LIVE MARKETS-Europe before the bell: Now add UK politics to the mix

ReutersMay 12, 2026 6:52 AM

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EUROPE BEFORE THE BELL: NOW ADD UK POLITICS TO THE MIX

Futures are pointing to a lower open for European stocks on Tuesday, and euro zone yields are already under pressure with hopes for a peace deal on Iran fading after Donald Trump said a ceasefire with Iran was "on life support".

Euro STOXX 50 futures were 0.8% lower while FTSE futures were down 0.7%.

It's going to be a busy day since, as well as Iran-related news, traders will be watching Britain after four ministerial aides stepped down on Monday and more than 70 Labour lawmakers publicly called for Prime Minister Keir Starmer's resignation.

So far, British assets are not dramatically underperforming, though the pound was last somewhat softer on the euro at 86.7 pence to the common currency. EURGBP=

The British gilt market opens at 0800 London time (0700 GMT), and could important. Euro zone yields are already higher on the Iran headlines and markets are pricing in three European Central Bank rate hikes. GVD/EUR

If that's not enough, U.S. CPI for April is also due later in the day. Expectations are for the largest annual increase in inflation in more than 2-1/2 years.

In terms of earnings, Siemens Energy ENR1n.DE will accelerate its standing share buyback programme after posting a 42% increase in pre-tax free cash flow, the company said on Tuesday, while Italy's third-largest bank Monte dei Paschi di Siena BMPS.MI posted better than expected first quarter.

(Alun John)

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