FTSE 100 steadies as Shell and BP gains counter wider weakness

The FTSE 100 traded little changed on Tuesday after slipping 0.4% in the previous session, as strength in energy shares helped offset weakness elsewhere in the index. Shell and BP each gained more than 1% as oil prices rose amid fresh uncertainty over a possible deal to reopen the Strait of Hormuz, a key shipping route for crude, after US President Donald Trump made tougher demands on Iran. Outside the energy sector, InterContinental Hotels Group dropped more than 2% even though it reported first-half profit above expectations, with strong results in the US and Greater China balancing disruption in the Middle East. Housebuilder Bellway also warned that the near-term outlook remained uncertain despite outperforming forecasts for home completions and housing revenue. UK consumer data was mixed: the BRC said retail sales rose 1.3% year-on-year in July, below the 12-month average of 1.8%, while Barclays said its broader consumer spending measure increased 2%, the strongest growth so far this year.

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