23rd Jun 2026 06:54
(Alliance News) - Stocks in London are set to open lower on Tuesday, ahead of the UK's flash composite purchasing managers' index release, and as investors continue to weigh developments after the weekend's US-Iran talks and UK Prime Minister Keir Starmer's resignation.
Iran's chief negotiator Mohammad Bagher Ghalibaf said that the Strait of Hormuz will be administered by Tehran, state media reported on Tuesday.
"The Strait of Hormuz will never return to its pre-war conditions and will be administered by the Islamic Republic of Iran, in accordance with international law," Ghalibaf said on his return from the talks, according to IRNA. In a video posted to Ghalibaf's Telegram account, he said the talks at the luxury Swiss resort of Burgenstock produced "good achievements".
IG says futures indicate the FTSE 100 to open down 105.2 points, 1.0%, on Tuesday. The index of London large-caps closed up 74.58 points, 0.7%, at 10,437.85 on Monday.
Sterling was quoted at USD1.3235 early Tuesday, lower than USD1.3254 at the London equities close on Monday. Against the euro, sterling fell to EUR1.1583 from EUR1.1587 a day prior.
The yield on UK 10-year gilts was 4.81% early on Tuesday, unchanged from Monday's close.
Andy Burnham is set to pledge growth and commit to Labour's budget rules as he seeks to burnish his economic credentials after Keir Starmer's resignation left him all but certain to enter No 10.
The former Greater Manchester mayor is expected to give a speech on fiscal policy next week, as first reported by The Times, after returning to Westminster as an MP following his Makerfield by-election victory.
Talks are also said to be taking place about a prospective new-look Cabinet, with Energy Secretary Ed Miliband and Home Secretary Shabana Mahmood both tipped as potential candidates to replace Rachel Reeves as chancellor.
But Burnham's allies said no jobs had been given and no deals made as of Monday evening.
The euro traded at USD1.1419 early Tuesday, lower than USD1.1440 late Monday. Against the yen, the dollar was quoted higher at JPY161.64 versus JPY161.41.
In the US on Monday, Wall Street ended mixed, with the Dow Jones Industrial Average up 0.3%, the S&P 500 down 0.4% and the Nasdaq Composite down 1.3%.
In Asia on Tuesday, the Nikkei 225 index in Tokyo was down 2.5%. In China, the Shanghai Composite was down 0.8%, while the Hang Seng index in Hong Kong was down 1.6%. The S&P/ASX 200 in Sydney was down 0.3%.
Gold was quoted at USD4,119.90 an ounce early Tuesday, lower than USD4,184.04 on Monday.
Brent oil was trading at USD76.94 a barrel early Tuesday, lower than USD77.38 late Monday.
In Tuesday's corporate calendar, Bunzl releases a trading update and Telecom Plus reports annual results.
In the economic calendar on Tuesday, there are also flash composite PMI readings from the eurozone, Germany and France.
By Emma Curzon, Alliance News reporter
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.