The FTSE 100 is down 0.4% on Monday morning as markets react to the breakdown of US-Iran talks and news that President Donald Trump has ordered the US Navy to begin blockading the Strait of Hormuz.
The FTSE 250 is off 0.7%, while Germany’s DAX has fallen 1.2% and France’s CAC 40 is down 1%.
Rising oil prices are boosting energy stocks, with Shell up 1.8% and BP gaining 1.7%. Admiral Group leads the FTSE 100 risers at +2.3%.
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On the downside, airline stocks are among the hardest hit, with IAG falling 3% on the FTSE 100, while FTSE 250 peers Wizz Air and EasyJet have dropped 6.2% and 3.9% respectively.
Elsewhere in the FTSE 100, Associated British Foods is down 2.7% and Barratt Redrow has fallen 2.4%.
In corporate news, life-saving technology group Halma has acquired US ophthalmic surgical products firm Surgistar for $90 million, adding it as a bolt-on to its MicroSurgical Technology subsidiary.
National Grid has issued a pre-close update ahead of its full-year results on 14 May, flagging a net impact of around 1p per share to underlying earnings, reflecting a FERC judgement on New England Transmission and higher storm costs in the US.
GSK has reported encouraging Phase 1 data for its antibody-drug conjugate Mo-Rez in gynaecological cancers, with objective response rates of 62% in platinum-resistant ovarian cancer and 67% in endometrial cancer, supporting the start of five Phase 3 trials in 2026.
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