- FTSE 100 falls 103 points to 9,807
- UK GDP growth slows due to JLR cyberattack
- 3i Group falls 15% as numbers not as good as expected
- Results out from Rolls-Royce, Aviva, Burberry and many more
5.05pm: FTSE stumbles
The FTSE 100 pulled back from all-time highs, down 103 points at 9,807.
“Today’s move is a classic ‘buy the rumour, sell the fact’, as the market digests the news that the [US government] shutdown has come to an end,” IG chief market analyst Chris Beauchamp said.
“At the headline level, tech remains the weakest area for a third day in a row, but US small caps continue to take losses too. Notably volatility is on the rise again, moving up for a second day, suggesting that jitters around high valuations haven’t gone away.”
4.02pm: Index decline deepens as 3i, WPP and Rolls fall
London's blue chips are sinking ever lower - this is a lot more than just ex-dividends, which combined took 16 points off the index at the open.
3i Group is still the bottom of the pile, down 16.6%, followed by Aviva, down 5.2%.
Next comes WPP Group, down 5.1% on news that a former WPP divisional chief has filed a lawsuit claiming he was fired for whistleblowing.
According to industry reports, a complaint was lodged in the New York State Supreme Court accusing WPP and its GroupM arm of engaging in “rebate-driven” transactions that allegedly involved undisclosed financial incentives and client fund misuse.
Ex-WPP executive Richard Foster claims his repeated attempts to alert senior management to the issue were ignored, and that his subsequent removal was an act of retaliation.
The FTSE is taking such a hit as all but six of the largest 20 companies are in ther red, with Shell and BP shares taking a hit from going ex-dividend and weaker oil prices this week.
Rolls-Royce is down 2.5% despite 10-month update that appeared in line with expectations.
The index's large mass of banks, financials and miners are also prominent among the fallers.
Top risers today are ConvaTec Group, which issues a reassuring update that applied further healing properties to shares that fell to a nine-month low earlier in the autumn.
Endeavour Mining, up 4.7%, and housebuilder Persimmon, up 3.3%, also impressed with their trading updates.
3.33pm: Flutter taking a flutter on a flourishing corner of US
Some more detailed observations from Jefferies analyst James Wheatcroft on Flutter's prediction markets launch, which is being given extra investment that is contributing to a profit downgrade today.
The shares are off over 12%.
It will include sports contracts on baseball, basketball, football and hockey, and be available in states where online sports betting is (not yet) legal for customers not on tribal lands.
As states legalise sports betting, Flutter will stop offering sports contracts, he notes, with $40-50 million investment in the fourth quarter of the year, followed by $200-300 million in 2026, with the majority in the second half.
Flutter will consolidate the full results of FanDuel Predicts and pay CME a 50% gross revenue share, before promotional spend deductions, with Flutter bearing full promotional, sales and marketing costs, CME bearing full exchange costs.
Flutter aims to own the leading market position by the end of the second quarter.
"US data supports our view that prediction markets flourish where OSB is illegal (where legal, OSB wins with superior breadth and depth of offer, coupled with generosity). Flutter will shortly exploit that legal loophole too - ultimately we expect more states to offer legalised OSB, thus unlocking more OSB TAM."
2.56pm: Tech stocks lead Wall Street sell-off
Wall Street is bathed in red at the open, with the biggest losses on the tech-dominated Nasdaq, which is down over 1% in early trading.
The Dow Jones has dropped 0.2% and the S&P 0.6%.
Nvidia is down 3.3%, with other falls over 2-3% among semiconductor names, Marvell Technology, GlobalFoundries, Broadcom, Nvidia, Intel and AMD.
Alphabet, Palantir and Tesla are also down over 2%.
2.28pm: Healthy rotation or something else?
Markets around the world are continuing to ebb lower, with the FTSE 100 now down 0.7% and US Dow Jones, S&P and Nasdaq down 0.25%, 0.4% and 0.6% respectively.
Market analyst Fawad Razaqzada at Forex.com says traders appear "hesitant" after the end of the longest US government shutdown.
"While it’s unclear whether the shutdown was ever a real drag on equities – given that stocks largely rallied through it – the question now is whether the market’s recent exuberance has run its course.
"After a stellar rally since April, technology shares look increasingly overvalued and overstretched, with sentiment tempered by a lack of fresh catalysts and a lull in economic data.
"It wouldn’t be surprising to see the Nasdaq 100 remain range-bound in the near term.
"Yet, it’s far too early to call a top in this cycle, especially with the underlying trend still supported by strong liquidity and investor enthusiasm for AI-driven growth."
