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The FTSE 100 fell 0.5% on Thursday, weighed down by losses across defence and banking stocks. BAE Systems dropped more than 5%, while Babcock lost 2.4% and Rolls-Royce declined nearly 3%. Banks also came under pressure, with NatWest falling 4%, Barclays and Standard Chartered shedding over 2%, HSBC losing more than 1% and Lloyds slipping 0.7%. Oil majors Shell and BP were relatively subdued, down around 0.4% and 0.6%, respectively. Mining stocks were mixed as copper prices tumbled amid concerns over weaker AI-related demand. Anglo American and Antofagasta fell nearly 3% and 3.5%, while Rio Tinto gained almost 1%. Precious metal miners outperformed, with Endeavour rising nearly 6% and Fresnillo advancing 2%. Investors also assessed the Bank of England’s widely expected interest rate increase, its first in more than three years. Governor Andrew Bailey warned that further hikes may be necessary unless the Iran war is resolved.

FTSE 100 Falls on Thursday

Canada's 10-year government bond yield edged lower to around 3.68%, its lowest level in more than two months, tracking a broader decline in global bond yields. The move came amid a broader risk-off sentiment, triggering a renewed global sell-off in technology stocks as investors weighed the potential impact of a Democratic victory in the US on the technology sector and AI-related capital expenditure. Also, the Democrats' gains could strengthen their position in challenging President Trump's trade policies, potentially affecting Canada. Meantime, the BoC delivered its first interest rate hike in more than three years in October, as expected. The BoC signalled that further increases may be necessary to prevent rising energy costs from spilling over into broader inflation. It also raised its 2027 inflation forecast to 3.1%, from 2.0% in July, while upgrading its growth outlook to 1.0%, from 0.7%. Despite the latest rate increase, the policy rate remains below the estimated neutral level.

Canadian 10-Year Yield Eases to 2-Month Low

European stocks declined on Thursday, with the Euro Stoxx 50 falling 0.9% and the Stoxx 600 losing 0.4%, as heavy selling in technology shares weighed on sentiment. The European technology sector plunged more than 4%, tracking a sharp global rotation out of AI-related stocks following the Democrats’ victory in both chambers of the US Congress. Investors grew concerned that tighter regulation and increased scrutiny of US data center projects could delay infrastructure expansion and weaken demand for semiconductors. ASML Holding dropped 7%, among the biggest losers in the sector. Rheinmetall also came under significant pressure, plunging more than 16% after lowering its full-year guidance, making it one of the session’s worst performers. Meanwhile, Deutsche Telekom shed nearly 2% after announcing a €2 billion share buyback programme that fell short of market expectations.

European Stocks Fall, Tech Stocks Down 4%

US gasoline futures rose to $2.75 a gallon but remained near their lowest level since early March, as traders weighed tight fuel supplies against expectations of faster progress towards ending the US-Iran war. Iran reported that three tankers had been damaged in the Strait of Hormuz, highlighting the risks to shipping through the vital waterway. Supply concerns were reinforced by EIA data showing US gasoline inventories fell by 222,000 barrels in the week ending October 30th, leaving stocks persistently below their five-year average. An EIA report also pointed to an expected shift among US refiners away from gasoline towards middle distillates, including distillate fuel oil and jet fuel, as those carry more attractive prices. Seasonal refinery maintenance could further constrain gasoline supplies. However, a Democratic takeover of the US Congress raised the prospect of greater constraints on military escalation and renewed diplomatic efforts.

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