Friday, November 9: The FTSE 100(-0.49%) came in lower at the open with US markets in the red as the Fed held rates, and Asian markets were depressed on the back of Chinese growth concerns. Miners dragged the primary index lower on the weaker Chinese sentiment and the implied softer commodities prices, with key protagonists Antofagasta(-4.86%), Fresnillo(-3.70%) and Glencore(-4.52%). Following the Fed’s decision to hold rates at a current 2.25%, markets recalibrated on the expectation of a December rate hike despite political risk persisting.

AA(-6.99%) stock slumped after a competition review into industry treatment of longstanding customers. Significant earnings risk presents itself as it is thought legacy customers may well have been paying significantly higher rates than new customers, with the regulator keen to rectify the situation. The earnings risk could be compounded if the regulator demands AA pay compensation for previous charging structures.

UK economic growth accelerated in the three months to September as warm weather proved conducive to consumer spending. Overall, buoyant growth in July was offset by a slowdown in August and September which resulted in a Q3 GDP figure of 0.6%, the highest since the last quarter of 2016. A distilling of the ONS data into monthly figures was indicative of zero growth for the months of August and September. The deterioration in GDP in latter months was corroborated by business investment which had also weakened.

At the close European equities were mixed with the FTSE 100 -0.49%, the CAC 40 -0.48% and the DAX 30 +0.02%.