Evening Briefing · Monday 2 November 2026
FTSE 100 edges higher as BP and Shell slide with crude
The FTSE 100 closed up 0.29% at 10,761.33, while the domestically focused FTSE 250 gained 1.4%. BP fell 4.4% and Shell 3.3% as oil tumbled; Ryanair rose 3.5%. Sterling firmed to $1.3415. October manufacturing PMI rose to 52.8, a five-month high.
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The split between the indices reflects the war trade reversing: oil majors that buoyed the blue-chip index now drag on it, while airlines and domestic cyclicals benefit from cheaper fuel. The PMI carried a sting, however — S&P Global’s Rob Dobson noted input prices rose at one of the sharpest rates on record, the very pressure the Bank of England is expected to respond to on Thursday.