The signs of fatigue in technology stocks, long the poster children of Wall Street’s AI revolution, have contributed to a "noticeable rotation", he says, with traders moving out of high-growth names and back into defensive and value-oriented sectors.
"Is this a sign that risk appetite is fading, or merely the sort of rotation one expects in a healthy bull market?
"Time will tell. But it’s worth noting that insider selling within the tech space has picked up lately, which rarely bodes well. Traders would do well to stay alert – overconfidence has undone many in markets like these."
1.27pm: Flutter taking a bet on fast-growing prediction market trend
There was an interesting titbit in the Flutter Entertainment PLC (LSE:FLTR, NYSE:FLUT) quarterly results.
The owner of European brands such as Paddy Power and BetFair, as well as FanDuel in the US, is launching a new 'prediction markets' product to enter a market that has been dominated by the rapid growth of US startups Polymarket and Kalshi.
FanDuel Predicts, a new prediction market product "which will include sports in states without access to regulated sports betting", will be launched next month in partnership with CME Group.
The Dublin-headquartered group said the launch was "capitalizing on FanDuel's strong brand presence" and piggybacking CME's exchange capabilities, and will benefit from "strategic investment to expand the FanDuel customer ecosystem".
Polymarket is a privately owned startup, which raised £200 million from the likes of Peter Thiel's Founders Fund in June at a $1 billion valuation, before Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, invested $2 billion last month at a valuation of around $8 billion, not including dollars raised.
12.49pm: AZ rapid clinical progeress is upgrade-worthy, says broker
AstraZeneca turns in positive clinical results at a pace that would make even the most seasoned drug developer blink.
Shore Capital thinks the torrent of data is enough to justify a fresh uplift to forecasts, even if the real strategic test lies a little further down the road.
The broker highlights an “exceptional” run of research and development output: sixteen positive pivotal trials so far in 2025 and another twenty Phase III readouts expected next year.
12.08pm: FTSE extends retreat
The FTSE 100 has extended its decline to 60 points just after midday, with a mix of slightly underwhelming corporate news and a hefty group of ex-dividend shares dragging on the London index.
European shares are mixed, with the FTSE and DAX both down 0.6%, while France, Spain and Italy's benchmarks are on the front foot.
Focusing on London, bottom of the fallers is 3i Group, where the shares are down 14.6% now.
Today’s numbers from its single largest investment, Action, were a little short of expectations, with LFL sales in October only a "small positive" and new that 2025 LFL could miss targets.
UBS analyst Haley Tam says: "With the second increase in Action stake by 3i, we expect some investors might question whether the selling LPs are 'calling the top' in Action growth," although she says 3i's confirmation that it has bought more shares alongside other investors "is reassuring".
Aviva, down 4.4%, is another that reported numbers today, along with new three-year targets.
UBS says that new earnings growth targets for 2028 are 7% lower than expected, while there was no change to the capital return policy. Some investors and analysts were looking for more shareholder returns.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, says the fall in the shares is "a harsh reaction to what looks like a solid set of results".
"Management raised targets, accelerated timelines, and gave investors a clearer path to buybacks, all while showing good progress on integrating Direct Line," he adds, but notes that expectations were high.
11.50am: CFD market a cause for FCA concern
The Financial Conduct Authority (FCA) has signalled that contracts for difference, or CFDs, remain high on its list of concerns after a review found some providers falling short of the Consumer Duty.
There are signs that parts of the industry have tried to keep pace with the regulations, with some firms paring back their fee structures and stopping inexperienced investors, who might not be able to stomach heavy losses, from trading CFDs at all.
Even so, the FCA's review found many firms were not always factoring in customer complaints or satisfaction when judging whether their products offer fair value, while others appeared to have made minimal changes to their services.
Charges were another sticking point, especially overnight funding fees.
The regulator says it will follow up directly with the firms in the sample and is weighing further action to tidy up the sector.
11.31am: Rolls into Anglesey
Rolls-Royce results came out today alongside news that the decommissioned Wylfa plant on Anglesey in North Wales has been selected as site to deliver the UK’s first small modular reactor nuclear power station, using the company's SMR technology.,
A small diplomatic row with the US has also erupted, with criticism from the Trump administration, which had lobbied for US-based Westinghouse Electric Company to be selected to provide the tech.
US ambassador Warren Stephens said Washington was “extremely disappointed” and urged Britain to “choose a different path”, arguing that American technology would be cheaper and faster to deploy.
A UK government source told the Guardian that: “This is the right choice for Britain. This is our flagship SMR programme, producing homegrown clean power with a British company and we have chosen the best site for it.”
10.16am: Movers update - Burberry, Flutter, Qinetiq
Some more FTSE 350 movers.
