FTSE 100 Opens 31 Points Higher at 10,751 as Ukraine Peace Hopes Lift Sentiment

The FTSE 100 opened 31.28 points lower at 10,751.59 despite Wall Street declining overnight, as UK business confidence improves and investors monitor developments in peace talks over the war in Ukraine. Brent crude futures rose 1.09% to USD 92.38 per barrel. US West Texas Intermediate (WTI) advanced 0.56% to USD 86.52 per barrel. 

Sterling traded at  USD 1.3333 early Wednesday, higher than USD 1.3323 at the London equities close on Tuesday. Against the euro, sterling rose to EUR 1.1956 from EUR 1.1949 a day prior.

Gainers & Losers

On the upside, Polar Capital Technology Trust gained 1.76% to 577.50p, while Halma advanced 1.61% to 3,526.00p. Smith & Nephew rose 1.41% to 1,154.50p, and F&C Investment Trust increased 1.32% to 338.60p. Weir Group climbed 1.27% to 2,398.00p, while IG Group Holdings gained 1.11% to 954.50p.

On the downside, RELX declined 0.91% to 2,945.00p, while Compass Group fell 0.69% to USD 32.88. Diageo slipped 0.69% to 1,882.50p, and Sage Group decreased 0.65% to 1,141.00p. Barratt Redrow dropped 0.52% to 326.70p, while Coca-Cola HBC edged down 0.52% to 4,226.00p.

Taylor Wimpey Warns on Profit

Taylor Wimpey has told shareholders the “subdued” property market will weigh on its profit. The builder said it expects its full-year operating profit to come in near the bottom of its consensus range, between GBP 262 million and GBP 299 million. 

Chief executive Jennie Daly said: “The Autumn selling season has been more subdued, as higher mortgage rates and living costs continue to reduce customer affordability.”

UK Businesses Recovered

UK business expectations recovered in October, driven by the services sector, according to a survey published by S&P Global. 

The S&P Global UK business outlook survey showed expectations for business activity, profits and employment all strengthened in October, with the net level of sentiment rising to plus 35% from plus 26% in June. 

The improvement was largely driven by a rebound in the services sector, where net expectations climbed to plus 34% from plus 24%. Manufacturers also reported a modest improvement in confidence, with net expectations edging up to plus 39% from plus 38%.

Fuller’s Witnessed Higher Profits

Fuller’s credited growing demand for pints like Asahi and Jubel for its higher profit, as the premium pubs group hailed “excellent” trading. 

Fuller’s said sales of Japanese lager Asahi grew by 18% in the six months to September, while sales of peach-flavoured lager Jubel soared by 71%. 

Demand for spritzes surged by 118%. The pub group grew its revenue by six per cent to GBP 221 million in the year, while its pre-tax profit jumped from GBP 21 million to GBP 28.5 million.

Also Read: Stock Market Update: Nifty 50 Opens 293.15 points Higher, Sensex Rises 1,142 points Amid Decline in Oil Prices

Global Market View

In the US,  Dow Jones Industrial Average futures gained 92 points, or 0.18%. S&P 500 futures climbed 0.6%, while Nasdaq-100 futures advanced 1.43%.

In Asia, Tokyo's Nikkei 225 rose 1.31% to 61,248.59, while China’s Shanghai Composite edged up by 0.45%. Hong Kong’s Hang Seng fell 0.82%, and South Korea’s Kospi gained 2.6%. In India, both the Nifty 50 and the Sensex rose 1.21% and 1.18%, respectively.