London, 10 Nov 2025 — UK equities pushed higher on Monday, with the FTSE 100 up around 1% near 9,780 by late morning, tracking a broad European rebound as Washington moved closer to ending the record US government shutdown. The FTSE 250 also advanced, reflecting improved risk appetite across mid‑caps. Gains were supported by a sharp rally in Diageo, firmer energy names on steady Brent crude, and a jump in precious‑metals miners as gold hit a two‑week high. [1]
Market snapshot
- FTSE 100: up ~1.0% at ~9,780; trading within a whisker of its 52‑week peak as European indices rallied on signs of progress to resolve the US shutdown. FTSE 250: up nearly 1% in tandem with the risk‑on tone across the region. [2]
- Catalyst: US Senate steps to advance a funding bill lifted global sentiment, helping Europe’s Stoxx 600 rebound and boosting London’s blue chips. [3]
- Gilts: UK 10‑year yield edged higher (~4.49%), consistent with a modest pullback in haven bonds amid the equity bounce. [4]
- FX:Sterling was broadly steady around $1.3175, with traders eyeing UK labour data (Tue) and the flash Q3 GDP read (Thu) after the Bank of England held Bank Rate at 4% last week in a close 5‑4 vote to keep vs cut. [5]
Biggest movers: Diageo leads, miners gleam
Diageo (DGE) surged ~7–8% after the drinks group named former Tesco chief Sir Dave Lewis as CEO, effective early 2026, a move investors read as a turnaround signal for the under‑pressure spirits giant. The company confirmed the appointment in a morning release, with several outlets reporting the double‑digit share pop that helped lift the FTSE 100. Haleon later said Vindi Banga will succeed Lewis as chair from 1 January 2026. [6]
Precious‑metals names were firmer as spot gold climbed ~1.8% to ~$4,070/oz, extending its powerful 2025 run and supporting FTSE gold producers. Fresnillo was among the top risers on the day’s leaderboards. [7]
Travel and cyclicals also participated in the rebound, with IAG featuring in the FTSE 100 risers list alongside tech‑exposed investment trusts. [8]
Energy majors found support as Brent crude hovered near $64/bbl, aided by improved risk sentiment after US headlines on the shutdown. [9]
Policy & macro: BoE opens door on stablecoin backing
In a notable policy development, the Bank of England launched its long‑trailed stablecoin consultation, proposing a more flexible backing mix that would allow systemic issuers to hold a larger share of short‑term UK government debt alongside deposits at the BoE. The consultation outlines a pathway to final rules in 2026 and sketches potential temporary holding caps for retail and business users. Markets read the shift as pragmatic and innovation‑friendly without compromising stability. [10]
Separately, UK corporates and investors continue to position for the Autumn Budget on Wednesday, 26 November, with expectations that Chancellor Rachel Reeves will deliver a fiscally tight package; this has kept gilt markets sensitive to policy headlines. [11]
Deals & corporate news to know
- JTC agrees to Permira buyout: Jersey‑based fund administrator JTC said it accepted a ~$3bn all‑cash offer from private‑equity firm Permira, recommending 1,340p per share after multiple revised proposals. JTC sits in the FTSE 250, and the deal underscores ongoing PE interest in fund services. [12]
- The Very Group changes hands: US investor Carlyle took control of The Very Group, ending more than two decades of Barclay family ownership — a sign of continued private‑market activity in UK retail. [13]
Commodities & currencies
- Gold: +~1.8% near $4,070/oz, buoyed by rising odds of a December Fed cut and lingering macro jitters. Silver and platinum advanced in sympathy. [14]
- Oil:Brent around $64/bbl, WTI near $60/bbl, both modestly higher after shutdown progress improved risk appetite even as supply concerns linger. [15]
- FX:GBP/USD ~1.3175, GBP/EUR ~0.878; focus turns to UK data that could shape BoE’s December meeting odds. [16]
Why the FTSE is outperforming today
- Global tailwind: Hopes of a US funding breakthrough reduced immediate macro tail risk, lifting Europe including the UK. [17]
- Stock‑specific firepower:Diageo’s CEO news triggered a relief rally in a heavyweight consumer staple, amplifying index gains. [18]
- Hard‑asset support: A fresh gold bounce lifted London’s sizable precious‑metals cohort, while oil stability aided energy. [19]
- Policy clarity (crypto): The BoE’s consultation reduces uncertainty for a potential UK stablecoin regime, a marginal positive for London’s finance ecosystem. [20]
The road ahead: what to watch this week
- UK labour market (Tue, 11 Nov) & flash Q3 GDP (Thu, 13 Nov): Data will shape odds of a December BoE cut after last week’s narrow hold. [21]
- US shutdown votes: Final passage remains pivotal for global risk tone; continued progress would strengthen the bid for cyclicals. [22]
- Budget build‑up (26 Nov): Pre‑Budget signalling on tax and spending could sway sectors sensitive to consumer wallets and business investment. [23]
Today’s notable quotes & levels (as of late morning London)
- FTSE 100: ~9,783, +1.0%; intraday range roughly 9,683–9,786. [24]
- GBP/USD: ~1.3175, little changed on the day. [25]
- UK 10‑year gilt yield: ~4.49%. [26]
- Brent crude: ~$64/bbl. [27]
- Gold: ~$4,070/oz. [28]
Bottom line
London stocks are higher on 10 November 2025, powered by a potent mix of US shutdown optimism, Diageo’s leadership shake‑up, and a hard‑asset bid that’s lifting miners. With BoE policy nuance on stablecoins and key UK macro data ahead of the 26 November Budget, volatility may persist — but today’s tone is decisively risk‑on. [29]
Sources: Reuters market data and reports; Bank of England consultation; Financial Times/The Guardian live coverage; official company announcements and LSE/market pages, all dated 10 Nov 2025 unless noted. [30]
Disclaimer: Indices and prices are delayed and subject to intraday change. This article is for information only and is not investment advice.
References
1. www.reuters.com, 2. www.reuters.com, 3. www.reuters.com, 4. markets.ft.com, 5. www.reuters.com, 6. www.diageo.com, 7. www.reuters.com, 8. www.hl.co.uk, 9. www.reuters.com, 10. www.bankofengland.co.uk, 11. www.gov.uk, 12. www.reuters.com, 13. us.fashionnetwork.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.reuters.com, 19. www.reuters.com, 20. www.bankofengland.co.uk, 21. www.reuters.com, 22. www.reuters.com, 23. www.gov.uk, 24. www.reuters.com, 25. www.reuters.com, 26. markets.ft.com, 27. markets.ft.com, 28. www.reuters.com, 29. www.reuters.com, 30. www.reuters.com
