The FTSE 100 dropped 0.8% on Monday as investors responded to the conflict in Iran and the broader Middle East.
European equities also retreated, with Germany’s DAX down 1.8% and France’s CAC 40 falling 1.6%. The more domestically focused FTSE 250 held steady.
Global markets mirrored the risk-off tone. Futures tracking the S&P 500 signalled a 1.1% decline ahead of Wall Street’s open. In Asia, the Nikkei 225 closed 1.35% lower, while Hong Kong’s Hang Seng Index slid 2.1%. China’s Shanghai Composite rose 0.5%.
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Defence and energy shares were among the strongest performers as investors sought safety. BAE Systems jumped 5.9%, while oil majors BP and Shell climbed 3.3% and 2.4%, respectively, supported by surging crude prices.
Mining stocks also strengthened as precious metals moved higher.
Safe-haven buying helped offset sharp weakness in travel names. International Airlines Group dropped 5.4% amid sector-wide pressure.
At the bottom of the FTSE 100, Informa fell 8.6%.
Separately, the U.K.’s Competition and Markets Authority opened an investigation into several global hotel operators, including Hilton, Marriott, InterContinental Hotels Group, as well as real-estate data provider CoStar Group.
The watchdog is examining whether the firms exchanged sensitive commercial information through data analytics tools and algorithms to influence pricing.
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