London’s FTSE 100 edged higher at the open on Wednesday, as gains for mining stocks offset sharp losses for defence companies while investors assessed the sweeping Democratic victory in the US midterm elections and renewed tensions between Washington and Tehran.
Alliance News reported that the FTSE 100 opened up 4.43 points, marginally higher, at 10,642.86. By 0840 GMT, a separate early-trade report put the index 0.1% firmer at 10,652.33 — a reminder that these are morning snapshots, not a closing level, and that the index can still move through the session.
Miners lead, defence stocks fall
Mining stocks were among the leading risers at the open. Fresnillo advanced 3.8% and Endeavour Mining gained 3.4%, while Anglo American and Antofagasta both climbed 2.4%, according to Alliance News. Gold miners also shone as gold prices rose, with Hochschild and Endeavour among the early gainers in the wider early-trade report.
The session’s top gainer in the FTSE 100 was Lion Finance Group, up 4.4% after reporting higher third-quarter profit and net interest income. Banks including HSBC, Standard Chartered and Barclays also rallied in early trade.
Defence stocks moved the other way. BAE Systems declined 5.2% and Babcock International Group fell 3.2% at the open, Alliance News reported. Other defence names including QinetiQ and Chemring also retreated. Market reports linked the falls to expectations that a Democrat-controlled Congress could hold up or reduce defence spending — an investor expectation, not a decided policy change.
Weir Group was another notable faller, down 6.2% after reporting a sharp decline in original equipment sales during the third quarter.
Why markets are reacting to the midterms
The London open followed a turbulent overnight session. Global stocks slumped and the dollar softened as the midterm results fuelled fears of tighter scrutiny of AI and data-centre spending, before Asian markets staged an afternoon relief rally. Wednesday’s London session is therefore best read as part of that two-way reaction: relief in some sectors, caution in others, rather than a single clear direction.
Investors are also watching the US-Iran tensions flagged in the morning market reports, alongside what a divided Washington means for tariffs, regulation and spending. None of those questions is settled by one morning’s trading, and the FTSE’s modest open — up just a few points — reflects that uncertainty.
What to watch next
The key questions for the rest of Wednesday are whether the miners’ gains hold, whether defence stocks stabilise after their early falls, and how US markets open later in the day. The FTSE 100’s close, rather than its open, will show whether Wednesday ends as a relief day or a cautious one.
Sources
- Alliance News via London Stock Exchange, “LONDON MARKET OPEN: FTSE 100 edges up as miners offset defence losses”, 4 Nov 2026 — https://www.lse.co.uk/news/london-market-open-ftse-100-edges-up-as-miners-offset-defence-losses-ntfbvo8r2tp4qo8.html
- London Stock Exchange / Hargreaves Lansdown, “London open: FTSE nudges up as investors mull US midterm results”, 4 Nov 2026 — https://www.lse.co.uk/news/london-open-ftse-nudges-up-as-investors-mull-us-midterm-results-2ssihfdxcpd7531.html
All market levels are opening/early-trade snapshots reported on 4 Nov 2026, not closing levels.
