Business live: FTSE 100 opens down after Trump warning to Tehran

Times

17-06-2025

The FTSE 100 has opened down 40 points, or 0.45 per cent, at 8,835.33, days after hitting a new all-time high, with concerns about increased tensions in the Middle East. The more UK-focused FTSE 250 dipped 12 points, or 0.06 per cent.
Brent crude, which was higher earlier on concerns over supply from Iran, was down 0.4 per cent at $72.96 a barrel. Earlier safe-haven buying of gold eased with the price flat at $3,385.09 an ounce. The pound was down against the dollar at $1.36.
In other corporate news this morning:
Informa: The FTSE 100 events and academic publishing group said it was on track to meet full-year expectations before its annual general meeting later this morning. The company reported underlying revenue growth of 9.3 per cent for the five months to May 31.
Morgan Sindall: The construction and infrastructure company expects full-year results for 2025 will be significantly ahead of its previous expectations. Trading has been strong in its fit-out and construction businesses. It is the second uplift in its outlook since its results in February.
Asos: The online fashion retailer has announced the departure of its finance director Dave Murray, who will leave the group at the end of this month. The retailer has appointed Aaron Izzard, his deputy at present, to succeed him.
The FTSE 100 industrial equipment hire group has warned that rental revenue in the current financial year will slow to between 0 per cent and 4 per cent amid continued weakness in the US construction market.
The warning came as Ashtead posted full-year results that showed operating profits slipped 5 per cent to $2.12 billion, from $2.23 billion, in the 12 months to the end of April. Revenue fell 1 per cent to $10.79 billion from $10.85 billion as the company reported 4 per cent growth in group rental revenue.
Ashtead said it was on track to shift its primary listing to the US in the first three months of 2026. America accounted for 98 per cent of operating profits last year and is home to Ashtead's Sunbelt rentals division.
John Lewis has poached Anna Braithwaite, the former marketing director of Marks & Spencer, as its new chief customer officer. Braithwaite was a key figure behind the transformation of M&S.
Isabella Fish, retail editor, writes that the move signals renewed ambition in John Lewis's attempt to win back the shoppers of middle England.
As chief customer officer, Braithwaite will oversee marketing and customer experience across all John Lewis channels. Her focus will be on reviving the brand's core promise of quality, value and service. She will join John Lewis on October 1.
European markets are expected to open down after President Trump left the G7 early to return to Washington and urged Iranians to evacuate Tehran as fighting between Israel and Iran entered a fifth day.
Trump is also reported to have called the US national security council to be ready on his return.
The FTSE 100 is forecast to open 48 points, or 0.5 per cent lower, with stock markets in Germany and France expected to fall as investors move into safe-haven assets.
Gold rose close to $3,400 an ounce after dropping yesterday. The dollar strengthened and yields on US government bonds fell as investor bought Treasuries, traditionally a safe haven investment although recent events suggest their status may be shifting.
Brent crude gained 0.78 per cent to $73.77 a barrel on concerns about supply from Iran, a big Opec oil producer.
• For the latest on the Middle East tensions, follow here
1 Businesses intend to lay off staff and increase prices to deal with the £25 billion rise in payroll taxes announced by Rachel Reeves at the October budget, researchers have said. Of 500 owners of businesses, 33 per cent plan to reduce headcount, says a survey by Censuswide.
2 Oil prices receded and equities rose as traders bet that the Iran-Israel conflict would not escalate into a wider war. Reports that Iran is seeking a peace deal and evidence that oil supplies are unaffected reversed a sharp rally in crude prices.
3 The prospect of a takeover bid for Metro Bank sent shares in the lender surging to their highest in more than two years. The stock rose by 18.4 per cent after it was ­reported Pollen Street Capital, owner of Shawbrook Bank, made an approach.
4 German-owned Ensus, Britain's biggest producer of carbon dioxide for use in operating theatres and food and drink, has threatened closure as a result of the US-UK trade deal.
5 Entain's US betting and gaming joint venture raised full-year revenue and profit guidance. In a trading update, the group said 'positive momentum' of BetMGM continued in the second quarter.
6 Jaguar Land Rover has downgraded its earnings forecast and cashflow expectations for this year. JLR said its profit margins in the year to March would come in between 5 per cent and 7 per cent.