UK earnings lift FTSE; globally, AI $5T buzz and trade thaw meet a cautious Fed:

Index Update: The FTSE 100 index, a key benchmark index for the London stock exchange, was trading down around 0.48% on 30 October 2025.  

Macro Update: Shell and TotalEnergies reported quarterly profit declines of 10% and 2% as oil prices eased, with Shell beating expectations on gas trading and keeping its $3.5bn buyback while TotalEnergies trims Q4 buybacks to manage debt. In UK politics, PM Keir Starmer declined to reaffirm a no-tax-rise pledge ahead of the Nov. 26 budget, amid talk income tax could be revisited. Standard Chartered posted Q3 pretax profit of $1.77bn (+3% YoY), ahead of consensus, and said it will hit a key profitability target a year early. The FTSE 100 set a fresh record (+0.6%), helped by GSK +6.5% on upgraded 2025 guidance and miners (+3.3% sector) with Glencore +5.6% on higher Q3 copper output. 

Top Market Movers: Among top gainers on FTSE 100 index, Airtel Africa PLC (LSE: AAF) witnessed a rise of 3.28% followed by Standard Chartered PLC (LSE: STAN) which gained around 2.47%. 

Commodity Update: Commodity Update: The U.S. dollar weakened on Thursday after the Fed cut interest rates but said another reduction in December was less likely. The greenback’s earlier strength faded during Asian trading. Gold slipped 1.35% to USD 3,946.70 per ounce, silver fell 1.34% to USD 47.26, and copper declined 0.85% to USD 11,065.00. Brent crude eased 0.05% to USD 64.89 as markets awaited U.S.-China trade talks for clarity on growth prospects. 

Our Stance: Risk tone is mixed: Trump says he and Xi agreed to trim U.S.–China tariffs (he cited a cut to 47%) in exchange for Beijing curbing fentanyl precursors, resuming soy purchases, and keeping rare earths flowing, though full terms are still emerging. The Fed delivered a 25 bp cut, but Powell signaled further easing this year isn’t a given amid a data blackout and a divided committee, tempering risk appetite and nudging European stocks lower. Meanwhile, Nvidia’s leap to a $5T valuation highlights ongoing AI momentum. Net take: trade de-escalation headlines and AI capex are supportive, but policy uncertainty argues for a balanced stance.  

FTSE 100 

The FTSE 100 declined 44.47 points to trade at 9,711.67 but continues to hold firmly above key support at 8,900. The index remains well above the 21-day SMA at 9,517.46 and the 50-day SMA at 9,360.62, reflecting a stable technical structure with scope for near-term consolidation. The RSI, hovering in the overbought zone yet within bullish territory, suggests a mildly positive bias. Immediate support lies near 8,950, while resistance is seen around 9,800 and 10,000. 

Source - EODHD/Others