29th Jun 2026 06:57
(Alliance News) - Stocks in London are set to open slightly higher on Monday, after the US and Iran agreed to halt attacks and resume talks after a weekend of tit-for-tat strikes in the Middle East.
IG says futures indicate the FTSE 100 to open up 6.1 points, 0.1%, at 10,514.12 on Monday. The index of London large-caps closed down 21.87 points, 0.2%, at 10,508.02 on Friday.
Sterling was at USD1.3210 on Monday morning, down from USD1.3216 at the London equities close on Friday. Against the euro, sterling rose slightly to EUR1.1591 from EUR1.1588.
Andy Burnham will pledge to give Britain the "circuit-breaker it needs" in a major speech unveiling his plans for devolution and the economy with ambitions for a decade of Labour government.
The Makerfield MP will confirm a flagship proposal to create a "No 10" in the North and ambitions for "good growth in every postcode" with what allies say is the biggest transfer of power out of Whitehall in modern times.
In a sign he hopes to fight and win at least two general elections, the Labour leadership frontrunner will set out a "10-year mission" to raise living standards through reindustrialisation, housing, infrastructure and reform of essential utilities.
In a speech in Manchester on Monday, the former metro mayor will call for decision-making to be pushed back into local communities as part of his vision to "lift Britain back up".
The euro was lower at USD1.1393 from USD1.1406. Against the yen, the dollar advanced to JPY161.78 from JPY161.64.
The US and Iran have agreed to stop attacking each other, American media reported citing senior US officials, and plan to meet Tuesday in Qatar to resolve their dispute over the Strait of Hormuz.
The US and Iran have traded strikes in recent days despite a fragile June 17 memorandum of understanding aimed at ending the conflict that began in late February and disrupted shipping through the vital waterway.
"We decided to stop all the kinetic activity," a senior US official told media outlet Axios, using a military term for strikes.
A second American official told Axios both sides will stand down "for now" and that "vessels can move freely" as talks are set to continue.
Both US officials and a third source with knowledge confirmed Tuesday's meeting in Qatar, Axios said.
Brent crude was trading higher at USD72.72 a barrel on Monday morning from USD71.49 on Friday.
On Sunday, Tehran carried out retaliatory strikes against US attacks on Iranian territory.
Iran's Revolutionary Guards said they were taking measures to control traffic in the vital Strait of Hormuz and that vessels that violate them would be dealt with more firmly than before.
US President Donald Trump said Saturday that Iran would "no longer exist" if the US is "forced" to resume the war.
In the US on Friday, Wall Street ended lower, with the Dow Jones Industrial Average down 0.1%, while the S&P 500 ended slightly lower and the Nasdaq Composite fell 0.2%.
In Asia on Monday, the Nikkei 225 in Tokyo was down 0.8%. In China, the Shanghai Composite was 0.7% higher, while the Hang Seng Index in Hong Kong gained 1.9%. The S&P/ASX 200 in Sydney advanced 0.5%.
US President Trump warned that he would impose 100% tariffs on European goods if countries in the region introduce digital services taxes targeting US companies.
In a post on Truth Social, Trump said "numerous" European nations were considering implementing such levies and that some were "close" to doing so.
"Any country that imposes such a tax will immediately be met with a 100% TARIFF on any and all goods sent to the US of America," Trump wrote, adding that the measure would supersede existing trade agreements and take effect immediately if the taxes are introduced.
Gold was lower at USD4,049.43 an ounce early on Monday from USD4,085.63 late Friday.
In Monday's corporate calendar, there are full year results from Foresight Group and Focusrite, with interim figures for Porvair and Wynnstay.
In the economic calendar on Monday, there is UK mortgage approvals data, eurozone economic sentiment figures and a reading from the US Dallas Fed manufacturing index.
By Michael Hennessey, Alliance News reporter
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