European markets opened cautiously on 17 July 2026 as renewed US-Iran tensions weighed heavily on investor sentiment across global trading sessions.
The FTSE 100 opened broadly unchanged at 10,572.39, while Germany’s DAX fell 0.53 per cent and the Euronext 100 slipped 0.14 per cent at the open.
US markets closed lower overnight, with the Nasdaq finishing at 25,881.95 and the S&P 500 ending the session at 7,533.77 as geopolitical concerns dampened appetite for riskier assets.
Brent crude moved higher as escalating Middle East tensions raised concerns over potential disruptions to Red Sea shipping lanes, adding pressure to energy markets.
Gold edged higher on safe-haven demand while copper weakened and natural gas eased slightly, reflecting the cautious and uneven mood across commodity markets.
Against sterling, the US dollar rose 0.03 per cent to $1.3478, the Swiss franc gained 0.02 per cent to Fr.1.0897, and the euro strengthened marginally to €1.1776.
Burberry Group (LSE:BRBY) reported a 5 per cent rise in first-quarter comparable sales, with strong demand across the Americas and China helping to offset weaker trading in Europe.
The luxury retailer’s update suggests its turnaround efforts are gaining traction despite an uneven regional picture, with ongoing geopolitical disruption continuing to weigh on EMEIA performance.
Wise plc (LSE:WSE) also delivered a positive update, reporting strong first-quarter FY27 growth as customer numbers and cross-border payment volumes continued to increase.
The fintech company’s performance underlines sustained demand for low-cost international money transfers and reinforces confidence in its longer-term growth trajectory.
Bitcoin fell against sterling, trading at £46,662.10, while broader risk sentiment remained fragile as investors monitored developments in the Middle East for further escalation.
Stronger corporate earnings from Burberry and Wise helped limit losses across European markets, providing some reassurance to investors navigating an uncertain macroeconomic and geopolitical backdrop.