The FTSE 100 traded near 10,350 in early dealings on Monday as investors balanced mounting political uncertainty in the UK against cautiously positive developments in US–Iran negotiations. Markets were rattled by reports that Prime Minister Keir Starmer is considering resigning and could set out a timetable for his departure within hours, paving the way for an orderly transfer of power to Greater Manchester Mayor Andy Burnham following his victory in last week’s by-election. However, such a move remains far from guaranteed.
Sentiment was partly supported by progress in US–Iran talks in Switzerland, where technical-level discussions are expected to continue this week. Investors will also be closely watching the release of UK flash PMI figures in the coming days for fresh indications of business activity and the health of the domestic economy.
On the corporate front, notable laggards included Unilever (-1.0%), BAE Systems (-0.9%), and Haleon (-1.1%). By contrast, mining stocks outperformed, with Antofagasta (+1.8%) and Fresnillo (+1.2%) among the session’s strongest gainers.
