(Sharecast News) - LONDON PRE-OPEN

The FTSE 100 was expected to open 1.5 points higher ahead of the bell on Tuesday, after wrapping up the previous session just 0.01% firmer at 10,498.29.
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BP confirmed on Tuesday that upstream production was set to fall in the second quarter, on the back of seasonal maintenance and ongoing disruption in the Middle East. BP now expects oil production and operations to come in between 1.42m to 1.45m barrels of oil equivalent per day, down from the first quarter's 1.54m boe/d. Gas and low carbon energy forecasts were cut to 750m to 770m boe/d, down from 798m boe/d.

Drugmaker Astrazeneca has signed an exclusive licensing deal with Dizal Pharmaceutical for Zegfrovy, its non‑small cell lung cancer treatment, securing global rights to develop and commercialise the drug. Under the agreement, Astrazeneca will pay $600m upfront and up to $900m in development, regulatory and sales‑related milestones, with Dizal also receiving tiered royalties on global sales. The transaction was expected to close in the second half of 2026, subject to customary approvals, and will not affect Astrazeneca's FY26 financial guidance.

Animal genetics company Genus expects FY earnings to be moderately above expectations after a strong second half in Asia and Latin America that more than offset weaker conditions in North America. Genus now expects adjusted pre-tax profits of about £98m helped by a £5.6m milestone payment from its Chinese partner Beijing Capital Agribusiness. The FTSE 250-listed firm also reported solid cash conversion in H2, driving significant growth in free cash flow.

Watches of Switzerland hailed record FY profit and revenues, ahead of its previous guidance and market expectations. In the 53 weeks ended 3 May, statutory pre-tax profits rose 76% to £133m on revenues of £1.8bn, up 11%. "This performance reflects the strength of our business model, the quality of our brand partnerships and consistent execution across our strategic growth pillars," it said.

NEWSPAPER ROUND-UP

The US government has already paid back tens of billions of dollars in tariffs it collected before the supreme court ruled them illegal, according to budget figures released on Monday. Tariffs - taxes on imported goods - have been a key part of president Donald Trump's game economic plan since he took office again last year. But in February, the supreme court shut down a big chunk of the extra tariffs Trump ordered, forcing the government to return money to the companies that had paid them. - Guardian

The UK's North Sea oil industry has made a last-ditch attempt to curry favour with the Labour government by appealing to Andy Burnham's reindustrialisation agenda just days before he is expected to become Britain's next prime minister. Industry lobbyists have written to more than 400 Labour MPs to call on the government's new leaders to allow more oil and gas drilling in UK waters to support homegrown energy and show "a commitment to UK manufacturing, industrial capability and the skilled workforce that has powered the nation for generations". - Guardian

The founder of online bank Monzo has become the latest high-profile figure to join Anthropic, the AI company behind the Claude chatbot. Tom Blomfield, who is one of Britain's most successful tech entrepreneurs, will take a leave of absence from his current role at start-up investor Y Combinator to join Anthropic, which recently overtook OpenAI as the world's most valuable AI company. - Telegraph

Electric vehicle owners will be taxed for driving abroad under Labour's pay-per-mile plan. In a consultation response published on Monday, the Government said charging drivers for overseas mileage was proportionate because not doing so would require the use of location data to show where they were - raising privacy concerns. - Telegraph

The United Arab Emirates is building another port in an attempt to bypass the Strait of Hormuz, having already expedited the construction of a new oil pipeline. The new port would join an existing facility in Fujairah along the country's eastern coastline and past the tip of the strait that Iran closed to shipping during the war with the United States. - The Times

US CLOSE

Major indices closed lower on Monday after Donald Trump said he was reinstating what he described as a blockade on Iranian shipping through the Strait of Hormuz, sending oil prices sharply higher.

At the close, the Dow Jones Industrial Average was down 0.26% at 52,498.64, while the S&P 500 shed 0.79% to 7,515.34 and the Nasdaq Composite saw out the session 1.55% weaker at 25,873.18.









Reporting by Iain Gilbert at Sharecast.com

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