Stocks to open lower this morning following the resignation of Liz Truss and falls in the US and Asia.

FTSE 100 is set to open lower this morning following the political uncertainty as Britain’s prime minister, LIZ Truss, resigned just after 6 weeks in the jobs. Also, following the falls in Asia and US. Spread betting firms are expecting the index to be down by about 40 points.

European bond yields have jumped higher this morning, including those linked with the benchmark 10-year UK gilt due to the turmoil in the UK. The country now faces a contest between ex-finance minister Rishi Sunak, the early favourite, against Penny Mordaunt, Ben Wallace, Suella Braverman and even Boris Johnson.

UK retail sales dropped 1.4% in the month of September, down 6.9% on an annual basis, as consumer lower their spending due to the cost-of-living crisis. But this cannot be a surprise to anyone given rising interest rates and double-digit inflation.  

Over in the US, markets retreated slightly and could fall further in today’s trading session as comments from the Federal Reserve indicated worries about the future of interest rates. Regardless of the recent strong earnings.

Oil prices could edge higher today, hopefully by a boost from signs of stable consumption in the US, the world’s biggest economy, and enthusiasm about a possible increase in energy demand in China. The biggest crude importer, the two form quite a pair.  

Some corporate updates today are due from Deliveroo Holdings PLC, London Stock Exchange Group, Verizon and American Express.

(Sources: investing.com, proactiveinvestors.co.uk, Reuters.com)