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Tuesday Morning Markets: FTSE Slips, Oil Climbs After Reported US Strike on Iran

London shares started Tuesday lower as AI worries weighed on global markets and miners fell with gold, while oil rebounded on a reported US strike on Iran.

The FTSE 100 is down 0.6% in early trading, with the FTSE 250 also 0.6% lower. A fresh bout of tech stock worries has pressured markets after the S&P 500 and Nasdaq fell a third straight session on Monday.

On the continent, the DAX is down 1%, the CAC 40 has lost 0.7% and the Stoxx 50 has declined 1%.

Meanwhile, after climbing on Monday, Gold is down 1.6% to $3,905, with miners mostly lower as metals prices fell. Spot silver has tumbled 3.7% to $48.79.

GBP/USD has edged up 0.1% to $1.3418.

FTSE.INDX

Brent climbed 2.1% to $106.93, and WTI rose 1.8% to $98.20. Oil prices are trading higher after reports of a US strike on Iran’s Qeshm Island, which a US official confirmed. Vance says Washington has made “progress” in indirect talks, but Tehran says the US must first lift its naval blockade.

Movers: Drax, IWG and Hiscox lead

CompanyPriceChangeWhy
Drax880.75p+8.90%Brookfield data centre partnership
IWG212.70p+7.75%2026 EBITDA seen above consensus
Hiscox1,938.50p+2.97%Nine-month premiums up 9.5%
Polar Capital Technology Trust575p-3.20%N/A
Anglo American3,705.50p-3.03%Metals prices lower
Associated British Foods1,896.50p-2.39%Profit down 13%; FY2027 profit guided lower
Bridgepoint402.90p-4.68%No company news found

Drax revealed it has signed an agreement to develop a strategic partnership with Brookfield and Radiant, Brookfield’s UK-headquartered AI infrastructure platform, to jointly develop, deliver and operate an AI data centre. The first phase of its data centre plan targets up to 100MW from the first quarter of 2028.

Meanwhile, IWG expects 2026 adjusted EBITDA above the $599m consensus.

Centrica (LON: CNA) gained 3.27% and GSK 1.07%. Fresnillo and Antofagasta fell with Anglo American, while Rank is up 3.56%.

Associated British Foods is down after reporting a 13% decline in adjusted operating profit.

US JOLTS job openings for September are due at 3pm UK time, with a forecast of 7.06M, compared to the previous reading of 7.079M.

Sam Boughedda
Sam Boughedda
Team Member

Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples. 

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