The FTSE 100 opened broadly unchanged at 10,697.76 on Monday, with oil supply concerns and caution ahead of the Federal Reserve meeting weighing on investor sentiment.
Higher oil prices and ongoing tensions in the Middle East kept markets subdued, with Houthi attacks on Saudi Arabia and delays to talks over reopening the Strait of Hormuz supporting crude prices.
European markets also struggled, with the Euronext 100 slipping 0.01 per cent to 1,879.22 and Germany’s DAX falling 0.44 per cent to 25,329.75 amid elevated bond yields and geopolitical uncertainty.
In the United States, the Nasdaq closed lower at 26,186.41, while the S&P 500 fell to 7,619.98, reflecting broad caution ahead of the upcoming Federal Reserve policy decision.
Commodity markets were mixed, with copper and gold moving lower while Brent crude and natural gas edged higher as oil supply concerns persisted across global markets.
Against sterling, the US dollar weakened marginally to $1.3501, the Swiss franc fell to Fr.1.1034, and the euro slipped to €1.1691, while Bitcoin dropped to £57,234.11.
Home improvement retailer Wickes Group (LSE:WIX) provided a bright spot in the corporate news, reporting a 2.1 per cent increase in first-half revenue as trading momentum continued into the period.
The group’s Design and Installation division was a particular standout, with sales rising 5.7 per cent and highlighting strong consumer appetite for higher-value home improvement projects.
Housebuilder and land developer MJ Gleeson (LSE:GLE) also reported positive top-line results, with FY26 revenue climbing 12.1 per cent compared with the prior year, reflecting stronger annual sales volumes.
However, MJ Gleeson’s adjusted profit declined over the same period, pointing to ongoing pressure on underlying profitability despite the robust revenue performance across the business.
The results from both Wickes and MJ Gleeson offered some reassurance to investors navigating a cautious market backdrop defined by elevated energy prices and geopolitical uncertainty heading into autumn.
Traders will be closely watching the Federal Reserve’s next policy signals, with interest rate expectations continuing to shape sentiment across equity, currency, and commodity markets globally.