UK FTSE 100 Weekly Overview

The UK’s benchmark FTSE 100 started the week positively, buoyed by a broad rally and a softer jobs market report, although precious metal mining stocks experienced a decline, capping overall gains.

• The blue-chip FTSE 100 rose 0.1% by 0715 GMT, while the mid-cap FTSE 250 remained flat.
• Most sectoral indexes traded up, with the industrial support services index leading with a 0.6% increase.
• However, precious metal miners fell 3%, reaching their lowest level in nearly a month, amid speculation of a smaller U.S. rate cut in November after strong jobs data.

Jobs Market Insights

Britain’s jobs market showed signs of cooling in September, with pay growth increasing at the slowest pace in almost four years. This development may reassure the Bank of England as it considers further cuts to borrowing costs.

Housing Market

In the property market, British house prices rose in September at the fastest annual rate since November 2022, spurred by expectations of additional borrowing cost reductions.

Company News

• BP has dropped its target to cut oil and gas output by 2030, as CEO Murray Auchincloss reassesses the firm’s energy transition strategy to restore investor confidence. The stock rose 0.4%.
• Shell experienced a notable decrease in refining profit margins in the third quarter compared to the previous three months, and oil product trading earnings also weakened.