJ Bell (LSE:AJB) head of markets Dan Coatsworth. "The ability to get shipping through the Strait of Hormuz is once again compromised thanks to the renewed tensions between Tehran and Washington.
“For now, investors seem to be retaining a measure of calm and hoping a path towards a resolution in the Middle East can still be found.
Besides BP - up 2.3% this morning, after releasing its Q2 trading update - another notable riser was London-listed independent producer Ithaca Energy (LSE:ITH), up 4.08% to 229.6p, Harbour Energy (LSE:HBR) gained 2.48% to 229.54p, and Shell (LSE:SHEL) Plc added 1.51% to 3,156p.
Elsewhere, in the market, Hercules (AIM:HERC) moved up 5.26% to 30p, after the construction and engineering staffing specialist's Civil Projects division secured £6.1m of new water-sector contract awards, taking nine-month FY2026 awards past £15.7m.
RC365 Holding (LSE:RCGH) shares jumped 8.44% to 2.44p on news of an agreement with PyWave Network Technology, while Ironveld (AIM:IRON) surged 13.16% to 0.0215p on an operational update covering an off-take agreement and mineralogical study.
Sunrise Resources (AIM:SRES) dropped 6.25% to 0.015p after confirming a strategic pivot away from its industrial minerals projects toward its precious and base metals assets.
Out in the wide world, the price of gold pushed back up to $4,035.1, a 0.73% gain, holding its safe-haven bid even as the Hormuz-driven oil move continues to dominate the session's macro story.
08:01 — Sosandar posts 14% revenue growth as oil surge tops $84 a barrel
Sosandar (AIM:SOS) leads the mid-cap trading updates this morning with full-year results showing revenue up 14% year-on-year to £42.3m, alongside gross margin expansion to 64.0% from 62.1% a year earlier. The women's fashion retailer's adjusted pre-tax profit rose to £0.4m, in line with market expectations, with the underlying business, stripping out its own-store impact, delivering £1.3m.
DP Poland (AIM:DPP) reported double-digit system sales and order growth across Poland and Croatia in its H1 update, with chief executive Nils Gornall pointing to network expansion as the driver. The Domino's franchise operator grew its store count to 139 by the end of H1, with franchisee-owned locations now accounting for 38% of the estate, up from 15% a year earlier.
Robert Walters (LSE:RWA) confirmed first-half trading in line with board expectations in its Q2 update, breaking out net fee performance across its specialist recruitment and outsourcing divisions, with Asia Pacific its largest region at 45% of group net fees.
Poolbeg Pharma (AIM:POLB) launched a placing to raise £3.5m.
The 'biggest' name on the slate on Tuesday was BP which published its second-quarter trading statement, covering the group's current estimates for the period against guidance set out at its April results.
It comes as the oil rally continues to build, following reignited conflict in the Middle East.
Brent crude is indicated at $84.97, up 2.38%, and WTI at $80.03, up 2.62%, following Monday's surge after Trump's reinstated Hormuz blockade and 20% cargo levy.
The backdrop keeps energy names in focus even as this morning's company news skews toward retail, recruitment and pharma rather than the oil majors.
06:45 — No fireworks for FTSE 100, seen almost flat ahead of open
No fireworks are expected ahead of the London open, with the FTSE 100 seen pretty much flat.
CFD and spreadbetting firm IG Markets calls the blue-chip index down just 0.04%, making the price 10,491.
It comes after Wall Street closed lower on Monday, with the Nasdaq Composite down 1.54% to 25,877.639, the S&P 500 off 0.77% to 7,517.03 and the Dow shedding 0.24% to 52,509.46. Moves that came alongside a sharp jump in volatility, with the VIX rising nearly 14% to 17.13, as a fresh round of escalation between Iran and the United States.
Earlier this morning, in Asia, Japan's Nikkei 225 was up 0.71% to 67,720.37.
Gold strengthened, up 0.75% to 4,035.7, while the dollar index eased 0.07% to 101.162.
Bitcoin slipped 0.34% to 63,560.94 and Ethereum added 1.48% to 1,813.32, a mixed picture across crypto.
Brent crude was priced up 0.53% to $83.44 per barrel.
