FTSE 100 Live: UK Index Opens 22 Points Lower at 10,502 Despite Strong Jobs Data and Lower Oil Prices

The FTSE 100 opened 22 points lower at 10,502 on July 21, 2026. That followed Monday’s close at 10,524.76, a 0.7% decline. Stronger-than-expected UK jobs data and falling oil prices offered a mixed backdrop for London’s benchmark index. Investors weighed a proposed 10-day US-Iran ceasefire against fresh attacks reported in the Strait of Hormuz.

UK Jobs Data Beats Forecasts Sharply

UK unemployment fell to 4.9% in the three months to May, the ONS confirmed Tuesday. That reading came in below the 5% forecast and down 0.1 percentage points.

• Employment rose 148,000 in the quarter, well above the 80,000 estimate.
• The employment rate climbed to 75.1% for the same period.
• Average weekly earnings grew 4.3% year-on-year, just under the 4.5% forecast.

Private-sector pay growth ran at 2.9%, compared with 5.5% in the public sector. Vacancies fell 7,000 to 712,000 during the second quarter, signaling a gradually cooling labour market.

Why the FTSE 100 Still Opened Lower

Strong jobs data alone wasn’t enough to lift the FTSE 100 into positive territory Tuesday. Falling oil prices weighed on the index’s heavyweight energy constituents instead.

• Brent crude futures fell 0.54% to $88.74 a barrel.
• WTI crude declined 0.19% to $82.32 a barrel.
• Sterling firmed to $1.3446, up from $1.3418 at Monday’s close.

Against the euro, the pound also rose, trading at 1.1767 versus 1.1755 the previous day. Energy-heavy sectors typically drag the FTSE 100 lower whenever crude prices retreat sharply.

Top Gainers and Losers on the Index

Defense and mining stocks led the FTSE 100’s gainers list on Tuesday morning. Babcock International Group surged 6.65% to £11.07 per share.

• Antofagasta advanced 3.58% to £35.89.
• BAE Systems gained 3.17% to £19.35.
• Endeavour Mining climbed 3.15% to £35.32, while Fresnillo rose 2.89% to £25.28.
• Glencore added 2.19% to £5.23.

Retailers and financial names dragged the other way. Admiral Group dropped 1.51% to £35.22, and Games Workshop Group fell 1.44% to £198.50.

More FTSE 100 Movers Worth Watching

London Stock Exchange Group slipped 1.31% to £87.28 amid broader financial sector weakness. Unilever also declined, down 1.19% to £45.84.

• Diploma lost 1.02%, closing near £72.95.
• Next edged 0.61% lower to £147.90.

Mining and defense strength offset consumer-facing weakness, keeping the FTSE 100’s overall decline modest at just 22 points.

https://twitter.com/Tangible_Bruce/status/2079514232509345958H

UK Fiscal Data Adds Extra Context

Official data released Tuesday showed the current budget deficit exceeded Office for Budget Responsibility forecasts. June’s day-to-day borrowing hit £11.8 billion, about £1.3 billion above estimates.

• Total government borrowing for June came in at £16 billion, slightly below forecast.
• Year-to-date borrowing for the current financial year reached £57.6 billion.
• Public sector debt stood at 94.9% of GDP, higher than the same point last year.

Separately, professional services firm MHA posted an 11% jump in pre-tax profit to £39 million in its first year as a listed company, with revenue up 12% to £251 million.

Where Things Stand

Tuesday’s session shows the FTSE 100 caught between two competing signals: a genuinely strong UK labour market and a retreating oil price dragging on energy names. The 4.9% unemployment rate and 148,000 jobs added both point to underlying economic resilience despite geopolitical noise from the Middle East. With Brent crude easing below $89 and a fragile 10-day ceasefire proposal on the table, expect the FTSE 100 to stay range-bound near 10,500 until there’s real clarity on the US-Iran situation.

Disclaimer:

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