UK retail up; FTSE record; global risk-on:

Index Update: The FTSE 100 index, a key benchmark index for the London stock exchange, was trading up around -0.07% on 24 October 2025.  

Macro Update: UK retail sales rose 0.5% in September, lifting Q3 retail growth to 0.9% and adding about 0.04pp to GDP, driven by new iPhones, strong online gold demand, and warm-weather clothing; volumes hit their highest since Q3 2022, and sterling firmed. Labour reiterated no rises to VAT, National Insurance, or income tax on “working people,” despite reports of options being examined. Politically, Plaid Cymru won the Caerphilly by-election (47%) ahead of Reform (36%) and Labour (11%). Markets rallied as the FTSE 100 closed at a record 9,594.82 (+0.7%), led by energy on a ~5% crude jump after new U.S. sanctions; LSEG announced a £1bn buyback and partial post-trade sale, and Rentokil gained. Separately, the ABPI said AstraZeneca breached the industry code over a Symbicort website claim that conflicted with guidelines. 

Top Market Movers: Among top gainers on FTSE 100 index, LONDON STOCK EXCHANGE GROUP PLC (LSE: LSEG) witnessed a rise of 4.8% followed by NATWEST GROUP PLC (LSE: NWG) which gained around 2.68%. 

Commodity Update: The U.S. dollar held steady on Friday, set for a modest weekly gain as markets awaited delayed inflation data ahead of next week’s expected Fed rate cut. Gold slipped 0.44% to USD 4,127.50, silver fell 0.96% to USD 48.23, and copper eased 0.29% to USD 10,815.70. Brent crude declined 0.80% to USD 65.45 but remained on track for a weekly rise amid U.S. sanctions on Russian oil majors. 

Our Stance: Trump’s abrupt termination of Canada trade talks over a Reagan-voice ad underscores tariff-driven brinkmanship, but a planned Trump–Xi meeting on next week’s Asia swing keeps a diplomatic off-ramp in play. Markets are leaning risk-on into the CPI print, helped by Intel’s earnings beat that lifted futures, while European stocks and the dollar hold steady. After breaking above $4,000/oz earlier this month, gold is wobbling as profit-taking and slightly cooler trade headlines sap some haven demand. Net read: positioning tilts cautiously bullish if CPI cooperates and the Xi meeting tempers escalation—but headline risk from tariffs could still whipsaw sentiment.  

FTSE 100 

The FTSE gained 11.15 points to trade at 9,589.72, maintaining a firm position above key support at 8,900. The index continues to hold above the 21-day SMA at 9,446.37 and the 50-day SMA at 9,318.61, suggesting a stable technical setup with room for short-term consolidation. The RSI, hovering near overbought territory, reflects a mildly positive bias. Immediate support is placed at 8,950, while resistance levels are seen at 9,600 and 9,800. 

Source - EODHD/Others