18.08.202615:30:55UTC+00FTSE 100 Edges Up on Tuesday

The FTSE 100 inched higher on Tuesday, outperforming most other major European indices as strength in energy stocks offset weakness among precious-metals miners. BP and Shell advanced 3% and 2%, respectively, boosted by rising crude prices after hopes for a durable US–Iran peace agreement receded. President Donald Trump said no talks with Iran were currently scheduled and confirmed that the US naval blockade remained in place, adding to uncertainty surrounding the conflict and the security of the Strait of Hormuz.

In contrast, lower gold prices pressured mining shares, with Fresnillo down around 3% and Endeavour Mining off 2.8%. On the macroeconomic front, UK labour market data showed the unemployment rate holding at 4.9% in the three months to June, slightly above the 4.8% consensus. Payroll employment increased by 83,000, undershooting expectations of a 129,000 gain and pointing to some softening in labour demand. Average weekly earnings rose 4.1% year on year, broadly in line with forecasts.