2nd Nov 2026 06:59
(Alliance News) - Stocks in London are set to open lower on Monday, as oil prices pulled back but remained elevated after Iran warned the US that any new war could last longer than its predecessor.
"A potential future war could last longer than previous conflict, and the American president would not be in a position to dictate the timing or the conditions of its conclusion," an Iranian army spokesman said over the weekend. Also, on Sunday, another ship was struck by projectiles in the Persian Gulf, according to the UK Maritime Trade Operations agency.
IG says futures indicate the FTSE 100 to open down 13.6 points, 0.1%, on Monday. The index of London large-caps closed up 7.71 points, 0.1%, at 10,729.78 on Friday.
Sterling was quoted at USD1.3402 early Monday, higher than USD1.3396 at the London equities close on Friday. Against the euro, sterling fell to EUR1.1977 from EUR1.1996 a day prior.
The euro traded at USD1.1185 early Monday, higher than USD1.1163 late Friday. Against the yen, the dollar was quoted higher at JPY157.84 versus JPY157.50.
In the US on Friday, Wall Street ended decidedly lower, with the Dow Jones Industrial Average down 1.1%, the S&P 500 down 1.8% and the Nasdaq Composite down 2.9%.
"October has been a month of rotation and frayed nerves," Swissquote's Ipek Ozkardeskaya said. "Equities have been on a bumpy ride, with tech under pressure as strong earnings failed to silence concerns about massive AI spending and future returns.
"The Nasdaq 100 lost more than 3% on Friday and is down almost 10% from its October all-time high. In comparison, the S&P 500 is down around 3% from its October high, as defensive and dividend stocks have attracted buyers."
As for the upcoming US midterm elections, she added that "the risk is that if Republicans lose their majority in either chamber, it would become harder to push through Trump’s legislative agenda, and support for the AI boom could face greater scrutiny."
In Asia on Monday, the Nikkei 225 index in Tokyo was down 0.4%. In China, the Shanghai Composite was up 1.1%, while the Hang Seng index in Hong Kong was up 0.6%. The S&P/ASX 200 in Sydney was down 0.6%.
Gold was quoted at USD3,907.05 an ounce early Monday, higher than USD3,898.22 on Friday.
Brent oil was trading at USD110.16 a barrel early Monday, lower than USD117.61 late Friday.
In Monday's corporate calendar, Kosmos Energy releases third-quarter results.
Later, in the US, Apple releases full-year results.
In the economic calendar on Monday, the UK and eurozone release manufacturing purchasing managers' index readings, as do France, Germany and the US.
By Emma Curzon, Alliance News reporter
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