The FTSE 100 Index Opens 0.10% Lower

The FTSE 100 traded within a narrow range of less than 0.5% in either direction for a 10th consecutive session, slipping to a more than one-week low as investors remained cautious amid uncertainty over a potential Middle East peace deal. The US and Iran appeared to harden their positions in negotiations over the Strait of Hormuz, despite Pakistan’s defense minister saying the two sides were “close to some sort of arrangement.” Meanwhile, markets looked ahead to key US inflation data, which could influence expectations for the Federal Reserve’s interest-rate path. Oil majors Shell and BP fell 0.3% and 0.4%, respectively, while AstraZeneca, GSK and Unilever also declined. Burberry, Tesco and JD Sports dropped around 1.7% to 2%. On the upside, aerospace and defense companies BAE Systems and Babcock gained around 1.5% each, supported by continued strength in the sector.

The FTSE 100 Index is falling 11 points. Losses were driven by Burberry (-2.22%), Tesco (-2.04%) and JD Sports Fashion (-1.76%). Biggest rises came from Spirax-Sarco Engineering (2.21%), Rolls-Royce (1.28%) and BAE Systems (1.17%).

The FTSE 100 Index dropped 14 points or 0.13 percent on Tuesday to close at 10848 points. Losses were led by Spirax-Sarco Engineering (-6.47%), M&G (-3.31%) and Legal & General (-3.12%). Offsetting the fall, top gainers were St. Jamess (2.94%), Endeavour (2.70%) and Entain (2.25%).