.png){kind=logo}
The FTSE 100 opened 46.55 points lower at 10,782.66 amid a sharp sell-off in US technology shares weighing on global markets, with growing concerns over AI investment. Brent crude futures rose 1.07% to USD 99.33 per barrel. US West Texas Intermediate (WTI) advanced 0.76% to USD 91.21 per barrel.
Sterling traded at USD 1.3426 against the US dollar, down from USD 1.3473 when London equities closed on Thursday, following the Bank of England’s decision to increase interest rates to 4%.
On the upside, Coca-Cola HBC gained 0.94% to 4,090.00p, while Metlen Energy & Metals advanced 0.27% to €44.68. Scottish Mortgage Investment Trust climbed 0.24% to 1,437.50p, and Segro increased 0.13% to 917.80p.
On the downside, AstraZeneca declined 2.44% to 13,700.00p, while Babcock International Group fell 2.39% to 994.20p. Fresnillo slipped 2.24% to 2,439.00p, and Glencore dropped 2.19% to 486.00p. Reckitt Benckiser also decreased 2.19% to 5,530.00p, while Marks & Spencer Group lost 1.89% to 435.80p.
UK consumer spending concerns turned cautious, after figures from the British Retail Consortium and Sensormatic revealed a sharp decline in retail footfall during October.
Total UK retail footfall declined 4.7% year-on-year, compared with a 2.9% fall in September, representing the steepest decline since April. High street footfall dropped 5.2%, shopping centres recorded a 4.1% decline and retail parks saw visitor numbers fall 3.6%.
The latest data comes just a day after the Bank of England raised interest rates from 3.75% to 4%, warning that inflation could approach 5% by the middle of 2027.
Growing mortgage rates have reduced buyer demand by 10% as Britain’s housing market struggles amid higher borrowing costs, according to Rightmove.
The property portal said sales agreed were down 9% compared with last year, while average house prices slipped 0.3% as record numbers of homes on the market forced sellers to lower their expectations. The average five-year fixed mortgage rate climbed to 5.5% at the end of October, up from 5% in June.
Also Read: Nifty 50 Opens Flat at 24,538, Sensex Rises 103.65 Points Amid Global AI Investment Concerns
In the US on Thursday, Wall Street suffered heavy losses, with the Dow Jones Industrial Average down 3.4%, the S&P 500 down 4.4% and the NASDAQ Composite plunging 5.5%.
In Asia, Tokyo's Nikkei 225 fell 5.96% to 57,434.77, while China’s Shanghai Composite edged down by 1.1%. Hong Kong’s Hang Seng declined 1.34%, and South Korea’s Kospi dipped 6.02%. In India, both the Nifty 50 and the Sensex advanced by 0.5% and 1.04%, respectively.