FTSE 100 edges lower ahead of the BoE decision as M&S profits double, Wetherspoon sales rise and Brent crude weakens amid US election uncertainty.
Market Overview
The FTSE 100 opened marginally lower, declining 0.01 per cent to 10,637.28, as investors remained cautious ahead of Thursday’s Bank of England interest rate decision. European markets advanced, with the Euronext 100 rising 0.07 per cent and Germany’s DAX gaining 0.55 per cent, supported by positive corporate earnings, including results from Novo Nordisk. Wall Street closed higher on Tuesday, with the Nasdaq gaining ground to 25,372.01 and the S&P 500 finishing at 7,568.92, as investors assessed the US midterm elections and developments in the technology sector.
Commodity markets were broadly weaker, with copper and gold declining alongside natural gas. Brent crude edged lower as investors monitored the US election results and diplomatic efforts to ease tensions in the Middle East. Bitcoin advanced against sterling, while currency markets showed limited movement. The pound strengthened marginally against the Swiss franc and euro but weakened slightly against the US dollar, Japanese yen and Australian dollar. Investors remained focused on monetary policy expectations, inflation pressures and the implications of US political developments for global markets.
Market Numbers
FTSE 100: Down (-0.01%), 10,637.28
Euronext 100: Up (+0.07%), 1,872.06
DAX: Up (+0.55%), 26,005.94
NASDAQ: Up, 25,372.01
S&P 500: Up, 7,568.92
In the Headlines
Food Sales Growth – Marks & Spencer (LSE:MKS)
Marks & Spencer reported an 11.7 per cent increase in food sales as adjusted pretax profit more than doubled during the first half of its financial year, reflecting a recovery from the previous year’s cyberattack disruption. The results highlight stronger food trading and improved profitability, although investors remain focused on the retailer’s wider operating performance.
Like-for-Like Sales Rise – JD Wetherspoon (LSE:JDW)
JD Wetherspoon reported an 8.2 per cent increase in like-for-like sales during the first 14 weeks of its financial year, supported by stronger bar and food revenues. The pub operator maintained its profit expectations, providing investors with reassurance over trading momentum despite continued cost pressures across the hospitality sector.
Currencies (vs GBP)
USD: Up (+0.005%), $1.3435
CHF: Down (-0.002%), Fr.1.1007
EUR: Down (-0.003%), €1.1987
JPY: Up (+0.005%), ¥212.88
AUD: Up (+0.007%), $1.9279
Bitcoin (BTC/GBP): Up, £58,117.16
Commodities
Copper: Down
Gold: Down
Brent Crude: Down
Natural Gas: Down
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