8.37am: Warhammered?
It’s not clear why Games Workshop is down over 5% on these record results.
Jefferies analyst Andrew Wade sees “little in here not to like”, noting that pre-tax profit beat May guidance by 4%, while core operating profit rose 17% at constant currencies.
Trade accounts grew 12%, MyWarhammer customers climbed 21% and Warhammer+ subscriptions increased 16%, he points out.
It could be the licensing hangover from Space Marine 2, as Wade lists one of the key risks to his ‘buy’ rating is that the animation “one-off boost was bigger than expected”.
8.15am: FTSE 100 edges higher at open, Unilever at front
The FTSE 100 has begun the session with a small step higher, edging up just over nine points to 10,791.
Dragging the index into positive territory is Unilever’s early 5.5% gain on the back of its best sales quarter in a decade.
Other risers include fellow consumer goods group Reckitt Bckiser, up 2%, as well as Diageo, and tobacco companies Imperial Brands and BAT.
Barclays is down 4.8% despite its buyback, while Games Workshop is down on its results too.
7.52am: Barclays adds another £1bn buyback
Barclays upgraded its 2026 income target and announced a £1 billion share buyback after stronger investment banking and interest income lifted second-quarter profit.
The FTSE 100 bank reported group income of £8.3 billion in the second quarter, up 16% on a year ago, while pre-tax profit rose 31% to £3.3 billion. Return on tangible equity in the quarter improved to 16.1% from 12.3% a year earlier and 13.5% in Q1.
Investment banking revenue rose 20% to £3.96 billion, beating the £3.66 billion City consensus, as global markets income and advisory fees increased. Fixed-income, currencies and commodities revenue of £1.47 billion fell slightly short of the £1.51 billion forecast.
7.31am: Unilever’s best sales in a decade
Unilever has nudged its full-year outlook upwards after posting its strongest quarterly volume growth in more than a decade.
The consumer goods group reported underlying sales rose 5.8% in the second quarter, ahead of the 4.14% City analyst consensus and up from 3.8% in the first quarter. Sales volumes increased 5.5% against expectations of 2.29% and revenue rose 3.8% to €13.05 billion, topping the €12.87 billion forecast.
Chief executive Fernando Fernandez called it “the best volume quarter at Unilever in over a decade”, with Power Brands and emerging markets leading the improvement.
Unilever now expects full-year underlying sales growth of 4% to 6%, with volume growth of around 3%. It previously expected sales growth at the lower end of the multi-year 4-6% range and at least 2% volume growth.
FTSE 100 Live: Lower start expected
The FTSE 100 is expected to open slightly lower on Tuesday as oil prices extend their sharp retreat and technology stocks come under renewed pressure.
Futures point to a 13-point decline for London’s blue-chip index, which yesterday added 45.5 points to finish the day at 10,781.75.
while on mainland Europe, Germany’s DAX and France’s CAC 40 are seen opening 0.1% and 0.2% lower, respectively.
Oil prices have continued to fall after the US halted its attacks on Iran since Friday and President Donald Trump said there was “a good chance” of reaching a deal with Tehran.
Having stood at $100 last week, Brent crude fell below $87 a barrel in the early hours and is now at just under $88.
The fall could weigh further on heavyweight FTSE 100 energy companies but ease pressure on inflation and bond yields.
Iran has denied that talks are taking place, however, leaving doubts over whether the retreat will last.
Swissquote analyst Ipek Ozkardeskaya says Trump’s statement could be “another empty promise” or a verbal intervention intended to halt the rise in US yields. The US 10-year yield has fallen from a recent peak of 4.70%, while the two-year yield has retreated to 4.30% as the Federal Reserve begins its two-day policy meeting.
An initial boost from the drop in energy prices proved short-lived as Wall Street offered a mixed handover, with the Dow Jones up 0.5% overnight, while the S&P 500 was broadly flat and the Nasdaq fell 0.2%.
Technology shares, especially the chip sector, remain under pressure, with Nasdaq futures down 1.1% this morning, after Nvidia dropped more than 4% and ASML slumped almost 6% overnight. S&P 500 futures are 0.4% lower, while the Dow is seen roughly flat.
In UK company news, results are due from Unilever, Barclays, Games Workshop, Unite, Croda, SSP, Man Group and many more.
