UK shares were expected to open higher on Wednesday, supported by improving manufacturing activity and stronger factory data across Europe.
FTSE 100 futures moved into positive territory after the UK Manufacturing PMI reached 52.8 in October, its strongest reading in more than two years. Manufacturing surveys in Germany and the eurozone also indicated improving activity, providing further support for expectations of stronger regional demand.
Several companies were in focus ahead of the opening bell. Shell agreed to sell its 16.67% interest in Australia’s North West Shelf LNG project for approximately US$1.45bn, while Babcock International secured a £600m contract to upgrade Devonport’s 10 Dock facility.
Among the biggest early movers, ACG Metals gained 16.55% following its proposed US$220m acquisition of Blue Moon Norway. International Workplace Group advanced 8.57% after reporting stronger quarterly revenue, while Drax rose 6.61% following news of a potential £20bn AI data centre partnership in Yorkshire.
Marks & Spencer also outlined plans to expand its food retail operations in the UAE, with five new Foodhalls planned over the next 12 months.
Attention now turns to the Bank of England’s interest rate decision on Thursday, alongside further UK corporate results and economic data.
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