The FTSE 100 index of stocks hasn’t picked up a head of steam so far in July. Up only 0.6% since the start of the month, action has been muted among Britain’s UK blue-chips as uncertainty over US trade policy lingers.

That’s not to say the situation can’t change, of course. Could these Footsie shares take off as the month progresses?

Barratt Redrow

With interest rates dropping, and competition heating up among Britain’s mortgage lenders, I’m optimistic sales at Barratt Redrow (LSE:BTRW) may have continued rising in recent months. If so, shares in the housebuilder could rise strongly when its full-year trading update comes out later this month (15 July).

Its latest market statement in April showed a solid (if unspectacular) 1.6% rise in its private reservation rate between 30 December and 30 March, excluding private rental sector and multi-unit properties.

Conditions aren’t perfect in the housing sector. The UK is struggling for meaningful growth, and Stamp Duty changes have adversely affected first-time buyers. But Bank of England (BoE) rate cuts have driven a broad market recovery, and are expected to continue into the latter half of the year and into 2026.

This is helping prices and demand to recover in an industry that’s suffering chronic and substantial supply shortages, although the recovery could still go into reverse.

I’m also thinking signs of further cost benefits in this month’s update could boost sentiment towards the builder. April’s update showed good progress here following the Barratt-Redrow merger last year. The business has targeted £100m of cost synergies.

I think the housebuilder merits serious consideration today.

Shell

Predicting the near-term direction of Shell‘s (LSE:SHEL) shares is no mean feat in today’s geopolitical landscape. Conflict in the Middle East has been a major driver of oil prices in 2025, but the situation is highly fluid, meaning market sentiment could swing sharply in either direction.

Stripping out developments in this key region, other factors suggest to me that oil stocks could struggle. Supply is growing rapidly, and especially from the OPEC+ nation group — it will raise supply to 548,000 barrels a day next month, higher than analysts expected and up from 411,000 in recent months.

Shell is also having a rough time operationally at the moment. On Monday (7 July), the firm cut the upper end of its output forecasts for its Integrated Gas and liquefied natural gas (LNG) divisions. This overshadowed a modest increase to the lower end of its Upstream oil production guidance.

It also made $200m worth of exploration write-offs for the second quarter.

If sentiment towards oil stocks does change, Shell’s low valuation could see it outperform the broader sector. Today its forward price-to-earnings (P/E) ratio is 10.3 times.

That’s lower than those of US oil majors ExxonMobil (16.9 times) and Chevron (18.3 times). It’s also lower than that fellow British operator BP (12.1 times), despite the latter’s long history of operational and strategic issues.

But on balance, I think there are too many negatives and investors should consider avoiding Shell’s shares.