UK Stock Market Today: FTSE 100 Futures Edge Up As Traders Brace For BoE

The Morning Bull – UK Market Morning Update Monday, 2 Nov 2026

UK equities are set for a slightly firmer open, with FTSE 100 futures edging up despite a weaker global equity tone. The single driver today is the Bank of England meeting on Thursday and what it signals on interest rates.

Markets are working off expectations that the BoE lifts Bank Rate from 3.75% to 4% on 5 November, while possibly pushing back on the idea of a long series of hikes. Oil prices remain elevated as geopolitics support an energy risk premium, keeping the inflation question live.

Higher energy costs tend to feed through into headline inflation and inflation expectations, which matters directly for BoE thinking on how restrictive rates need to be. That in turn influences borrowing costs for UK households and companies, shaping the earnings outlook for more debt dependent sectors.

The unresolved issue is how hard the BoE leans against future hikes if inflation is still driven by supply side energy shocks. Thursday’s Monetary Policy Report and vote split will test whether current market pricing for UK rates is too aggressive or too cautious.

Stocks to Watch Before the Opening Bell

AstraZeneca (AZN)

Regulators in Europe and Japan have accepted filings for AstraZeneca’s lung cancer treatment TAGRISSO, used with HUTCHMED’s ORPATHYS, for MET driven, EGFR mutated non small cell lung cancer after progression on EGFR TKI therapy. The submissions rest on Phase III SAFFRON trial data, so attention now turns to review timelines and any regulatory feedback.

Anglo American (AAL)

A broad report on global resource supply points to tight markets for energy, metals and agricultural products, with Chilean copper output under strain and strong central bank demand for gold. Comments from former Anglo American chief Mark Cutifani highlight risks if large miners underinvest in new technology. Readers should watch how Anglo American frames capital spending and project lead times.

Ninety One Group (N91)

Ninety One Group has published a report describing a shift in commodities from a China led super cycle to a market shaped by constrained supply and geopolitical fragmentation. The research flags rising electricity needs from AI and data centres as a key driver for energy and metals. Fund flows into Ninety One products geared to these themes will be a focal point.

Top Movers

• BT Group (LSE:BT.A) jumped 6.71% after reports on Virgin Media O2 fibre access talks and solid quarterly earnings.

• Seplat Energy (LSE:SEPL) gained 4.84% following stronger third quarter results and a higher price target from Citi.

• Diageo (LSE:DGE) rose 3.26% alongside broad FTSE 100 strength and fresh product launches across its premium spirits portfolio.