The FTSE 100 opened higher by 21 points at 10,452 as investors await more clarity on the US-Iran agreement, with markets cautiously optimistic ahead of a formal signing expected in Geneva later this week. Meanwhile, Brent crude futures fell 1.37% to $82.03 a barrel. US West Texas Intermediate (WTI) rose 1.59% to $79.47 ‌a barrel.

Gainer & Losers 

Convatec Group surged 3.43% to £211, while BAE Systems advanced 1.98% to £1,856.50. Scottish Mortgage Investment Trust climbed 1.97% to £1,478.50. Entain moved higher, adding 1.77% to £599, while Babcock International Group gained 1.74% to £1,051.50. Rolls-Royce Holdings also traded in positive territory, rising 1.69% to £1,381.40.

On the downside, Fresnillo fell 1.22% to £3,161, while Coca-Cola HBC slipped 0.92% to £4,548.00. Endeavour Mining fell 0.78% to £4,074. Next edged lower by 0.70% to £14,095, and Rio Tinto shed 0.69% to £7,869. London Stock Exchange Group eased 0.50% to £9,074.

Elon Musk Hits Back Against Social Media Ban

Elon Musk has launched an attack on Starmer’s social media ban for under-16s. Under the proposed law, under-16s will be prevented from downloading Snapchat, TikTok, YouTube, Instagram, Facebook and X, and from livestreaming themselves. 

In order to prove age, people will need to verify their identities through digital IDs, facial recognition technology, or credit card details. 

Musk branded the UK a “police state” as a result. He later added: “This censorship law is a wolf in sheep’s clothing”. A spokesperson for Meta, owner of Facebook and Instagram, said: “As we’ve seen in Australia, bans risk isolating teens from online communities and information, and driving them to unregulated alternatives that lack built-in protections and parental controls.” 

SThree Records Drop in Net Fees

Workforce consultant SThree recorded a 19% drop in net fees across the UK. Total takings from fees fell to £11.6 million in the first half of the year, down from £14.2 million in the same period last year. 

The rest of continental Europe fell in line with this trend, with Germany dropping 14% to £42.3 million and the Netherlands 24% to £22.5 million. 

SThree pointed to soft demand for technology and engineering roles for these falls. Still, Japan and the US managed to buck the trend in Europe, with fees rising 36% and 12% respectively. 

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Global Market View

In Asia, Japan’s Nikkei 225 rose 0.13% at 69,404.5. South Korea’s Kospi index ended the session up 180.62 points or 2.11% at 8,726.6. In India, the Nifty 50 and Sensex both advanced 0.47% and 0.62, respectively, while Hong Kong’s Hang Seng fell 1.58%.