FTSE 100 dips as Shell weighs, investors eye US tariffs (updated)

Ferrexpo

07/07/2025 17:29

FTSE 100 down 0.2%, FTSE 250 falls 0.1%

Oil and gas stocks lead sectoral losses

Shell drops after trimming second-quarter forecast

Curry falls on RBC rating downgrade

Updates with market closing prices

July 7 (Reuters) -
Britain's main stock indexes ended lower on Monday as investors parsed through a bunch of corporate updates and focussed on developments around U.S. tariff policy.

The blue-chip FTSE 100 .FTSE dipped 0.2%, while the domestically oriented FTSE 250 .FTMC slipped 0.1%.

U.S. President Donald Trump said on Sunday that Washington was close to finalising several trade agreements and would notify the countries of higher tariff rates by July 9, with the tariffs to go into effect on August 1.

        UK midcap stocks came under pressure last week after British Finance Minister Rachel Reeves appeared in tears in parliament following a series of costly U-turns on welfare reforms, raising concerns about the government's ability to cut spending, and about party control.

While markets have recovered since, uncertainty around U.S. tariffs continued to weigh on sentiment.

Oil and gas stocks .FTNMX601010 dropped 2.6%, leading losses among the main UK sectors.

Shell SHEL.L dipped 2.9% after the energy giant forecast quarterly earnings would be hit by weaker trading in its integrated gas division and losses at its chemicals and products operations, ahead of second-quarter results due on July 31.

Peer BP BP.L was down 2% despite gains in crude prices. O/R

Currys CURY.L fell 5%, leading losses in the midcap index, after RBC downgraded the electrical retailer to "sector perform", saying its outlook will remain sensitive to macro-economic risks.

Ukraine-focussed miner Ferrexpo FXPO.L slid 1.5% after it reported a 40% slump in its second-quarter iron ore production.

 (Reporting by Twesha Dikshit and Ankita Yadav; Editing by Vijay Kishore and Andrew Heavens)

 ((Twesha.Dikshit@thomsonreuters.com))

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