British stocks pushed modestly higher on Monday as investors assessed a complex mix of geopolitical developments across Ukraine, Iran and global oil markets.
The FTSE 100 (^FTSE) was up 0.26% as of 07:15 GMT, while Germany’s DAX slipped 0.02% and France’s CAC 40 gained 0.30% in early trading.
The pound softened slightly against the dollar, falling 0.11% to $1.3338, adding a mild headwind for UK-focused investors watching currency movements closely.
Russian President Vladimir Putin and U.S. President Donald Trump spoke by phone for nearly 90 minutes on Sunday in their fourth call this year, according to Russia’s foreign ministry.
The ministry described the exchange as “businesslike and highly constructive,” adding that Trump “reaffirmed his readiness to facilitate the earliest possible cessation of hostilities” in Ukraine.
Ukrainian President Volodymyr Zelensky said he had a “very good call” with Trump on Saturday, stating, “There is a real prospect to put an end to this war, and America’s resolve is decisive.”
The diplomatic activity comes ahead of a NATO summit opening Tuesday in Turkey, which Trump is scheduled to attend, raising expectations of further developments on the Ukraine conflict.
Iran began a 12-hour funeral procession through Tehran on Monday for slain Supreme Leader Ayatollah Ali Khamenei, marking the third day of national ceremonies following his death.
Streets, airspace and daily life have been suspended for the mourning period, which is due to end Thursday with Khamenei’s burial in Mashhad, deepening uncertainty over the country’s political transition.
Mojtaba Khamenei, named as his father’s successor, has not appeared in public since the February 28 airstrike that killed his father, with officials confirming he was wounded and has communicated only through written statements.
On the energy front, seven OPEC+ members including Saudi Arabia, Russia and Iraq agreed to raise combined production by 188,000 barrels per day from August, marking the fifth consecutive monthly increase.
Brent crude for September delivery fell 0.42% to $71.82 a barrel, while WTI crude for August delivery eased 0.32% to $68.47 a barrel following the supply announcement.
Gold futures for August delivery climbed 0.91% to $4,162.51 an ounce, reflecting continued investor demand for safe-haven assets amid global uncertainty.
In UK corporate news, EasyJet (EZJ.L) agreed to a £5.5 billion takeover by U.S. investment firm Castlelake at £6.90 per share, a deal that could significantly reshape Europe’s aviation landscape.
ITV (ITV.L) agreed to sell its media and entertainment division to Sky for £1.6 billion, while retaining ITV Studios and adding Love Productions to its remaining business portfolio.
Ocado announced that CEO Tim Steiner will remain in post until the start of 2028 before transitioning to a founder role through 2029 as the company progresses its leadership succession plan.
The Society of Motor Manufacturers and Traders reported that UK new car registrations rose approximately 11% year-on-year in June, with battery electric vehicles accounting for 30% of the market.
On the domestic political front, Andy Burnham, the Makerfield MP regarded as a likely successor to Prime Minister Keir Starmer, said he would not call a general election if he becomes prime minister, pledging instead to “work to the 2024 manifesto.”