FTSE 100 Index Opens Flat at 10,835 as UK Economic Figures Rise

The FTSE 100 opened flat at 10,835.78 as UK economic figures increased, while investors assess concerns surrounding NVIDIA and escalating tensions between Iran and the US. Brent crude futures fell 0.06% to USD 92.70 per barrel. US West Texas Intermediate (WTI) declined 0.10% to USD 86.44 per barrel. 

Sterling traded at USD 1.3258 early Thursday, lower than USD 1.3284 when the London equities closed on Wednesday. Against the euro, sterling fell to EUR 1.1968 from EUR 1.1974 the previous day.

Gainers and Losers

On the upside, Rolls-Royce Holdings led the gains, rising 3.08% to 1,384.00p, while Barratt Redrow advanced 2.36% to 333.50p. Rentokil Initial climbed 2.02% to 358.30p, and RELX gained 1.73% to 3,052.00p. Coca-Cola Europacific Partners increased 1.59% to 8,945.00p, while Reckitt Benckiser Group rose 1.56% to 5,742.00p.

On the downside, Endeavour Mining declined 4.87% to 3,926.00p, while Polar Capital Technology Trust dropped 2.54% to 575.00p. Fresnillo slipped 2.14% to 2,465.00p, and Rio Tinto declined 0.66% to 6,343.00p. Lion Finance Group edged down 0.37% to 13,580.00p, while Glencore lost 0.17% to 514.80p.

NVIDIA Board Weighs Jensen Huang’s Future

NVIDIA’s board is meeting to discuss the future of CEO Jensen Huang, two sources told CNN. Trump administration insiders expected that he would be ousted, the sources said. 

The meeting follows reports that Huang had a relationship with an NVIDIA employee. The CEO was already under scrutiny after reports of an affair with a different woman who was allegedly working as a spy for China.

UK Economic Growth Rises

The UK’s economic growth rose between July and September, driven by growth in the services sector. GDP growth sped up from 0.5 to 0.7% in the third quarter of this year, the Office for National Statistics has said. Growth in the services sector increased by 0.9% while the output of the construction industry contracted by 0.7%.

WH Smith Profit Takes Hit

WH Smith witnessed lower-than-expected profit even after cutting its targets, as ‘weaker’ consumer confidence slowed the company’s turnaround. The travel retailer posted a GBP 73 million pre-tax profit in the year to the end of August, 28% lower than last year. After multiple profit warnings earlier this year, the group had cut its target to GBP 75 million but missed even this lower goal. 

Leo Quinn, the turnaround specialist who took charge of WH Smith in April, said he has begun “a fundamental reset” of the group as it battles soft consumer confidence and travel disruption caused by the Iran war.

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Global Market View

In the US, NASDAQ-100 futures declined early Thursday as NVIDIA shares fell on reports that the board is preparing to unseat CEO Jensen Huang. NASDAQ-100 futures lost 0.97 %, while S&P 500 futures fell 0.37%. Dow Jones Industrial Average futures rose 0.15%.

In Asia, Tokyo's Nikkei 225 fell 0.7% to 60,819.36, while China’s Shanghai Composite edged down by 0.73%. Hong Kong’s Hang Seng declined 1.25%, and South Korea’s Kospi dipped 0.61%. In India, both the Nifty 50 and the Sensex declined by 0.07% and 0.080%, respectively.