FTSE 100 Live: Index Rises to 10,647 Following Democrats’ Win at the US Midterm Elections

The FTSE 100 opened 9.41 points higher at 10,647.84 as Democrats seized control of both chambers of the US Congress in a major setback for President Donald Trump, while renewed US strikes on Iran raised concerns of a full-scale conflict in the Middle East. Brent crude futures rose 0.43% to USD 104 per barrel. US West Texas Intermediate (WTI) advanced 0.30% to USD 96.38 per barrel. 

Sterling traded at  USD 1.3460 early Wednesday, higher than USD 1.3416 when London equities closed on Tuesday. It edged down against the euro to EUR 1.1983 from EUR 1.1986 the previous day.

Gainers and Losers

On the upside, Fresnillo gained 2.84% to 2,351.00p, while Endeavour Mining advanced 2.14% to 3,633.00p. HSBC Holdings climbed 1.97% to 1,282.80p, and Hiscox increased 1.24% to 1,963.00p. Ithaca Energy rose 1.07% to 284.00p, while Anglo American added 0.94% to 3,752.00p.

On the downside, Weir Group plunged 4.03% to 2,524.00p, while Marks & Spencer declined 2.20% to 405.10p. Smith & Nephew slipped 2.15% to 1,093.50p, and BAE Systems fell 2.12% to 2,031.00p. Babcock International decreased 1.53% to 1,031.50p, while Rolls-Royce Holdings dropped 1.48% to 1,242.00p.

Marks & Spencer’s Food Arm Drives Growth

Marks & Spencer said its food arm is driving its return to growth. The retailer posted a GBP 355 million pre-tax profit in the six months to the end of September, up from GBP 3 million last year when a cyber attack shut down its website and left its shelves empty. 

M&S Food is picking up 1.5 million more customers than this time last year, the company said, driving 12% volume growth. The recovery of the group’s fashion and home businesses is proving slower, it said.

Trainline Profits Decline

Trainline’s operating profit declined after the company booked a GBP 4 million charge linked to a probe from the competition watchdog into its booking fee presentations. The firm recorded the GBP 4 million hit on its income statement for legal costs and potential settlement liabilities. 

Its operating profit for the first half slipped 5% to GBP 64 million, weighed down by the regulatory costs alongside a 1% drop in group revenue to GBP 233 million as UK fare reforms squeezed fee income. Group net ticket sales were broadly flat year-on-year at GBP 3.3 billion.

Also Read: Stock Market Update: Nifty Opens 68.6 Points Lower, Sensex Falls 64.74 Points

Global Market View

In the US, S&P 500 futures traded 0.21% lower, while NASDAQ-100 futures shed 0.30%. The Dow Jones Industrial Average futures moved higher, adding 29 points, or 0.06%. 

In Asia, Tokyo's Nikkei 225 fell 1.42% to 61,188.63, while China’s Shanghai Composite edged up by 2.16%. Hong Kong’s Hang Seng advanced 1.46%, and South Korea’s Kospi gained 0.62%. In India, both the Nifty 50 and the Sensex advanced by 0.16% and 0.23%, respectively.