FTSE 100 edges lower at the open as NatWest holds profit flat at £2.2bn and AstraZeneca lifts revenue 7 per cent, with Brent crude above $110.
Market Overview
London opened slightly lower this morning. The FTSE 100 slipped 0.005 percent to 10,721.51, and the Euronext 100 eased 0.01 percent to 1,889.46. The DAX fell further, down 0.2453 per cent to 25,975.8, as an AI-driven sell-off in technology deepened across Europe. Concerns over returns on heavy AI investment, sharpened by earnings from Amazon, Intel and Alphabet, weighed on chip stocks including ASML and STMicroelectronics. The FTSE 100 is weighted towards energy producers, defensive healthcare and banks, which has helped it outperform its European peers. On Wall Street yesterday, the Nasdaq fell 1.38 percent to close at 26,184.72 and the S&P 500 lost 0.30 per cent to 7,720.39.
Brent crude remains above $110 a barrel and close to a six-month high, though it edged lower at the open. Supply concerns have intensified after Houthi attacks on Saudi energy sites and an attack on a tanker in the Strait of Hormuz, with hopes for diplomacy with Iran fading. Persistently high energy prices could keep inflation elevated and delay rate cuts by the Bank of England. Copper, gold and natural gas all edged lower. Bitcoin fell sharply against sterling as cryptocurrencies came under pressure following a reported hack that led Binance to halt withdrawals. Sterling was marginally softer against all major currencies, while UK gilts held steady on safe-haven demand.
Market Numbers
FTSE 100: Down (-0.005%), 10,721.51
Euronext 100: Down (-0.010%), 1,889.46
DAX: Down (-0.245%), 25,975.8
NASDAQ: Down (-1.38%), 26,184.72
S&P 500: Down (-0.30%), 7,720.39
In the Headlines
Flat profit – NatWest Group (LSE:NWG)
NatWest reported third-quarter operating profit of £2.2 billion, broadly unchanged on last year and in line with analyst expectations. Growth in lending, deposits and assets under management offset deposit competition and margin pressure. The bank kept its full-year targets rather than raising them, following similar guidance from HSBC and Lloyds, which points to a cautious outlook for UK lenders.
Revenue growth – AstraZeneca (LSE:AZN)
AstraZeneca reported a 7 per cent rise in third-quarter revenue to $16.21 billion and a 17 per cent increase in core earnings per share to $2.79. The growth was driven by double-digit gains in Oncology, Respiratory and Immunology, and Rare Disease. The drugmaker reaffirmed its 2026 guidance and announced a restructuring programme targeting around $1.5 billion in annual benefits, supporting the FTSE 100’s defensive healthcare weighting.
Currencies (vs GBP)
USD: Down (-0.002%), $1.3378
CHF: Down (-0.009%), Fr.1.1019
EUR: Down (-0.010%), €1.1963
JPY: Down (-0.021%), ¥211.1265
AUD: Down (-0.015%), $1.9039
Bitcoin (BTC/GBP): Down (-3.38%), £58,067.4
Commodities
Copper: Down
Gold: Down
Brent Crude: Down
Natural Gas: Down
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