FTSE 100

Key insight

The FTSE 100's defensive composition (energy, healthcare, consumer staples) is acting as a structural buffer against the global tech rout, but political uncertainty around incoming PM Andy Burnham's fiscal stance and escalating Middle East tensions cap near-term upside.

The FTSE 100 sits at 10,574 — just below the psychologically key 10,600 resistance reclaimed briefly on Friday — caught between defensive outperformance driven by low tech exposure and rising geopolitical headwinds from US-Iran strikes.

Main risk

US-Iran Military Conflict Escalation

The US has carried out six consecutive nights of strikes on Iran; any closure of the Strait of Hormuz or broader regional escalation would spike oil volatility and trigger a sharp risk-off move that could breach FTSE support at 10,400.