London stocks opened mixed on Monday, with pressure on oil majors dragging the FTSE 100 slightly lower, while a looming US tariff deadline kept global markets on edge.
The FTSE 100 dipped 0.1% to 8,811.39. The FTSE 250 edged up 0.1% to 21,573.66.
US Treasury Secretary Scott Bessent confirmed that tariffs suspended in April will snap back on 1 August unless trading partners, including Taiwan and the EU, strike last-minute deals. “Trade and tariff wars have no winners,” China’s foreign ministry said in response to Trump’s latest threats, adding that Brics is “not seeking confrontation.”
Shell fell 2.6% after narrowing the top end of its Integrated Gas production forecast. The oil major now expects Q2 output of 900,000–940,000 boepd, slightly down from the prior 890,000–950,000 range. LNG volumes were also trimmed. Shell warned that trading results from both its Integrated Gas and Chemicals & Products units will be “significantly lower” than in Q1.
BP slipped 1.4% in sympathy.
Currys dropped 5.4% after RBC downgraded the electricals retailer to ‘sector perform’ from ‘outperform’, citing limited near-term upside.
Eneraqua Technologies slumped 34% after warning of significant delays in client payments and energy project deferrals, placing strain on its balance sheet and supply chain. Revenue for the year to 31 January is expected at £63 million, with adjusted pretax profit in line with market forecasts. The company said it is working closely with finance providers and may seek interim funding.
Asian markets struggled overnight as investors brace for the August tariff deadline. Tensions are further stoked by Trump’s threat of additional levies on countries aligning with Brics, but China insists it wants cooperation, not confrontation.
With US-EU trade talks yet to bear fruit, sentiment remains fragile to start the week.