London pre-open: Stocks to fall as Brent breaches $100 a barrel, US announces fresh tariffs

(Sharecast News) - London stocks were set to fall at the open on Friday as Brent crude breached $100 a barrel and after the US slapped fresh tariffs on more than 60 countries.

The FTSE 100 was called to open around 25 points lower as Brent crude jumped past $100 a barrel for the first time since late May following attacks by Iran-backed Houthis on two Saudi Arabian tankers.

At the same time, investors were mulling a fresh round of tariffs from the US to replace a 10% global duty that was due to expire.

The US announced on Thursday that it would impose tariffs of between 10% and 12.5% on more than 60 countries including the UK, Canada and Australia.

US Trade Representative Jamieson Greer said: "The United States has had a forced labour import ban for nearly a century, and rigorously enforces it; it's well past time for our trading partners to do the same.

"Today's action will begin to correct what is both a human rights abuse and distortive trade practice to improve the welfare of workers everywhere."

On home shores, figures from the Office for National Statistics showed that retail sales unexpectedly rose in June.

Sales were up 1% on the month following a 1.2% jump in May, and versus expectations for a 0.3% decline.

On the year, sales rose 4.2%, ahead of expectations for a 2.3% increase.

The ONS said sales promotions and the warm weather increased sales volumes for non-store and clothing retailers.

In corporate news, HSBC said it had agreed to sell its Singapore life and health insurance business to Allianz for $2.1bn in cash.

The transaction, expected to close in the first half of next year, includes a 15-year distribution partnership that allows HSBC to offer Allianz products.

Consumer goods giant Reckitt Benckiser said it had agreed to divest its Russian hygiene business to Arnest Management for an undisclosed sum.

Subject to the satisfaction of customary conditions, including relevant UK regulatory approvals, Reckitt expects the transaction to complete during the second half of 2026.

The company said its Russia hygiene unit represented roughly 1% of core net revenues in the year ended 31 December 2025 and the divestment was not expected to have any material impact on its group adjusted operating profit or adjusted earnings per share in FY26.

Antofagasta said that operations have resumed at its Los Pelambres copper mine in Chile following a temporary stoppage due to heavy rainfall.

A period of "intense precipitation and intermittent power outages" started late on 18 July, leading to the orderly shutdown of the processing plant and mining operations. Ahead of its interim results next month, Antofagasta said its production guidance remains unchanged, and there has been no material impact to equipment or key infrastructure.