Early market roundup: FTSE 100 rises as oil stocks up; FTSE 250 lower

London’s blue chip index opened higher on Monday while the FTSE 250 was lower, with gains for miners and oil and gas companies as the situation in the Middle East continued to be volatile.

‘I do see a deal in Iran. Could be soon,’ US President Donald Trump told reporters on Air Force One. However, Iranian politicians have accused the US of plotting a ground attack and said Iran plans to reshape governance of the Strait of Hormuz, which sources have said could include a toll system and restricting transit to ships whose owners are not involved in the war against Iran.

The FTSE 100 index opened up 15.05 points, 0.2%, at 9,982.40. The FTSE 250 was down 53.05 points, 0.3%, at 20,911.70, and the AIM all-share was up 1.39 points, 0.2%, at 707.02.

The Cboe UK 100 was up 0.3% at 995.60, the Cboe UK 250 was down 0.3% at 18,105.55, and the Cboe small companies was down 0.1% at 16,833.64.

On the FTSE 100, GSK was up 0.3%.

The pharmaceutical major announced that Exdensur has been approved in China as ‘the first and only ultra-long-acting biologic’ for treating severe asthma with an eosinophilic phenotype, in patients aged 12 and older.

Also in China, the new drug application for its investigational antisense oligonucleotide, bepirovirsen, has been accepted for regulatory review ‘as a potential first-in-class functional cure’ for adults with chronic hepatitis B.

Rio Tinto led the FTSE 100, gaining 3.6%. Fellow miner Glencore rose 1.4%.

Rio Tinto said its iron ore port operations have resumed, after tropical cyclone Narelle passed over Western Australia’s Pilbara region. It said weather events have impacted iron ore shipments by around 8 million tonnes, but that it has a pathway to recover about half of the losses.

Rio Tinto’s Pilbara iron ore shipment guidance for 2026 remains unchanged at 323 to 338 million tonnes.

Lloyds Banking was down 0.5%.

It will face a lawsuit from around 30,000 customers claiming £66 million in damages, the Financial Times reported on Friday, on the basis that they were mis-sold car loans.

Lloyds is among several lenders caught in the motor finance scandal, with Close Brothers, down 0.6% on the FTSE 250, also implicated.

According to the regulator’s estimates, the planned redress scheme will cost lenders around £11 billion.

In European equities on Monday, the CAC 40 in Paris was down 0.1%, while the DAX 40 in Frankfurt was down 0.2%.

The pound was quoted at $1.3245 early Monday, down compared to $1.3288 on Friday. Against the euro, sterling fell to €1.1520 from €1.1554 a day prior. The euro stood lower at $1.1497, against $1.1521. Against the yen, the dollar was trading at JP¥159.66, lower compared to JP¥160.10.

In Asia on Monday, the Nikkei 225 index in Tokyo was down 2.8%. In China, the Shanghai Composite was up 0.2%, while the Hang Seng index in Hong Kong was down 1.1%. The S&P/ASX 200 in Sydney closed down 0.7%.

In the US on Friday, Wall Street ended lower, with the Dow Jones Industrial Average down 1.7%, the S&P 500 down 1.7% and the Nasdaq Composite down 2.2%.

The yield on the US 10-year Treasury was quoted at 4.40%, narrowing from 4.42%. The yield on the US 30-year Treasury was quoted at 4.94%, narrowing from 4.95%.

Brent oil was quoted at $108.68 a barrel early in London on Monday, down from $111.63 late on Friday.

FTSE 100 oil majors BP and Shell were both 0.8% higher. Oil and gas firms also led the FTSE 250, with Ithaca Energy up 3.0%, and Harbour Energy and Hunting up 1.3%.

Gold was quoted higher at $4,518.96 an ounce against $4,517.90.

Still to come on Monday’s economic calendar, after UK mortgage approvals, Ireland has harmonised consumer inflation data and Germany has its own CPI read.

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