FTSE 100 and European markets fall after US tech sell-off; Rightmove lifts its earnings outlook, ECO Animal Health warns and Brent eases.
Market Overview
European markets have opened mixed after a heavy sell-off in US technology stocks overnight. The FTSE 100 opened marginally higher, at 10,784.16, then fell along with the Euronext 100 down 0.3479 percent at 1,878.68, and the DAX which opened down 1.2551 per cent at 25,999.57, with semiconductor and software names following Wall Street fall in price. In the US, the Nasdaq closed down 5.52 per cent at 24,315.00 and entered correction territory. The S&P 500 fell 4.36 per cent to 7,353.73. Democrats’ sweep of Congress in the midterms raised concerns about tighter antitrust scrutiny of Big Tech and more federal oversight of artificial intelligence. Investors are also weighing the Bank of England’s first rate hike in three years, to 4 percent, against UK CPI inflation of 3.5 percent.
In commodities, gold is firmer after rebounding above $4,000, which supports miners, and copper is also higher. Brent crude is slightly lower and on course for a heavy weekly decline despite fresh tanker attacks, as hopes of an easing in the Iran conflict weigh on prices. Lower oil prices ease cost pressure on energy-intensive manufacturers. Natural gas is higher. Bitcoin is under pressure against sterling, moving in line with the risk-off tone in technology stocks. Sterling is mixed: marginally softer against the dollar and the euro, slightly firmer against the yen and the Australian dollar, and flat against the Swiss franc. Markets are pricing around an 80 per cent chance of a Federal Reserve hike in December, and US nonfarm payrolls are the next focus.
Market Numbers
FTSE 100: Up (0.013%), 10,784.16
Euronext 100: Down (0.347%), 1,878.68
DAX: Down (1.255%), 25,999.57
NASDAQ: Down (5.52%), 24,315.00
S&P 500: Down (4.36%), 7,353.73
In the Headlines
Guidance upgrade – Rightmove (LSE:RMV)
Rightmove has raised its 2026 earnings growth forecast to 7 per cent despite a challenging UK housing market. The upgrade puts the property portal in focus as investors weigh the Bank of England’s rate hike and its possible effect on housing activity.
Revenue warning – ECO Animal Health (LSE:EAH)
ECO Animal Health expects half-year revenue to fall to £33 million because weak demand in China is weighing on sales. The update points to continued pressure in a key market for the animal health group and is likely to affect sentiment towards the shares.
Currencies (vs GBP)
USD: Down (0.0052%), $1.3455
CHF: Unchanged (0.0000%), Fr.1.0972
EUR: Down (0.0133%), €1.1984
JPY: Up (0.0148%), ¥211.9265
AUD: Up (0.0175%), $1.9418
Bitcoin (BTC/GBP): Down (5.43%), £56,422.0
Commodities
Copper: Up
Gold: Up
Brent Crude: Down
Natural Gas: Up
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