Business
FTSE 100 Closes Higher at 10,497.29 as London’s Vodafone Surges, EasyJet Takeover Bid Lifts Sentiment
London’s FTSE 100 index closed higher Friday, adding 24.84 points, or 0.24%, to finish the session at 10,497.29, as strong merger-and-acquisition activity involving Vodafone and easyJet helped offset continued pressure from a sharp decline in pharmaceutical heavyweight AstraZeneca and lingering uncertainty tied to the conflict in the Middle East.
The gain reversed a modest 0.16% decline recorded Thursday, which had been driven primarily by weakness in AstraZeneca, and left the UK benchmark on track for a positive close to the trading week even as the index still finished roughly 1.7% to 1.8% lower over the full five-day period, breaking a two-week winning streak. The FTSE 100 opened Friday’s session at 10,471.94, close to Thursday’s closing level of 10,472.45, before climbing to a session high of 10,513.90 and holding within a relatively narrow range through the remainder of the day, ultimately settling well above its session low of 10,462.75.
Vodafone shares led Friday’s gains among individual index constituents, surging nearly 13% after French billionaire Xavier Niel agreed to acquire Emirates Telecommunications Group’s stake in the company, making him Vodafone’s largest single shareholder. That deal helped anchor Friday’s rally in the telecommunications sector and contributed meaningfully to the broader index’s positive session. Betting and gaming group Entain also posted a strong day, rising more than 4%, while retailer Marks & Spencer added just over 2%.
Mining stocks provided additional support to the index Friday, with firm metals prices lifting several major producers. Rio Tinto rose between 0.9% and 1.5% depending on the report cited, while Glencore added roughly 0.5% and Anglo American and Antofagasta each climbed close to 1%.
In the FTSE 250, easyJet emerged as the day’s standout performer, jumping more than 13% after private equity firm Apollo Global Management agreed to acquire the budget airline for £7.15 per share in a deal valued at approximately £5.7 billion. The offer topped a rival bid previously floated by private equity firm Castlelake, positioning Apollo’s proposal as the leading takeover approach for the airline as of Friday’s close.
Not every major constituent shared in the day’s gains. St. James’s Place, the wealth management firm, dropped more than 8% after reports emerged that a major financial advice firm plans to leave the platform, raising broader concerns among investors about the company’s ability to retain advisers going forward. AstraZeneca extended a difficult stretch, falling as much as 3.5% to 6.2% depending on the specific measurement window cited across various reports, continuing losses that began Thursday after the pharmaceutical giant’s gene-silencing heart therapy, Wainua, failed a late-stage clinical trial. Insurer Hiscox also finished the session lower, down roughly 1.6%.
The dominant macro theme shaping Friday’s session across UK and broader European markets remained the ongoing situation between the United States and Iran. Reports throughout the week indicated the two sides would continue technical-level negotiations despite a recent exchange of military strikes, with easing tensions specifically around shipping activity in the Strait of Hormuz contributing to a broader stabilization in global market sentiment as the week drew to a close. Oil prices eased modestly Friday alongside that de-escalation, with crude trading around $71.41 per barrel, down close to 1% on the session, providing some additional relief to energy-sensitive sectors of the market even as the underlying geopolitical situation remained far from fully resolved.
Market analysts characterized Friday’s performance as reflective of a market attempting to balance genuine underlying strength in the FTSE 100’s core energy, financial and mining sectors against a still-unsettled geopolitical backdrop that has continued to inject periodic volatility into global trading throughout the first half of 2026. The index’s comparatively limited exposure to the technology sector, relative to indices such as Germany’s DAX 40 or France’s CAC 40, meant London participated less directly in a broader rebound in chip and artificial intelligence-linked sentiment that characterized much of Friday’s trading session elsewhere in global markets, a compositional difference that has periodically caused the London index to lag more technology-heavy peers during episodes when AI and semiconductor sentiment dominates broader market direction, while also offering a degree of insulation during periods of technology sector weakness.
Broader UK market indicators reflected a similarly cautious tone through the session. The FTSE 250 traded around 23,293, rebounding by approximately 0.2% after declining 1.5% in the previous session, while the FTSE 350 hovered near 5,691 and the FTSE All-Share Index traded around 5,631, both showing only modest intraday fluctuations as investors continued weighing elevated energy prices against continued Middle East tensions.
Trading volumes on Friday remained broadly consistent with recent averages, with the index’s roughly 51-point intraday range reflecting a session in which investors appeared willing to add to positions steadily throughout the day rather than react sharply to any single catalyst. Over the past month, the FTSE 100 has climbed approximately 1.88%, and the index remains up roughly 17.4% compared with the same time last year, according to data from Trading Economics, underscoring the benchmark’s overall resilience through a volatile first half of 2026 even amid the week’s pullback.
