FTSE 100 LIVE: Stocks higher as mansion tax is reportedly being considered for UK budget

The FTSE 100 (^FTSE) and European indices moved higher as markets opened in London, as traders continue to look to the upcoming budget, at which Chancellor Rachel Reeves is reportedly mulling a mansion tax.

A charge for wealthy Brits leaving the country, alongside increased duties on expensive homes are in consideration for the 26 November budget, according to a Bloomberg report published Monday.

The report, which cited people familiar with the matter, said plans for dozens of possible hikes have been drawn up, with the direction still uncertain until Reeves receives the final fiscal forecast from the budget watchdog. The fiscal forecast will give an indication of how big the UK's fiscal hole is.

Meanwhile, markets are sensitive to earnings reports. In Europe, AstraZeneca (AZN.L) and Ryanair (RYA.IR) were on deck on Monday.

London's premier index rose 0.1% in early trade. Standard Chartered (STAN.L) and BP (BP.L) were among the top risers in the index, 1.6% and 1.5% higher respectively as markets opened. The DAX (^GDAXI) in Germany jumped 0.6%. Over in Paris, the CAC 40 (^FCHI) was almost flat. The pan-European STOXX 600 (^STOXX) rose 0.3%. Sterling dipped 0.2% against the dollar (GBPUSD=X), falling to the $1.31 mark.LIVE6 updates

26 mins ago

Lucy Harley-McKeown

Inflation likely past its peak: EY Item Club

EY added: 28 mins ago

Lucy Harley-McKeown

UK growth expected to slow to 0.9% in next year

The UK's growth forecast was upgraded to 1.5% in 2025 from 1% in 2025, but is set to stall in 2026, according to EY Item Club.

In 2026, growth will face a lag from global trade disruption and tightening fiscal policy, meaning a slowdown to 0.8% for the coming year, before accelerating to 1.3% in 2027.

The UK economy accelerated at a faster than expected rate over the first half of 2025, growing by 0.7% and 0.3% in Q1 and Q2 respectively, largely due to increases in government spending, EY said. Upwards revisions to past estimates have also helped to boost growth expectations for the year. 32 mins ago

Lucy Harley-McKeown

Asian markets supported by Wall Street tech rally

AP writes:

Hong Kong's Hang Seng (^HSI) gained 1% while the SSE Composite (000001.SS) was 0.6% higher. The Nikkei (^N225) in Japan was closed for a holiday. 43 mins ago

Lucy Harley-McKeown

UHere's the US stock futures chart 46 mins ago

Lucy Harley-McKeown

US stock futures waver

US stock futures were mixed on Monday morning, treading water following a positive October.

S&P 500 futures (ES=F) and Nasdaq 100 futures (NQ=F) hovered about 0.1% higher. Dow Jones Industrial Average futures (YM=F) traded flat at market open in London, falling from an earlier gain.

Last month, S&P 500 (^GSPC) rose 2.3% last month, the Dow (^DJI) climbed 2.5%, and the Nasdaq Composite (^IXIC) surged 4.7% as investors piled into growth and AI-linked names, with Big Tech and the "Magnificent Seven" leading market moves. Optimism around easing US-China trade tensions also fuelled gains.

Investors are keeping an eye on Washington. The US government shutdown continues to delay key economic data, including the jobs report that was slated for release this week. Meanwhile, the Supreme Court is set to hear arguments this week on the legality of President Trump's most sweeping tariffs. 52 mins ago

Lucy Harley-McKeown

Good morning!

Hello! Lucy Harley-McKeown here — gearing up to bring you the business and finance headlines of the day.

Coming up on the diary for today, we have:

Purchasing managers’ indices (PMIs) for manufacturing industries from Japan, Asia, Europe, the UK and USA US monthly car sales

In terms of quarterly results, companies reporting include:

Ryanair (RYA.IR) Berkshire Hathaway (BRK-A) BioNtech (BNTX) Palantir (PLTR) AstraZeneca (AZN.L)

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