FTSE 100 today: Stocks slump as global tech rout deepens

British stocks fell on Friday as a global tech rout over AI investment worries after the U.S. midterms spread to Europe.

The FTSE 100 fell 1.5%, as of 03:25 ET (08:25 GMT). Germany’s DAX lost 1.43%, while France’s CAC 40 was down 1.20% and sterling slipped 0.47% to $1.3401.

Thursday’s Wall Street rout, with the S&P 500 down 4.4% and the Nasdaq Composite 5.5%, hit Asia.

Japan’s Nikkei and South Korea’s KOSPI both closed down 6%. Jefferies saw no quick rebound, noting the biggest retail selling since COVID.

U.S. payrolls are due later today. The Bank of England raised rates to 4% on Thursday and sees inflation peaking at 4.9%.

Markets price a roughly 50% chance of another Bank of England hike in December, ING said, after all nine policymakers voted for higher rates on Thursday. ING expects one more increase by February, sooner if energy prices spike again. Jefferies does not expect a December move.

Qatar’s emir and Trump discussed efforts toward "a comprehensive agreement", the Qatari Emiri Diwan said. Iran’s army spokesman Mohammad Akraminia said Tehran would hit U.S. assets "without considering geographical limitations" if attacked, and that Hormuz would reopen only if its seven conditions were met.

The Revolutionary Guards said two tankers caught fire after striking mines, Tasnim news reported.

Trump said the U.S. may have to "destroy" the rest of Iran, that rebuilding would take 25 years, and that people would "know soon enough" if he acts.

Iran has sent Washington a nuclear proposal via Qatar. Jefferies instead described Iran as reviewing a U.S. proposal, with the sides still far apart. Iran’s Mohsen Rezaei met Russia’s Vladimir Putin on Thursday, and Putin pledged to ease tensions.

UK house prices fell 0.6% in October as renewed inflation kept borrowing costs high, with London prices down 3.1% year-on-year and mortgage approvals falling 19.4% over the same period. Lloyds expects subdued conditions in the near term but no sustained decline.

Brent futures fell 0.67% to $97.66 a barrel and WTI down 0.76% to $89.81.

Gold futures fell 0.87% to $4,077.55 and spot gold 0.51% to $4,067.79 an ounce.

UK round up

MJ Gleeson expects a weaker first half of fiscal 2027 as subdued sales and potential cancellations ahead of the April launch of the Your First Home scheme weigh on performance, with full-year consensus dependent on a second-half recovery.

Rightmove expects 2027 revenue growth to be similar to 2026, as affordability pressures and higher mortgage rates weigh on new home construction and advertiser spending, while narrowing its 2026 revenue growth guidance to 6% to 7%.

IAG expects annual capacity to be slightly lower year-on-year as Middle East flight disruptions weigh on operations, while third-quarter operating profit missed consensus despite strong forward bookings.