The FTSE 100 index closed down 108.72 points, 1.0%, at 10,673.94.
asserted
index → close → 10,673.94
It had earlier traded as low as 10,528.07.
asserted
It → trade → 10,528.07
The FTSE 250 ended 197.66 points lower, 0.8%, at 24,504.32, and the AIM all-share shed 3.36 points, 0.4%, at 753.73.
asserted
AIM → end → 753.73
For the week, the FTSE 100 fell 0.5%, the FTSE 250 rose 0.2% and the AIM all-share added 0.2%.
asserted
AIM → fall → %
In Europe, the CAC 40 in Paris fell 0.8%, while the DAX 40 in Frankfurt declined 1.9%.
asserted
DAX → fall → Frankfurt
In early trading on Friday, US markets recouped some of Thursday’s hefty falls.
asserted
markets → recoup → falls
Around the time of the London equities close on Friday, the Dow Jones Industrial Average was up 0.1%, the S&P 500 was 1.0% higher and the Nasdaq Composite climbed 1.8%.
asserted
Composite → climb → Friday
On Thursday, the Dow shed 3.4%, the S&P gave back 4.4%, and the Nasdaq slumped 5.5%.
asserted
Nasdaq → shed → %
It was the worst drop in the Nasdaq since the tariff fuelled falls in April 2025, and took the tech-laden index into “correction” territory – more than 10% below its recent record high.
asserted
It → fuel → high
Concerns about the outlook for technology stocks in the wake of the midterm wins for the Democrats sparked the falls with some of the biggest US names firmly in the red.
“Midterms usually act as a clearing event for markets, but this time they have been more of a trigger for brutal rotation,” commented Barclays Capital analyst Emmanuel Cau.
asserted
Cau → spark → rotation
Mr Cau thinks the “indiscriminate” selling looks overdone versus likely policy outcomes, but said it may take time for the dust to settle.
“We may not be through the full extent of systematic selling yet, but after the recent sell-off, we should be approaching closer to levels where risks-reward starts to get better,” he added.
uncertain
he → think → levels
UBS explained that the midterms have potential implications for the speed and location of the data centre build-out, and with it the timeline for monetising investment commitments.
asserted
midterms → explain → commitments
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It pointed out 415 local moratoriums on data centre construction are currently active.
asserted
moratoriums → read → construction
“The build-out is becoming less popular, and many newly elected officials campaigned against data centres.
asserted
officials → become → centres
Proposals to ensure that data centre energy demand does not impact consumer prices could garner bipartisan support,” UBS suggests.
uncertain
UBS → ensure → support
Dan Coatsworth, head of markets at AJ Bell, noted the “AI story has all been about speed, and now there is a danger of it moving to a lower gear, and some of the wheels falling off”.
asserted
wheels → note → gear
Bank of America also called the sell-off in chip stocks “indiscriminate”, but thinks Congressional policy clarity and buybacks could help restore confidence.
Amid the tech wobble, figures showed the US labour market remains resilient, increasing the likelihood of a December rate increase by the Federal Reserve.
uncertain
market → call → Reserve
Figures from the Bureau of Labour Statistics showed nonfarm payroll employment increased by 165,000 in October, picking up pace from a revised 60,000 rise in September.
asserted
employment → show → September
The reading comfortably beat FXStreet consensus which predicted a lesser increase of 65,000.
asserted
which → beat → 65,000
Nonfarm payrolls for August were revised up by 53,000, from 133,000 to 186,000, and the change for September was revised up by 31,000, from 29,000 to 60,000.
asserted
change → revise → 60,000
The unemployment rate fell to 4.1% from 4.2% in September where FXStreet consensus had expected it to stay.
asserted
it → fall → September
Thomas Feltmate, senior economist at TD Economics, said the report suggests the labour market is on a slightly stronger footing than previously thought, giving the Federal Reserve little reason to remain on the sidelines.
uncertain
market → say → sidelines
Treasury yields rose by several basis points following the release, with Fed futures 75% priced for a December hike, he noted.
asserted
he → rise → hike
Citigroup analyst Andrew Hollenhorst felt the report reinforced that the labour market is both stable and not a source of inflationary pressure.
asserted
market → feel → pressure
His base case remains for a 25 basis points rate hike in December – “but we would not be surprised if the Fed holds rates steady should the tech sell-off continue.”
asserted
off → remain → rates
The next US jobs report is scheduled for December 4, ahead of the December Federal Open Market Committee meeting which takes place on December 9 to December 10.
asserted
which → schedule → December
Ahead of that US inflation data will be released next week.
asserted
data → release → that
The pound was quoted at 1.3362 dollars late on Friday afternoon, down from 1.3473 dollars at the same time on Thursday.
asserted
pound → quote → Thursday
Against the euro, sterling ebbed to 1.1989 euros from 1.2001 euros.
asserted
sterling → ebb → euros
The yield on the US 10-year Treasury was quoted at 4.87% late on Friday afternoon, stretched from 4.84% on Thursday.
asserted
yield → quote → Thursday
The yield on the US 30-year Treasury was at 5.26%, widened from 5.25%.
asserted
yield → widen → %
In London, British Airways owner International Consolidated Airlines rose 1.5% as it said it was on track to deliver full-year market expectations, despite a third-quarter profit miss, as it highlighted a positive demand outlook.
asserted
it → rise → outlook
Madrid-based IAG said operating profit fell 16% to 1.73 billion euros (£1.44 billion) in the three months ended September 30 from 2.05 billion euros (£1.71 billion) a year earlier, below the company’s compiled consensus of 1.81 billion euros (£1.15 billion).
asserted
profit → base → euros
More positively, the FTSE 100 listing said it continues to expect good revenue growth, with 85% of expected forward bookings for the fourth quarter now secured.
asserted
% → say → quarter
Bookings for the first quarter of 2027 are currently “strong”, it added.
asserted
it → add → 2027
Fallers were broad-based with telecommunications firm BT down 6.4% on further reflection of Thursday’s results, accountancy software firm Sage was down 3.2% and retailer Next was 3.2% lower.
asserted
Next → base → results
In a statement late on Thursday, Man Group said the judgment indicates that the Kuwaiti Public Institution for Social Security is entitled to recover around 155 million dollars (£116 million) from it.
asserted
Institution → say → it
The ruling follows a year-long civil trial into allegations that Fahad al Rajaan, the former director general of PIFSS, received illicit payments from financial institutions seeking investment mandates.
asserted
Rajaan → follow → mandates
The trial commenced in March 2025 and concluded in March this year.
asserted
trial → commence → March
The court found that two former Man Group employees were aware that an intermediary was paying bribes to Mr al Rajaan, making two of the firm’s subsidiaries liable alongside other defendants.
asserted
two → find → defendants
…and 7 more, not listed.
The Aporia