Burberry Group is strutting 4% higher as the British fashion house reported a return to like-for-like sales growth in the second quarter, marking an early sign of progress in its strategy under chief executive Joshua Schulman.
Revenue for the 26 weeks to 27 September 2025 came in at £1.03 billion, down 5% at reported rates, while adjusted operating profit of £19 million compared to a loss of £47 million a year ago.
UBS says the second-quarter LFLs were 2% better than a 1% consensus forecast, with margins that also beat expectations.
"However, we believe that the FY26 wholesale guidance of -MSD% decline (vs. H1 -11% vs. cons -14%) could to some extent temper investor sentiment and add a layer of uncertainty on the brand's turnaround, especially given tougher comps in H2."
Flutter Entertainment shares are down 2.5% after the Paddy Power and FanDuel owner group trimmed its 2025 guidance, blaming unusually customer-friendly sports outcomes and higher investment in its US business.
US trading saw strong iGaming growth of 44%, but sportsbook revenue fell 5% as results went the customer’s way and rivals spent heavily on promotions at the start of the NFL season.
Peel Hunt called the performance 'solid', but said it had been 'overshadowed' by the guidance cut.
Defence tech group QinetiQ edged 2.6% higher after posting interim results that broadly matching guidance, with confidence reaffirmed for both near-term performance and long-term growth.
For the six months to 30 September, revenue slipped 5% to £900.4 million, reflecting tough market conditions and the restructuring of its US operations, including the previously announced sale of its US Federal IT business.
9.24am: Gold and silver surging
Gold and silver are surging once more, with gold back above $4233 an ounce and silver almost back at $54 an ounce, within kissing distance of all-time highs after falling 16% in the early part of October.
These soaring prices are providing a lift to the miners, with Endeavour Mining up 9%, further helped by upbeat results and a joint venture also agreed with East Star Resources, and Fresnillo 5%.
"Everyone is piling back into gold and silver as hard assets find favour once more," says Neil Wilson at Saxo.
"It looks like the [US government] reopening is seen increasing debt levels and boost liquidity, while economic data is set to support a Fed rate cut in December."
Gold, silver and platinum prices are surging as 'hard assets' are also finding favour, he suggests, due to concerns about spending pledges from the Trump administration, with the potential for a $2,000 handout to lower income households, which is likely to "ignite both fiscal debt and inflation worries".
A US CPI inflation report originally scheduled for today will be delayed.
Wilson notes that, as well as the market pricing advanced a little further in favour of a December rate cut by the Bank of England, gilt yields have ticked back down and the pound dipped to fresh two-year lows against the euro and made a fresh all-time low (excluding the Truss episode) against the Swiss franc.
8.57am: Market update
The FTSE 100 is still in the red, while mainland European benchmarks are in green, with France's CAC up 0.7% but Germany's DAX just above flat.
Not helping the London index is the group of ex-div stocks, including both Shell and BP, which are being doubly hit with Brent Crude oil prices extending yesterday’s sharp decline.
Brent barrels is being traded for around $62.5 after OPEC's about-turn on earlier forecasts of a deficit in 2026 and the US EIA also raised its domestic output forecast for next year. EIA inventory figures are also due today.
UK investors are "choosing to take a negative view of the double-edged sword that is GDP", says Derren Nathan, head of equity research at Hargreaves Lansdown.
He says the GDP figures "provide further support" for a further Bank of England rate cut next month, with markets now pricing in over an 80% chance of a quarter-point drop.
"However, the weak growth backdrop will do little to alleviate more structural concerns about UK productivity and provides little wiggle room for giveaways in this month’s Budget."
Against the weak backdrop of the RICS survey (see below), he says the update from housebuilder Persimmon’s "can be taken as a win", with forward sales up 15% and 2025 guidance unmoved.
US futures are pointing modestly higher today, after the US government shutdown, the longest in history at 43 days, was ended last night.
8.26am: Residential property hit by Budget uncertainty
The RICS UK residential housing survey shows a 24% drop in new buyer enquiries in October, down from -21% in September and the weakest reading since April.
Survey respondents strongly attribute the slowdown to mounting uncertainty ahead of the forthcoming autumn budget and potential tax-raising measures.
The net balance of surveyors reporting that house prices have risen over the last three months fell to -19 in October, from -17 in September, worse than the consensus forecast of -14. September's reading was also revised down from -15.
RICS reports that many survey respondents cited risks of increased property taxes in the autumn Budget as a reason for the weakening in October.
Agreed sales remained subdued, with a net balance of -24% also worsening from -17% in September. Near-term sales expectations were little changed but the survey found respondents expect mild improvement over the next year, with a net balance of +7% anticipating increased activity in 2026.