For UK-focused investors, Friday’s performance continued to underline the FTSE 100’s role as a relatively defensive component within a globally diversified equity portfolio, particularly during episodes when technology sector volatility has dominated sentiment elsewhere in global markets. The index’s heavier weighting toward energy, financial services, mining, consumer staples and pharmaceutical companies, relative to the technology-driven indices that have seen sharper swings in recent weeks, has repeatedly provided a measure of stability for London-listed equities even as the broader geopolitical and macroeconomic backdrop has remained unsettled through much of the year.
With the situation between the United States and Iran continuing to evolve and further merger activity potentially in the pipeline following Friday’s Vodafone and easyJet developments, investors are expected to remain closely focused on both geopolitical headlines and individual corporate news in the sessions ahead as they assess the durability of the FTSE 100’s recent stabilization.
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FOX Business Cheryl Casone breaks down tumbling oil prices amid U.S.-Iran deal hopes and falling Treasury yields. Carter Intelligence Group CEO Lee Carter joins the panel to discuss the psychological impact of lower gas prices on consumers.
Oil prices fell on Monday as markets embraced hopes for the de-escalation of the Iran war, despite uncertainty over the prospects for a Federal Reserve interest rate hike.
President Donald Trump on Sunday signaled he was holding off on ordering fresh strikes against Iran and said he did so because U.S. allies in the Middle East have reached the outline of an agreement to end the war, adding it would “include the Immediate, Complete and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran’s nuclear threat.”
Trump indicated the negotiations would begin on Monday afternoon, which caused oil prices to slide on the potential deal to restore the flow of oil shipments through the Strait of Hormuz that have been constrained amid the threat of Iranian attacks and mines amid the conflict.
Prices for West Texas Intermediate crude, a key U.S. benchmark, were down about 6.2% during Monday morning, trading around $79.45 a barrel after a decline of about $5. Brent crude oil prices were down over 3.5% at around $79.30 a barrel.
FORGET GASOLINE: THIS OVERLOOKED FUEL COULD RAISE THE PRICE OF NEARLY EVERYTHING YOU BUY
Oil prices fell on Monday on the prospect of a deal to end the Iran war. (Todd Korol/Reuters)
A spokesman for Iran’s foreign ministry said in a report by Reuters that no negotiations with the U.S. were occurring or scheduled, adding that the only ongoing discussions were with Oman over the management of the Strait of Hormuz.
Oil prices spiked above $110 a barrel earlier this year as the conflict disrupted oil shipments from the Middle East, as tanker traffic plummeted due to the threat of missile and drone strikes by Iran as well as mines laid in the key shipping lanes of the Strait.
AAA NATIONAL GAS PRICE TOPS $4 AMID RENEWED US STRIKES ON IRAN
The Strait of Hormuz is a key chokepoint for maritime oil flows through the Middle East. (Amanda Macias/Fox News Digital)
Before the outbreak of the conflict, oil prices were in the $60 to $70 a barrel range, and the rise caused gas prices in the U.S. to surge. The national average price for a gallon of regular gasoline was $4.095 as of Monday, up 7% from a month ago and 30% from a year ago, which has pressured household budgets.
Trump wrote in a post on his Truth social media platform that Chevron CEO Mike Wirth gave “all of the reasons that his company is doing so well,” in an interview with FOX Business’ Maria Bartiromo, but added that his administration has helped facilitate that success and urged him to lower prices for consumers.
Oil shipments through the Strait of Hormuz have been severely constrained due to the risk of Iranian attacks. (Giuseppe Cacace/AFP via Getty Images)
“The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability, of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD! As an example, they threw Mike and Chevron out of Venezuela, but now they’re back, far bigger and stronger than ever before, expecting to make a fortune! That goes for other Oil Companies as well…and get your consumer (retail!) Oil Prices DOWN, NOW!” Trump wrote.
The White House has previously criticized gas stations for not lowering prices, accusing them of padding profit margins.
Groups representing smaller gas stations and energy marketers have pushed back on the argument, saying that retail prices are linked to oil prices and that they typically decline over several weeks after oil prices decline due to the need to turn over higher-cost inventory.
Consumers cutting back on HFCS, not sugar, recent report says.
Consolidated net profit rose to Rs 228.41 crore from a year earlier, while revenue increased nearly 10% to Rs 2,374 crore.
Demand remained healthy in both decorative and industrial paints despite geopolitical tensions and was supported by the delayed onset of the monsoon, managing director Pravin Chaudhari said.
“Looking ahead, we anticipate that demand in both market segments will continue to remain strong despite an erratic monsoon and prevailing geopolitical situation,” he said. “Additionally, Diwali being later this year, should add a fillip to the festive demand,” he said.
