FTSE 100 Index Opens 27 Points Higher at 10,749 as Oil Prices Remain Elevated at USD 117.2

The FTSE 100 opened 27.57 points higher at 10,749.64 as investors assess interest rate decisions from the European Central Bank and the Bank of Japan. Brent crude futures rose 2.4% to USD 117.2 per barrel. US West Texas Intermediate (WTI) advanced 1.89% to USD 103.9 per barrel. 

Sterling traded at USD 1.3394 early Friday, higher than USD 1.3369 when the session closed on Thursday. Against the euro, sterling edged up to EUR 1.1978 from EUR 1.1977, the previous day.

Gainers and Losers

On the upside, Airtel Africa gained 2.26% to 280.40p, while Reckitt Benckiser Group advanced 1.48% to 5,360.00p. Experian climbed 1.47% to 2,973.00p, and Imperial Brands increased 1.24% to 2,940.00p. RELX rose 1.13% to 2,948.00p, while Segro added 0.70% to 915.80p.

On the downside, Polar Capital Technology Trust plunged 3.41% to 608.50p, while Fresnillo declined 3.22% to 2,281.00p. Antofagasta slipped 3.05% to 3,174.00p, and Endeavour Mining fell 2.63% to 3,843.00p. Anglo American decreased 2.51% to 3,768.00p, while Rolls-Royce Holdings lost 2.11% to 1,253.00p.

NatWest Profits Surged

NatWest’s profit jumped in the third quarter after gains from its Evelyn Partners acquisition. The bank recorded a pre-tax profit of GBP 2.2 billion, in line with estimates and up 1.9% from the same period last year. 

Its wealth division saw income surge 47% compared with the second quarter, while assets under management income rose to GBP 225 million, from GBP 92 million. 

Group non-interest income beat expectations at just shy of GBP 1.1 billion, compared to the GBP 1 billion pencilled in, helping offset a weaker performance in net interest income, which fell below expectations at GBP 3.6 billion, marking a modest GBP 49 million miss. 

BP Profits Jumped

BP reported a rise in profit as oil prices remain elevated due to the war in Iran, which increased its margins. The firm reported earnings of USD 8.5 billion (GBP 6.3 billion) for the third quarter, a near 4x compared to the same period last year. The company has halved its debt over the past year to USD 13.9 billion. 

“The industry as a whole has been showing remarkable adaptability,” chief executive Meg O’Neill said. 

“Refineries have been running close to capacity to make up for shortfalls, shipping has been taking different and longer routes, and releases from strategic and commercial reserves are helping to bridge supply gaps.”

Also Read: Indian Rupee Gains 11 Paise Against US Dollar After Fed Rate Decision

Global Market View

In the US, NASDAQ-100 futures dropped 2% on early Friday after Amazon and Intel shares declined following the companies' quarterly results. Futures tied to the S&P 500 fell 0.9%. Dow futures were flat.

In Asia, Tokyo's Nikkei 225 fell 2.12% to 63,290.11, while China’s Shanghai Composite edged down by 1.44%. Hong Kong’s Hang Seng advanced 1.54%, and South Korea’s Kospi dipped 3.48%. In India, both the Nifty 50 and the Sensex advanced by 0.64% and 0.53%, respectively.