Stocks fall after US-Iran peace talks collapse

Heathrow Airport said on Monday that its outlook for the next few month is uncertain due to the conflict in the Middle East.

In a statement, the UK’s biggest airport said it is supporting airlines and passengers as they adapt to airspace closures across the Middle East, including a 10% spike in transfer passengers.

Heathrow said it had seen year-on-year growth last month despite disruption as demand shifted across its long-haul network, with 6.6 million passengers.

Heathrow CEO Thomas Woldbye said: “While Heathrow’s long-haul network absorbed demand in March, the outlook for the next few months remains uncertain. I’m proud of what colleagues have achieved to quickly adapt and continue giving passengers a great service during difficult times.”

FTSE 250-listed housebuilder Vistry (VTY.L) announced on Monday that it had Adam Daniels as CEO and executive director with immediate effect.

Daniels, who is currently the executive chair of one of Vistry’s two largest operating divisions and a member of the company’s executive leadership team, is taking over from Greg Fitzgerald.

Vistry shares fell 3% on Monday morning, following the announcement, and are down nearly 49% year-to-date.

Russ Mould, investment director at AJ Bell (AJB.L), said: “The market seems underwhelmed by the identity of Greg Fitzgerald’s replacement at Vistry after the housebuilder chose to promote from within.”

“It seems investors would have preferred to see a more experienced pair of hands at the helm to continue the recovery from this episode in what looks set to be a tricky market environment,” he said.

Failed US-Iran peace talks and Trump’s threat of blockading the Hormuz strait drove a fresh spike in oil prices on Monday morning.

Brent crude futures (BZ=F) jumped 7.3% to $102.13 a barrel, while West Texas Intermediate (CL=F) surged 7.6% to $103.88 per barrel.

Saxo UK investor strategist Neil Wilson said: “The main thing to consider is China as the main customer of Iranian oil – the blockade appears to be a tool to pressure China to strong arm its strategic partner to hurry up and do a deal. Diplomacy is the continuation of war by other means in this case.”

“How this plays out over the next few weeks we shall see but it seems that there is a willingness on the part of the US and China as the two key superpowers to de-escalate and talks should continue,” he said. “There is clearly a geopolitical premium for oil this week and it will continue to be exposed to volatility and abrupt shifts.”

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