The FTSE 100 started the final week of October on a positive note, up 9 points to 9,655 amid improved global risk sentiment and optimism surrounding the US-China trade talks. The London index’s strong performance last week, where it posted two consecutive record closing highs, closing at 9,645.62, up 291 points over the week, created a positive outlook for the coming sessions.
Leading the gains in London were Polar Capital Technology Trust, up 2% to £459, and Glencore, rising 1.85% to £352.45.
Metlen Energy & Metals followed with a 1.55% gain to €42.60, while Anglo American and Antofagasta climbed 1.54% to £2,715 and 1.46% to £1,149.50, respectively.
Scottish Mortgage Investment Trust also had a rise, up 1.32% to £1,149.50, fueled by strength in tech and resources sectors.
On the downside, Endeavour Mining fell by 1.64% to £3,126, Fresnillo dipped 1.27% to £2,184, Berkeley Group Holdings slipped 0.62% to £4,176, and Unilever fell by 0.45% to £4,668, suggesting mild pressure in consumer and real estate stocks.
The UK Competition and Markets Authority (CMA), in particular its Phase 1 findings on the proposed merger of Greencore Group with Bakkavor Group, found no significant concerns for market competition, except for the supply of own-label chilled sauces.
Greencore now has the opportunity to present any possible solution to stop Phase 2 investigation of the merger, which is anticipated to be completed by early 2026.
American Axle & Manufacturing is scheduled to complete its acquisition of the Dowlais Group by Q1 2026 after receiving unconditional approval from the European Commission and clearance in seven out of ten key jurisdictions.
HSBC Holdings said it will make a $1.1 billion provision in its Q3 2025 results to cover potential litigation costs linked to the Bernie Madoff Ponzi scheme. The bank clarified that the charge will not impact its full-year return on tangible equity or dividend distribution.
The case, filed in Luxembourg by Herald Fund SPC, relates to claims against HSBC Securities Services Luxembourg (HSSL) for restitution of securities and cash.
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Asian markets set a strong tone for the day. Japan’s Nikkei 225 rose 2.5%, Hong Kong’s Hang Seng Index gained 1%, and China’s Shanghai Composite climbed 1.1%. This comes after easing trade tensions between the US and China.
Wall Street ended higher on Friday, fueled by cooling inflation data that raised hopes for another Federal Reserve rate cut. The Dow Jones advanced 1.0%, the S&P 500 added 0.8%, and the Nasdaq Composite jumped 1.2%.