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“The FTSE 100 ticked higher on Monday morning but was still firmly below the intraday record highs achieved on Friday morning,” says AJ Bell investment director Russ Mould.
“Any optimism that the summit between President Trump and Russian leader Vladimir Putin would yield immediate progress towards a peace deal proved misplaced, but the market will now be looking towards talks between Zelensky and Trump at the White House later.
“Oil prices waxed and waned as the US did not follow through on threats to introduce fresh sanctions on Moscow, including secondary tariffs on countries which import Russian oil, but subsequently ticked higher amid the ongoing uncertainty. Gold, notably, was firmer.
“It felt instructive that defensive stocks were to the fore in London as gold miners, defence companies and utilities did the heavy lifting. Financial stocks were under modest pressure.
“This followed mixed trading in Asia overnight – with Japan’s Nikkei-225 index hitting its own all-time high. A weaker yen is helping an export-driven economy, particularly in sectors like carmaking.
“Later this week attention will turn to the Jackson Hole symposium in Wyoming, where Federal Reserve chair Jerome Powell may offer some clues on the future direction of interest rates.
“The US earnings season has so far been very robust as it draws to a close, but updates from Walmart and Home Depot this week are likely to be closely watched as investors look for an indication as to how the US consumer is faring.”
Land Securities
“Getting the best part of a quarter of a billion pounds for an asset you don’t really want has to be chalked up as a win for Land Securities.
“Queen Anne’s Mansions would have needed significant refurbishment at the end of its current lease to the Ministry of Justice but now that is a problem for the new owner, billionaire hotel tycoon Surinder Arora.
“This deal also represents a meaningful step along the road to its target of raising £2 billion from its portfolio of office assets to recycle into more profitable parts of the business.”
Russ Mould: Investment Director
Russ Mould is AJ Bell's Investment Director. He has a Master's degree in Modern History from the University of Oxford and more than 30 years' experience of the capital markets.
He started out at Scottish...
