Market update: Shell weighs on FTSE 100, Currys down 6%
09:36 , Graeme EvansCheaper Shell shares and a fresh round of tariffs uncertainty today fuelled a downbeat session for the FTSE 100 index.
The oil giant fell 3% or 72.5p to 2555.5p after it braced the City for weaker gas trading and production figures in second quarter results due on 31 July.
The selling also reflected a lower Brent Crude price of $68 a barrel after OPEC+ members upped August production quotas at a faster-than-expected rate.
BP shares also dipped 5.35p to 373.9p as the FTSE 100 index fell by 8.69 points to 8814.22.
US futures were lower after President Trump warned higher tariffs could target nations aligned with the BRICS bloc. Levies are now set to kick in on 1 August.
Other fallers in the FTSE 100 included Diageo after a drop of 7p to 1901.5p and JD Sports Fashion with a decline of 1p to 89.1p.
Weir rose 36p to 2536p after the mining equipment specialist was boosted by Citigroup’s Buy recommendation and 2900p price target.
Airline stocks easyJet and IAG lifted 4.8p to 527.6p and 3.4p to 350p respectively, while Rolls-Royce added another 7p to 969.6p.
The FTSE 250 index rose 23.99 points to 21,581.33, with Wizz Air and ventilation business Volution among those up by 2%.
Currys fell 6% or 7.8p to 116.5p after RBC analysts removed their Outperform stance in the wake of last week’s strong reaction to annual results.
Shell shares fall on quarterly update
08:55 , Graeme EvansShell shares have fallen 3% after it braced the City for weaker gas trading and production figures in second quarter results due on 31 July.
The group trimmed the top end of its production guidance for the integrated natural gas division to 900,000 - 940,000 barrels of oil equivalent per day for the second quarter, compared to the 890,000 - 950,000 previously given.
This would compare with 927,000 reported in the first quarter.
Shell – the world’s biggest LNG trader – also said trading results for its integrated gas division would be “significantly lower” than in the first three months of 2025.
Shares fell 69.5p to 2558.5p
FTSE 100 lower on tariffs uncertainty, Shell and BP under pressure
08:24 , Graeme EvansOil stocks are top of the FTSE 100 index fallers board, with fresh trade uncertainty another factor in the top flight’s decline of 16.99 points to 8805.92.
While the US reciprocal tariffs deadline was extended further to 1 August, the accompanying rhetoric from Washington threatened to unsettle investors.
Richard Hunter, head of markets at Interactive Investor, said: “Additional tariffs and rates which could “boomerang back” to the previously punitive levels were discussed, leaving investors bewildered and uncertain for the umpteenth time this year.”
Shell fell 2.5% or 66p to 2562p after it said that second quarter integrated gas trading will be significantly lower than the previous quarter.
BP shares also fell 6.25p to 373p after the price of Brent Crude fell to below $68 a barrel in reaction to a bigger-than-expected hike in OPEC output.
Weir rose 30p to 2530p after the mining equipment specialist was boosted by Citigroup’s Buy recommendation and 2900p price target.
US futures lower amid fresh tariffs uncertainty
07:42 , Graeme EvansUncertainty over US trade policy is set to mean a weaker session after the White House extended its tariff deadline to August 1 for some countries.
IG said: “President Trump warned higher tariffs, possibly reaching 70%, could target nations aligned with the BRICS bloc, while reciprocal tariffs up to 50% remain on the table, stoking concerns about global trade tensions.
“Markets reacted cautiously, with S&P 500 and Nasdaq futures down 0.3%, European futures slightly weaker, and Japan’s Nikkei falling 0.5%.”
House prices hold firm, up 2.5% on a year ago
07:10 , Graeme EvansThe UK housing market remained steady in June, with the average property price unchanged over the month following a drop of 0.3% in May.
At £296,665, the average house price recorded by lender Halifax is 2.5% higher than this time last year compared with a rate of 2.6% in May.
Amanda Bryden, Halifax head of mortgages, said: “The market’s resilience continues to stand out and, after a brief slowdown following the spring stamp duty changes, mortgage approvals and property transactions have both picked up, with more buyers returning to the market.
“That’s being helped by a few key factors: wages are still rising, which is easing some of the pressure on affordability, and interest rates have stabilised in recent months, giving people more confidence to plan ahead.”
FTSE 100 seen lower, oil price falls on output hike
07:00 , Graeme EvansStock markets in the UK and US are set to open lower after President Trump said reciprocal tariffs will come into effect from 1 August.
The FTSE 100 index is seen falling 0.2%, while Wall Street benchmarks are also pointing lower. London’s top flight finished flat on Friday.
In Asia, the Nikkei 225 is down by 0.6% while the Hang Seng index and Shanghai Composite are close to their opening marks.
Brent Crude futures fell 0.5% to just below $68 a barrel after OPEC+ surprised the market by agreeing to hike output by 548,000 barrels per day in August.
