London stocks edged higher on Monday as traders digested a raft of geopolitical developments spanning Ukraine peace talks, Iran’s leadership transition, and fresh OPEC+ production increases.
The FTSE 100 (^FTSE) was up 0.26% as of 03:15 ET, while Germany’s DAX (^GDAXI) slipped 0.02% and France’s CAC 40 gained 0.30% in early trading.
The pound weakened slightly against the dollar, falling 0.11% to $1.3338, as investors assessed a busy week ahead for UK economic data.
Russian President Vladimir Putin and U.S. President Donald Trump spoke by phone for nearly 90 minutes on Sunday, their fourth call this year according to Russia’s foreign ministry.
The ministry described the conversation as “businesslike and highly constructive,” with Trump having “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, adding, “There is a real prospect to put an end to this war, and America’s resolve is decisive.”
The diplomatic activity came ahead of a NATO summit opening Tuesday in Turkey, which Trump is scheduled to attend, raising hopes for meaningful progress on ending the conflict.
Iran began a 12-hour funeral procession through Tehran on Monday for slain Supreme Leader Ayatollah Ali Khamenei, marking the third day of official ceremonies following his death.
Streets, airspace, and daily life have been suspended during the mourning period, which is due to conclude Thursday with Khamenei’s burial in Mashhad.
Mojtaba Khamenei, named as his father’s successor, has not appeared publicly since the February 28 airstrike that killed his father, communicating only through written statements after officials confirmed he was wounded.
Seven OPEC+ nations, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, agreed to raise combined output by 188,000 barrels per day from August, marking the fifth consecutive monthly production increase.
Brent crude for September delivery slipped 0.42% to $71.82 a barrel, while WTI crude for August delivery fell 0.32% to $68.47 a barrel following the OPEC+ announcement.
Gold futures for August delivery climbed 0.91% to $4,162.51 an ounce, reflecting continued safe-haven demand amid unresolved global tensions.
On the domestic political front, Andy Burnham, the Makerfield MP widely seen as a potential successor to Prime Minister Keir Starmer, said he would not call a snap general election if he came to power.
“No. As I said in my speech on Monday, I’m going to work to the 2024 manifesto,” Burnham said, responding to questions on Reddit.
Conservative leader Kemi Badenoch criticised Burnham for taking public questions via Reddit, calling on him to “face a proper press conference” instead.
EasyJet (EZJ) agreed to a £5.5 billion takeover by U.S. investment firm Castlelake at £6.90 per share, a deal that could significantly reshape the competitive landscape of European aviation.
ITV agreed to sell its media and entertainment division to Sky for £1.6 billion, while retaining ITV Studios and incorporating Love Productions into its remaining business structure.
Ocado announced that CEO Tim Steiner will stay in post until early 2028 before moving into a founder role through 2029 as part of the company’s broader succession planning process.
UK new car registrations rose approximately 11% year-on-year in June, according to the Society of Motor Manufacturers and Traders, with battery electric vehicles accounting for 30% of the market.