10th Nov 2026 06:59
(Alliance News) - Stocks in London are set to open higher on Tuesday, tracking gains on Wall Street and across Asian markets, as hopes of an end to the US-Iran war lifted investor sentiment.
IG says futures indicate the FTSE 100 to open 69.2 points higher, 0.6%, at 10,852.07 on Tuesday. The index of London large-caps closed up 1.0% at 10,782.87 on Monday.
Sterling was quoted at USD1.3448 early Tuesday, higher than USD1.3415 at the London equities close on Monday. Against the euro, sterling rose to EUR1.1978 from EUR1.1974 a day prior.
The euro traded at USD1.1228 early Tuesday, higher than USD1.1203 late Monday. Against the yen, the dollar was quoted at JPY158.12 versus JPY158.05.
UK retail sales growth accelerated in October, supported by cooler weather and government advice to stockpile household essentials, although sales of big-ticket items suffered as consumers held off purchases ahead of Black Friday later this month, according to figures published by the British Retail Consortium and KPMG.
Brent oil was trading at USD90.74 a barrel early Tuesday, lower than USD94.27 late Monday.
US President Donald Trump said there was growing momentum towards ending the war with Iran, declaring that the country's military was "effectively over", although he left open the possibility of renewed US strikes.
Trump met Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani at the White House, in his first meeting with a foreign leader since Republicans suffered heavy losses in last week's midterm elections.
Qatar has played a key role in mediating efforts to end the conflict.
Following the meeting, Trump wrote on Truth Social that the two leaders had held "an excellent conversation" and that "much was discussed with respect to the Islamic Republic of Iran."
The comments followed weeks of speculation that Washington could resume military strikes against Tehran after the midterm elections. However, Trump has recently played down the likelihood of renewed hostilities while maintaining that the US remains prepared to act.
"Iran, militarily, is effectively over. We're just keeping it the status quo," Trump told reporters at a White House press briefing.
"But if we do have to go back in, we are locked and loaded, and ready to go."
In the US on Monday, Wall Street ended sharply higher, with the Dow Jones Industrial Average up 2.2%, the S&P 500 up 2.4% and the Nasdaq Composite up 2.8%.
However, Nvidia shares closed 4.3% lower, before recovering some ground in after-hours trading, rising 1.0%.
The FBI is investigating allegations of Chinese espionage linked to an affair involving Nvidia Chief Executive Jensen Huang, Trump said.
Speaking at a White House press conference, Trump did not specify whether Huang himself was under investigation.
The US chipmaker had previously launched an internal investigation following reports that Huang had been targeted by foreign intelligence agents.
In Asia on Tuesday, the Nikkei 225 index in Tokyo was up 2.9%. In China, the Shanghai Composite was marginally higher, while the Hang Seng index in Hong Kong rose 0.5%.
China's trade surplus narrowed in October, according to figures from the General Administration of Customs.
The country's trade surplus fell to USD105.28 billion in October from USD133.53 billion in September.
The S&P/ASX 200 in Sydney was up 1.1%, despite figures showing Australian consumer sentiment deteriorated in November following the Reserve Bank of Australia's latest interest rate increase.
The Westpac-Melbourne Institute consumer sentiment index fell 2.7% to 78.2 points in November from 80.4 in October, remaining well below the 100-point threshold separating optimism from pessimism.
Gold was quoted at USD4,121.10 an ounce early Tuesday, higher than USD4,116.80 on Monday.
In Tuesday's busy corporate calendar, Avon Technologies reports full-year results, while Cambridge Nutritional Sciences, Caledonia Investments, DCC Energy, Oxford Instruments, Vodafone Group and Wynnstay Properties publish half-year results. Princes Group and Watches of Switzerland Group issue trading statements.
In the economic calendar on Tuesday, the US releases the NFIB small business optimism index, ADP employment figures and consumer prices index inflation data.
By Eva Castanedo, Alliance News senior economics reporter
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