FTSE 100

Key insight

US-Iran Strait of Hormuz diplomacy is the pivotal macro wildcard: a confirmed deal would crush energy stocks further but unlock broad UK equity re-rating, while a breakdown would reverse today's gains sharply.

The FTSE 100 is holding above the key 10,900 round-number support and tracking toward the July 2026 cycle high near 11,000, driven by mining sector leadership and US-Iran diplomatic progress easing oil supply fears.

Main risk

AstraZeneca Merger Speculation (AZN -6% drag)

AstraZeneca, one of the FTSE 100's largest constituents by weight, shed over 6% on unconfirmed Bristol Myers Squibb merger talks, creating a persistent index-level headwind unless the story is definitively denied or confirmed.