FTSE 100 Index Opens 16 Points Lower at 10,745 Ahead of US Midterm Elections

The FTSE 100 opened 16.03 points lower at 10,745.3 as investors assess progress in US-Iran peace talks ahead of crucial US midterm elections. Brent crude futures rose 1.78% to USD 106.6 per barrel. US West Texas Intermediate (WTI) advanced 1.74% to USD 98.14 per barrel. 

Sterling traded at USD 1.3408 early Tuesday, lower than USD 1.3417 when the London equities closed on Monday. Against the euro, sterling rose to EUR 1.1985 from EUR 1.1980, the previous day.

Gainers and Losers

On the upside, Centrica gained 2.50% to 153.65p, while Imperial Brands advanced 0.77% to 3,002.00p. Tesco climbed 0.73% to 549.00p, and British American Tobacco increased 0.70% to 4,606.00p. GSK rose 0.49% to 1,833.50p, while Diageo added 0.41% to 1,813.00p.

On the downside, Coca-Cola Europacific Partners plunged 5.08% to 8,135.00p, while Antofagasta declined 4.43% to 3,109.00p. Fresnillo slipped 3.51% to 2,255.00p, and Anglo American fell 3.40% to 3,694.00p. Polar Capital Technology Trust decreased 3.11% to 575.50p, while Endeavour Mining lost 2.52% to 3,640.00p.

Primark Sales Declined

Primark sales slipped as its owner, ABF, races to shape up the retailer ahead of its exit from the group next year. Like-for-like sales fell 2.6% in the year to September, dragged down by “weak” consumer confidence. 

Consumer giant AB Foods is racing to put Primark on a solid footing ahead of its demerger in December next year but told shareholders on Tuesday that these efforts are coming up against a “challenging consumer market”.

Drax Unveils New Data Centre Plan

Drax, an energy company, unveiled plans to construct a new data centre using wood as fuel. It comes after Chancellor John Healey said data centres would be allowed to use onsite generation. 

Drax said the potential investment, including semiconductor chips, could exceed GBP 20 billion, with an initial GBP 2.5 billion as a part of the first phase of development. 

Boss Will Gardiner said the scheme would “help secure the long-term future of the site and protect hundreds of jobs, maintain a critical source of this country’s energy security, support northern growth and enable us to continue delivering for our local communities.”

Also Read: Stock Market Update: Nifty 50 Opens 141 Points Higher, Sensex Gains 595 Points Amid Easing Oil Prices

Global Market View

In the US, Dow Jones Industrial Average futures lost 161 points. S&P 500 futures inched down less than 0.1%, while NASDAQ-100 futures added 0.12%.

In Asia, Tokyo's Nikkei 225 was closed for Culture Day, while China’s Shanghai Composite edged down by 0.82%. Hong Kong’s Hang Seng advanced 0.34%, and South Korea’s Kospi dipped 3.59%. In India, both the Nifty 50 and the Sensex advanced by 1.07% and 1.22%, respectively.