Chaudhari said the geopolitical situation in West Asia disrupted supply chains and sharply increased raw material prices from March. While conditions improved midway through the June quarter, the company would continue to monitor the situation closely.
The company raised prices during the quarter to partly offset higher raw material costs. Total expenses rose more than 10% to Rs 2,116 crore, while consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) increased 7.7% to Rs 335.89 crore.
On a standalone basis, revenue rose 10% to Rs 2,299 crore, while Ebitda increased 8% to Rs 336 crore.The company announced its results after market hours on Monday. Its shares closed 3.6% higher at Rs 203.95 on the BSE.
Capacity expansion approved
The board has approved capacity expansion for industrial paints, powder coatings and industrial resins across three manufacturing facilities.
Industrial paint capacity will be expanded at the Sayakha, Bawal and Hosur plants at an investment of Rs 412 crore.
“In view of the estimated growth in automotive paint industry, capacity additions are being carried out,” the company said in an exchange filing.
The company will invest another Rs 189 crore to expand powder coating and industrial resin capacity at the Sayakha plant.
The projects will be funded through internal accruals and are expected to be completed in phases by the end of fiscal 2029.
European shares start August higher on US-Iran diplomacy hopes
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Tom Holland stars as Peter Parker, aka Spider-Man in Sony and Marvel’s “Spider-Man: Brand New Day.”
Sony
There’s a new king of the domestic box office.
Sony and Marvel’s “Spider-Man: Brand New Day” webbed up more than $360 million during its opening weekend in the U.S. and Canada, breaking the record for the highest-grossing debut of all time. The previous record was $357 million, set by “Avengers: Endgame” in 2019.
Globally, the latest Spider-Man installment tallied $932 million, shy of the $1.2 billion record still held by “Endgame.”
The Tom Holland-led “Brand New Day” kicked off with record-shattering Thursday preview sales and snared $169.3 million on Friday, including presales, and $101.5 million on Saturday. Sony had initially projected an $84 million Sunday, but moviegoers flocked to theaters, driving ticket sales to $88.7 million for the day.
The film’s opening weekend also marked the biggest opening weekend in Sony Pictures history and the biggest debut for the Spider-Man franchise.
The feat comes even as “Brand New Day” was boxed out of Imax screens, which were snapped up for Christopher Nolan’s and Universal’s “The Odyssey.” Rival premium large formats thrived, however, as Dolby Cinema, ScreenX and 4DX all reported record-breaking ticket sales over the weekend.
“Brand New Day” is on pace to be the fourth billion-dollar film of 2026, joining Pixar’s “Toy Story 5,” Lionsgate’s “Michael” and Universal and Illumination’s “The Super Mario Galaxy Movie.”
Altman Brothers Real Estate Owner Josh Altman discusses LeBron James facing California’s wealth tax despite moving to Philadelphia on ‘Varney & Co.’
The California Democratic Party is supporting a proposed one-time wealth tax on billionaires of up to 5%.
Californians will decide whether to adopt the proposal during the 2026 midterm election.
The party’s executive board voted in favor of backing the proposal on Sunday, according to The Sacramento Bee.
BILLIONS IN TAXPAYER INCOME ARE LEAVING TWO ICONIC STATES — AS A NEW ECONOMIC MAP EMERGES
A supporter with the Billionaire Tax Now coalition holds a placard during a media briefing in Los Angeles on April 27, 2026. (Frederic J. BROWN / AFP via Getty Images / Getty Images)
The San Francisco Standard reported that according to Jane Natoli, who sits on the party’s resolutions committee, an initial vote barely failed to clear the 60% bar required for ratification, earning 59.2% support. But another vote cleared the threshold, scoring about 61.7% support, the outlet noted.
As the close votes demonstrated, Democrats are divided on the issue.
SOME RICH CALIFORNIANS ARE GIVING AWAY CASH TO SKIRT THE STATE’S PROPOSED BILLIONAIRE TAX
A voting booth as a voter casts their ballot at a polling location inside Echo Park Branch Library during a primary election in Los Angeles on Tuesday, June 2, 2026. (Kyle Grillot/Bloomberg via Getty Images / Getty Images)
U.S. Rep. Ro Khanna, D-Calif., supports the proposal.
But Gov. Gavin Newsom, who is term-limited from running for re-election, has said he will vote against it.
California Gov. Gavin Newsom speaks during a press conference for a bill signing for a housing affordability reforms event in Oakland, California, on July 13, 2026. (Tayfun Coskun/Anadolu via Getty Images / Getty Images)
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“But I’m voting no because this measure dedicates almost all of the revenue it raises to a single category of state spending,” he wrote in a June Substack post. “So here is what I support: A national billionaires’ tax. A true minimum tax on billionaires — a modern Buffett Rule — that ensures the people at the very top pay at least the tax rate their own workers pay.”
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