Stoxx 600, FTSE, DAX, CAC, Iran latest, G7 meeting

LONDON — European stocks are expected to open in mixed territory on Tuesday as traders assess the geopolitical landscape and developments in the Middle East.

The U.K.’s FTSE 100 index is seen opening 0.13% higher, with Germany’s DAX and France’s CAC 40 flat and Italy’s FTSE MIB 0.14% lower, according to data from IG.

European bourses will be following their Asia-Pacific counterparts into mixed territory on Tuesday, with oil prices in focus after U.S. President Donald Trump said he was postponing a scheduled attack on Iran.

Trump said in a Truth Social post on Monday that he’d told U.S. military leaders to call off a “scheduled attack of Iran tomorrow” after requests from the leaders of Qatar, Saudi Arabia and the United Arab Emirates.

“A Deal will be made, which will be very acceptable to the United States of America, as well as all Countries in the Middle East, and beyond. This Deal will include, importantly, NO NUCLEAR WEAPONS FOR IRAN!,” Trump added.

The president cautioned that he has informed his military leaders “to be prepared to go forward with a full, large scale assault of Iran, on a moment’s notice, in the event that an acceptable Deal is not reached.”

Oil prices fell overnight following the statement with international Brent crude futures for July delivery down 2.04% at $109.81 per barrel as of 5 a.m. London time and West Texas Intermediate futures for June 1.12% lower at $107.44 per barrel.

In other geopolitical news, Russian President Vladimir Putin is set to arrive in Beijing on Tuesday for a two-day summit with Chinese President Xi Jinping, just days after Trump’s visit to China.

The summit, scheduled for May 19-20, marks the second time the Chinese and Russian leaders have met in the past year, as Beijing seeks to manage ties with Washington and Moscow.

Official data published Tuesday showed the U.K. unemployment rate rose to 5% in the three months to March, up from 4.9% in February.

Economists polled by Reuters had been expecting the unemployment rate to hold steady.

Jack Kennedy, a senior economist at Indeed, said the Iran war was expected to weigh heavily on growth in the U.K. in the coming quarters, further constraining hiring demand. He added that a volatile domestic political backdrop “adds uncertainty that businesses could do without.”

“For the Bank of England, the [March unemployment] figures will do little to resolve a divided Monetary Policy Committee,” he said. “A June rate hike remains on the table amid inflationary pressures from elevated global energy prices, but with monetary policy settings already restrictive, the committee needs to balance that against the significant risks of further labor market deterioration.”

The meeting of G7 finance ministers and central bankers also concludes in Paris on Tuesday. The…