New vendor instructions remained negative for a third consecutive reading, falling to the weakest since 2021 at -20%.
Appraisal activity – a lead indicator for future stock – softened to -37%, implying fewer listings as potential sellers wait for post-budget certainty.
8.15am: FTSE 100 stumbles, 3i, Aviva and ex-divs hit
The FTSE 100 stumbled lower at the open, down 29 points to just below 9,883.
3i Group is the biggest faller in the index, down 10.7% on the back of its interims.
Aviva is down 4.1% after its quarterly update was accompanied by new three-year targets, which don't seem to have impressed much.
Other fallers include Shell, BP, GSK and Sainsbury's as their shares go ex-dividend, along with Bunzl, Pershing Square and Coca-Cola Europacific Partners.
7.59am: Aviva arriba
Aviva PLC (LSE:AV.) expects to reach its 2026 financial targets a year early, it says, driven by strong performance across the business and with greater cost 'synergies' from its recent acquisition of Direct Line.
The FTSE 100 life insurer also announced new three-year targets, including an 11% compound annual growth rate in operating earnings per share through to 2028, a return on equity exceeding 20% by 2028, and over £7 billion in cumulative cash remittances between 2026 and 2028.
In a trading update for the third quarter of 2025, Aviva reported 12% growth in general insurance premiums to £10 billion.
Direct Line cost targets of £100 million have been completed ahead of schedule, with chief executive Amanda Blanc now expecting £225 million.
She said Aviva should resume share buybacks next year, too.
7.43am: GDP hit by JLR cyberattack
More on UK GDP, where the cyberattack at Jaguar Land Rover meant economic growth rose only 0.1% in the three months to September, down from 0.3% in the second quarter and below forecasts of 0.2% growth.
September GDP fell 0.1%, undershooting expectations for flat growth, following a 0.1% increase in August.
The ONS said there was a "marked" fall in car production in September due to the cyber incident, with total production activity falling 2.0% month-on-month, to offset 0.2% growth in both services and construction activity.
Without the disruption to car manufacturing, economic activity in September would have shown a modest pick-up.
Nicholas Hyett at Wealth Club says: "A shrinking economy is not what any Chancellor wants days before a Budget. However, in this case it's the cyberattack on Jaguar Land River that has slammed the brakes on UK economic growth, and without it economic activity would be showing a modest pick up.
"The massive knock on effects of events at a single company shows how vulnerable the UK economy is at the moment. Not only are large companies at risk from increasing cyberattacks, but the economy as a whole is reliant on a few central employers whose fortunes ripple out across the entire country."
7.27am: Rolls-Royce remains on track
Rolls-Royce Holdings PLC (LSE:RR.) has kept its full-year outlook unchanged as it reported a solid operational performance for the ten months to 31 October 2025, with its power arm seeing strong demand from the data centres sector.
In Civil Aerospace, flying hours rose 8% year on year, reaching 109% of 2019 levels.
Defence activity included an expanded role in the Global Combat Air Programme (GCAP) and propulsion system developments for the Eurofighter Typhoon following the export agreement with Türkiye, where BAE Systems is the lead contractor.
In Power Systems, a next-generation engine for backup power applications that will be available to customers from next year, with a new gas generator launched to provide prime power to data centres awaiting grid connection.
Rolls-Royce SMR, the compact nuclear plant division, expects to see commercial terms with Great British Energy-Nuclear finalised later this year, while also advancing to the final stage of Sweden’s selection process and entering the regulatory process in the US.
7.15am: FTSE called higher as UK GDP growth weakens
The FTSE 100 is predicted to continue rising towards 10,000 on Thursday, as the pound slipped after weaker-than-expected economic growth figures were published.
UK gross domestic product (GDP) rose 0.1% in the third quarter, the Office for National Statistics revealed, weaker than the 0.3% in the second quarter and the 0.2% forecast.
London's blue-chip index has been called 15 points higher on the futures market, following a day when it rose 11.8 points to 9,911.42, and hit an intraday high of 9,930.09.
Overnight on Wall Street, it was another mixed session, with the Dow Jones notching another record, while Big Tech stocks wobbled.
The Dow climbed 0.7% to finish at another record high, the S&P 500 edged up 4 points, or less than 0.1%, while the Nasdaq slipped for the second day in a row, down 0.3%.
Among the tech giants, Advanced Micro Devices surged 9% on new growth projections, even as megacaps such as Amazon, Apple, and Tesla pulled back.
Asian markets are mostly in green this morning, led by Chinese domestic stocks, with the Shanghai Composite up 0.75%.