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The Morning Message
Morning all.
It's a big week for the FTSE 100, with a raft of results due. That makes it a big week for investors too, as earnings from some of Britain's largest companies will provide a clear snapshot of the health of corporate Britain.
In other news, Bank of England officials meet on Thursday to discuss their next decision.
Inflationary pressures driven by oil prices following the Houthi attacks will be high in the mind of Bank officials on Thursday, just as they were for the ECB last week.
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Markets
| FTSE 100 |
10,736.23 |
▲ 0.91% |
| FTSE 250 |
23,801.49 |
▲ 0.74% |
| GBP/USD |
1.3325 |
▲ 0.08% |
| UK 10Y Gilt Yield |
5.03% |
▼ 7bps |
| Brent Crude |
$96.78 |
▼ 3.88% |
| Bitcoin |
$64,726.2400 |
▲ 0.69% |
| Gold |
4,052.7900 |
▲ 0.08% |
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Figures are official market closes where available; otherwise, prices are shown as of approximately 5.00pm BST on 24 July 2026.
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The Big Story
And The Results Are In…
This week won't just be a series of earnings releases. It will be a health check on some of the UK's largest FTSE 100 companies, against a backdrop of elevated energy prices, geopolitical uncertainty and with an interest rates decision around the corner.
Some of the UK's biggest hitters across banking, consumer and healthcare are releasing results. The current climate raises different questions for different sectors, but it's likely we'll start to build a clearer picture of how market conditions are affecting the UK's key corporates.
Banking
In banking and financial services, Barclays, Lloyds and Standard Chartered are amongst those releasing results. We expect that lending businesses will have been supported by relatively higher interest rates, and management commentary will be closely watched ahead of Thursday's Bank of England decision. We will be looking for any evidence that rates have started to impact on borrowers in the form of higher defaults. In addition to the numbers, management teams may also comment on current M&A/IPO deal-flow amidst a backdrop of geopolitical uncertainty. Trading teams tend to be less affected by the economic cycle than investment banking teams.
Consumer
Unilever and Reckitt are amongst those releasing results. This should provide more insight into how higher interest rates have affected consumer spending. When households spend more on loans and mortgages, they have less disposable income for discretionary spending. The results should give us a sense of what the impact has been and management's plans to try and finish the year strongly.
Healthcare
Healthcare tends to be resilient even in difficult markets as demand for medicines is fairly consistent. Investors will be watching for any updates on AI's impact on productivity and other innovation. GLP-1 and other weight loss drugs continue to increase in popularity, particularly in pill form: it will be interesting to see if management provides any insight into sales growth in these areas.
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This Is The Full List Of The Corporate Releases We Will Be Keeping An Eye On
Monday: AstraZeneca
Tuesday: Barclays, GSK, Unilever, Entain (BetMGM)
Wednesday: Rio Tinto, Standard Chartered, Aberdeen Group, St James' Place, Sage, Reckitt
Thursday: Lloyds, London Stock Exchange Group, Schroders, Haleon, Rolls Royce, Informa, BAT
Friday: IMI, Intertek, Melrose, Pearson
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We will of course be keeping a close eye, with the rest of the market, on the Bank of England's MPC meeting on Thursday as they decide whether to hold or to raise. The decision will be keenly watched by sectors most affected by rates such as financials and industrials and UK borrowers alike.
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The Boardroom
Let's Just Pause
When European regulators approved Paramount's $110 bn merger with Warner Brothers, they probably thought they were in the clear.
On Friday however, it was reported that the deal is on freeze because twelve states and the Writers Guild of America have brought lawsuits. They're concerned that the deal would be anti-competitive. The pair argue that they need the tie-up to happen in order to be able to compete with digital streaming platforms.
US firms have had their fair-share of run-ins with European authorities in the past so this will come as a blow so soon after EU approval. It is now for a US judge to decide whether or not to allow the legal challenge.
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Around the World
Don't You Two Get Involved
Whilst the US has briefly paused strikes on Iran, tensions between the Houthis and Saudi Arabia have escalated, as a new frontier in the Middle East conflict begins to emerge.
Following last week's strikes by the Houthis on two Saudi vessels, oil prices jumped up to $100 a barrel. The weekend saw further strikes by the Houthis following alleged attacks by the Saudis on Yemeni targets last Friday. Markets continue to fear that the Bab el-Mandeb Strait could be a new front in the conflict with the potential for further Yemeni disruption along that shipping route.
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Why This Matters: The Houthis have a deep enmity for the Saudis following their military intervention in 2015. Oil prices are already under severe upward pressure as a result of the deadlock in Hormuz. Heightened tensions between the Saudis and the Houthis will only make things worse. Central banks will be keeping a close eye on the wider escalation as fears about even higher levels of inflation will grow.
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