3rd Nov 2026 07:02
(Alliance News) - Stocks in London are set to open lower on Tuesday as investors assess progress in US-Iran peace talks ahead of crucial US midterm elections, while technology shares came under pressure following declines on Wall Street.
IG says futures indicate the FTSE 100 to open 47.4 points lower, 0.4%, at 10,713.93 on Tuesday. The index of London large-caps closed up 0.3% at 10,761.33 on Monday.
Sterling was quoted at USD1.3408 early Tuesday, lower than USD1.3417 at the London equities close on Monday. Against the euro, sterling rose to EUR1.1985 from EUR1.1980 a day prior.
The euro traded at USD1.1188 early Tuesday, lower than USD1.1200 late Monday. Against the yen, the dollar was quoted at JPY157.87 versus JPY157.82.
Brent oil was trading at USD106.47 a barrel early Tuesday, higher than USD105.09 late Monday.
US President Donald Trump signalled progress in talks with Iran aimed at averting a resumption of hostilities, as Tehran confirmed that "intensive" exchanges were underway and offered to reopen the Strait of Hormuz under strict conditions.
A deal with Tehran "could happen," Trump wrote on his Truth Social platform, a day before the US midterm elections.
"Iran wants a settlement, as soon as possible," he added.
Vice President JD Vance also expressed optimism about the prospect of an agreement.
"We've certainly made some progress. We'll see if we can make some more," Vance told reporters on Monday.
Oil prices plunged more than 7% on Monday amid optimism over a possible end to the eight-month conflict, which has severely disrupted global energy supplies through Iran's blockade of the Strait of Hormuz.
In the US on Monday, Wall Street ended mixed, with the Dow Jones Industrial Average up 0.4%, the S&P 500 down 0.5% and the technology-heavy Nasdaq Composite down 1.1%.
Apple shares fell 2.8% in after-hours trading despite the technology giant reporting stronger-than-expected revenue in its financial fourth quarter, supported by iPhone sales that exceeded forecasts, although sales in China disappointed.
The Cupertino, California-based company said net income rose to USD30.71 billion in the three months ended September 30 from USD27.47 billion a year earlier.
Revenue increased 12% to USD114.48 billion from USD102.47 billion, ahead of the Visible Alpha consensus estimate of USD113.6 billion.
In Asia on Tuesday, in China, the Shanghai Composite fell 0.9%, while the Hang Seng index in Hong Kong rose 0.2%. The Nikkei 225 index in Tokyo was closed for Culture Day.
The S&P/ASX 200 in Sydney was up 0.3%, after the Reserve Bank of Australia raised interest rates for a second consecutive meeting amid persistent inflationary pressures.
The RBA lifted its cash rate target by 25 basis points to 4.85% from 4.60%, in line with the FXStreet-cited consensus forecast.
The decision was supported by six of the nine members of the monetary policy board, following a quarter-point increase in September and a hold in August.
"Inflation remains elevated and recent data indicate that it is broadly based. The inflation outlook has also been revised materially higher in the updated staff forecasts," the RBA said.
The central bank added that the upward revision partly reflected higher fuel and commodity prices resulting from the conflict in the Middle East.
Americans head to the polls on Tuesday for midterm elections that will determine which party controls Congress for the final two years of President Donald Trump's second term.
All 435 seats in the House of Representatives are up for election, with Republicans defending a narrow majority and Democrats needing a net gain of four seats to take control.
In the Senate, 35 seats are being contested. Republicans currently hold 53 seats to the Democrats' 47, leaving Democrats needing a net gain of four seats to secure a majority.
Gold was quoted at USD3,916.41 an ounce early Tuesday, lower than USD3,968.02 on Monday.
In Tuesday's corporate calendar, Associated British Foods reports full-year results, while Coca-Cola Europacific Partners, Glanbia, Hiscox and International Workplace Group issue trading statements.
In the economic calendar on Tuesday, US factory orders figures are due.
By Eva Castanedo, Alliance News senior economics reporter
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.