LONDON MARKET EARLY CALL: FTSE 100 to open higher; SpaceX rises

(Alliance News) - Stocks in London are set to open slightly higher on Wednesday, ahead of UK inflation and public sector borrowing readings, which may give both monetary and fiscal policymakers plenty of food for thought.

In New York, meanwhile, earnings from SpaceX impressed, though Netflix underwhelmed.

IG says futures indicate the FTSE 100 to open 15.1 points higher, 0.1%, at 10,748.19 on Wednesday. The index of London large-caps closed down 31.69 points at 10,733.00 on Tuesday.

Wednesday's global economic calendar has UK consumer inflation data and public sector net borrowing figures at 0700 BST.

According to consensus cited by FXStreet, the pace of consumer price inflation is expected to have quickened to 3.4% in September from 3.1% in August.

The public sector borrowing reading lands a week before the budget. According to consensus cited by Trading Economics, public sector borrowing is expected to have risen to GBP23.9 billion in September from GBP18.3 billion in August.

The pound was quoted at USD1.3376 early Wednesday, where it stood at the time of the London equities close on Tuesday. Against the euro, sterling firmed to EUR1.1912 from EUR1.1901. On Tuesday, sterling hit its best level against the common currency since May 2025.

The euro faded to USD1.1224 from USD1.1234. Against the yen, the dollar was trading at JPY158.14, steady from JPY158.13.

The yield on the US 10-year Treasury was quoted at 5.13%, widening from 5.11% at the time of the London equities close on Tuesday. The yield on the US 30-year Treasury was quoted at 5.44%, stretching from 5.43%.

In Tokyo on Wednesday, the Nikkei 225 was up 1.2% in late trade. In China, the Shanghai Composite was down 0.5%. The Hang Seng Index in Hong Kong was also 0.5% lower. Sydney's S&P/ASX 200 was up 0.2%.

In the US on Tuesday, the performance on Wall Street was mixed, with the Dow Jones Industrial Average up 1.0%, the S&P 500 up 0.3% but the Nasdaq Composite ending marginally lower.

Two tech names reported after the closing bell, to mixed reviews.

SpaceX added 8.1% in after hours dealings, but Netflix fell 5.8%.

"We know there's some investor concern about our view hours growth. Member response to our 2026 price increases is consistent with prior price changes and our expectations, an indicator that our engagement - which encompasses quantity, quality and variety of viewing - remains healthy and that we continue to deliver strong value to members. But we do seek to accelerate growth in view hours as well, and we're confident we'll do that by relentlessly focusing and executing against the aforementioned strategy," Netflix said in a shareholder letter alongside its financial results.

Elon Musk on Tuesday confirmed SpaceX is discussing the possibility of a merger with his electric vehicle business Tesla.

Musk is chief executive of both Starbase, Texas-based aerospace, satellite communications and artificial intelligence company SpaceX, and Austin, Texas-based EV and technology firm, Tesla.

Musk said the Tesla and SpaceX special committees were formed at shareholders' request and do not include him. They consist of independent directors.

Tesla reports after the closing bell in New York on Wednesday. Facebook owner Meta Platforms also reports.

Brent was quoted at USD110.33 a barrel early Wednesday, jumping from USD106.65 at the time of the London equities close on Tuesday. Gold was quoted at USD4,121.11 an ounce, down from USD4,131.02.

Iranian Revolutionary Guards said on Tuesday that their naval mines halted three tankers attempting to travel the Strait of Hormuz via routes considered illegal by Tehran.

"Two violating oil tankers were set ablaze and halted due to the explosion of mines planted by the brave sailors of the IRGC Navy at an illegal crossing point in the southern part of the Strait of Hormuz," the Guards said in a statement on their official Sepah News website.

The Guards later said in a statement carried by state TV that a third oil tanker "exploded and caught fire after striking a naval mine south of the Strait of Hormuz".

Wednesday's local corporate calendar has trading statements from gold miner Fresnillo, asset manager Aberdeen and real estate investment trust Segro.

By Eric Cunha, Alliance News news editor

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