FTSE 100 flat as DAX gains ahead of US CPI; Great Portland Estates lifts London rents, Thor Explorations trims guidance and copper edges higher.
Market Overview
European markets opened mixed and cautious as investors waited for US September inflation data. The FTSE 100 was little changed, slipping 0.0033 per cent to 10,649.97, while the Euronext 100 edged up 0.0317 per cent to 1,859.18. The DAX was the stronger performer, opening 0.4934 per cent higher at 25,384.54 after a recent technical breakout, although resistance remains just above current levels. In the US, the Nasdaq 100 closed 0.3105 per cent lower at 30,569.48 and the S&P 500 finished down 0.02 per cent at 7,805.45. US headline CPI is expected to rise from 3.4 per cent, and markets fully price a Federal Reserve rate rise in December. In the UK, Bank of England chief economist Huw Pill said he was sceptical that all of the rate rises priced by markets would be needed, and Governor Andrew Bailey said the pass-through of the energy shock to UK prices had so far been more subdued.
Commodities were mostly steady. Copper moved higher and natural gas edged up, while gold was flat. Brent crude dipped slightly but stayed inside its recent trading range. Fading hopes of a diplomatic breakthrough with Iran and continued disruption in the Strait of Hormuz kept energy markets in focus, although higher Iraqi exports offered some offset. Bitcoin traded modestly higher against sterling. Sterling was unchanged against the US dollar and the euro, slightly weaker against the Australian dollar and the yen, and fractionally firmer against the Swiss franc, as investors weighed the Bank of England’s rate path ahead of the US data.
Market Numbers
FTSE 100: Down (-0.003%), 10,649.97
Euronext 100: Up (+0.031%), 1,859.18
DAX: Up (+0.493%), 25,384.54
NASDAQ: Down (-0.310%), 30,569.48
S&P 500: Down (-0.02%), 7,805.45
In the Headlines
Lettings strength – Great Portland Estates (LSE:GPE)
Great Portland Estates signed 40 leases and renewals worth £19.0 million in annual rent in the six months to 30 September, 4.1 per cent above March estimated rental values. It also completed its fully pre-let 30 Duke Street scheme in St James’s on time and on budget. The results point to continued demand for prime managed space in central London ahead of interim results in November.
Guidance trimmed – Thor Explorations (LSE:THX)
Thor Explorations poured 15,515 ounces of gold at its Segilola mine in Nigeria in the third quarter and reported revenue of about US$81.7 million. Heavy rainfall led it to cut 2026 production guidance to 70,000–72,000 ounces. Cost guidance and the quarterly dividend were both maintained, which may help limit the impact of the lower output target on investor sentiment.
Currencies (vs GBP)
USD: Unchanged (0.00%), $1.3257
CHF: Up (+0.0009%), Fr.1.104
EUR: Unchanged (0.00%), €1.1835
JPY: Down (-0.0057%), ¥209.884
AUD: Down (-0.0084%), $1.8982
Bitcoin (BTC/GBP): Up (+0.29%), £62,868.62
Commodities
Copper: Up
Gold: Unchanged
Brent Crude: Down
Natural Gas: Up
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