FTSE 100 dips as Middle East tensions keep Brent above $100, while Iofina reports Q3 iodine output and ECR Minerals commissions Maddens gold plant.
Market Overview
London opened almost flat, with the FTSE 100 down 0.010 per cent at 10,839.22. Middle East tensions are keeping oil prices high, and Iran’s army chief has said the Strait of Hormuz will stay closed. Continental markets were firmer. The Euronext 100 rose 0.025 per cent to 1,863.20 and the DAX gained 0.411 per cent to 25,487.05, as European stocks headed for their best week since August. Sovereign yields have eased from recent multi-decade highs and technology shares have recovered from Thursday’s AI and semiconductor sell-off. On Wall Street, the Nasdaq 100 closed down 0.05 per cent at 29,935.60, while the S&P 500 rose 0.33 per cent to 7,744.06. Inflation and the outlook for US interest rates remain the main concern.
Brent crude edged lower. Investors are weighing reports that Washington may lift sanctions on some shadow-fleet tankers to bring down record freight rates, alongside the International Energy Agency’s agreement to release the rest of its emergency stocks. Analysts say a significant risk premium remains while there is no US-Iran agreement. Gold eased slightly from elevated levels, copper edged higher and natural gas firmed marginally ahead of winter. Bitcoin rose against sterling. The pound was marginally softer at the open against the dollar, euro, Swiss franc, yen and Australian dollar. Sentiment in the UK is also being shaped by the 28 October Budget, where the Chancellor is expected to raise taxes on banks.
Market Numbers
FTSE 100: Down (-0.01%), 10,839.22
Euronext 100: Up (+0.02%), 1,863.20
DAX: Up (+0.41%), 25,487.05
NASDAQ: Down (-0.05%), 29,935.60
S&P 500: Up (+0.33%), 7,744.06
In the Headlines
Q3 production update – Iofina (LSE:IOF)
Iofina reported third-quarter iodine production of 205.2 tonnes and said it is advancing work on new plants. The update gives investors a view of operating output as the company works to expand its production base.
Plant commissioning – ECR Minerals (LSE:ECR)
ECR Minerals has commissioned its Maddens gold processing plant, and underground development is progressing. This moves the company closer to processing ore on site while gold prices remain historically high.
Currencies (vs GBP)
USD: Down (-0.005%), $1.3271
CHF: Down (-0.022%), Fr.1.0984
EUR: Down (-0.0008%), €1.1836
JPY: Down (-0.019%), ¥209.865
AUD: Down (-0.008%), $1.9182
Bitcoin (BTC/GBP): Up (+0.28%), £61,641.0
Commodities
Copper: Up
Gold: Down
Brent Crude: Down
Natural Gas: Up
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