FTSE 100 today: Stocks edge higher as Ukraine, Iran watched

Investing.com -- British stocks edged higher on Monday as diplomatic developments over Ukraine, the funeral of Iran’s late supreme leader, and a fresh OPEC+ output increase were weighed alongside a busy UK economic calendar.

As of 03:15 ET (07:15 GMT), the FTSE 100 was up 0.26%. Germany’s DAX was down 0.02%, while France’s CAC 40 rose 0.30%. The pound was down 0.11% against the dollar at $1.3338.

Russian President Vladimir Putin and U.S. President Donald Trump spoke by phone for nearly 90 minutes on Sunday, according to Russia’s foreign ministry, in their fourth call this year.

The ministry said Trump "reaffirmed his readiness to facilitate the earliest possible cessation of hostilities" in Ukraine and described the call as "businesslike and highly constructive."

Ukrainian President Volodymyr Zelensky said separately he had a "very good call" with Trump on Saturday, adding, "There is a real prospect to put an end to this war, and America’s resolve is decisive." The calls came ahead of a NATO summit opening Tuesday in Turkey, which Trump plans to attend.

Iran began a 12-hour funeral procession through Tehran on Monday for slain Supreme Leader Ayatollah Ali Khamenei, the third day of ceremonies.

Mojtaba Khamenei, named his father’s successor, has not appeared in public since the February 28 airstrike that killed his father; officials have said he was wounded, and he has communicated only through written statements.

Streets, airspace and daily life have been shut down for the mourning period, which is due to end Thursday with Khamenei’s burial in Mashhad.

Andy Burnham, the Makerfield MP regarded as a likely successor to Prime Minister Keir Starmer, said on Friday he would not call a general election if he becomes prime minister.

"No. As I said in my speech on Monday, I’m going to work to the 2024 manifesto," Burnham said, responding to a question on Reddit.

He said he would push his own party toward electoral reform in its next manifesto. Conservative leader Kemi Badenoch criticized Burnham for taking questions on Reddit rather than from journalists, calling on him to "face a proper press conference."

Seven OPEC+ countries, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, agreed to raise combined production by 188,000 barrels per day from August, OPEC said, the fifth straight monthly increase.

Brent crude for September delivery was down 0.42% at $71.82 a barrel. WTI crude for August delivery was down 0.32% at $68.47 a barrel.

Gold futures for August delivery rose 0.91% to $4,162.51 an ounce, while spot gold was down 0.60% at $4,150.56.

UK round up

EasyJet agreed to a £5.5 billion takeover by U.S. investment firm Castlelake at £6.90 per share, potentially reshaping Europe’s aviation sector.

Ocado said CEO Tim Steiner will remain until the start of 2028 before transitioning to a founder role through 2029 as the company advances its succession plan.

ITV agreed to sell its media and entertainment division to Sky for £1.6 billion, while retaining ITV Studios and adding Love Productions to the business.

Society of Motor Manufacturers and Traders reported UK new car registrations rose about 11% year-on-year in June, with battery electric vehicles accounting for 30% of the market.

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