London pre-open: Stocks set to rise as oil prices retreat

26th Oct 2026 07:54

(Sharecast News) - The London market was poised to open higher on Monday, after oil prices came off recent highs as traders remained focused on the ongoing volatility in the Middle East.

The FTSE 100 was called to open around 44 points higher.

Brent crude, which had spiked on Friday amid growing fears that Donald Trump would resume US attacks on Iran after the mid-term elections, was down 1% at $115.19, while West Texas Intermediate was 2% lower at $101.43. The fall came as Qatari officials visited Tehran last week, while Iran was also set to host senior officials from Saudi Arabia, Pakistan and Turkey on Monday, for talks about regional security.

In an interview with Iranian state television, Ali Bagheri Kani, deputy secretary of Iran's Supreme National Security Council, said this week's visit could mark the beginning of efforts to build "a region characterised by stability, calm and progress", although he did not provide any further details.

Closer to home, and traders were looking towards Wednesday's Budget, the first from recently installed prime minister Andy Burnham and his chancellor John Healey. It is widely expected that Healey is set to announce a rise in the full state pension, which could drag around 1m pensioners into paying income tax. To avoid that, the Treasury is set to announce a rise in the tax-free allowance for low-income pensions to £13,036.

In corporate news, technology and services provider Computacenter said it had delivered another stronger‑than‑expected quarter, prompting the group to lift its full‑year guidance after a robust performance across both technology sourcing and services. Computacenter reported an "excellent" third‑quarter showing, with technology sourcing revenues continuing to grow sharply, driven by hyperscale and neocloud demand in North America and the UK. Services revenue also rose year‑on‑year, as solid organic growth in professional services more than offset a decline in managed services.

Man Group announced it was expanding its strategic relationship with Japan's Meiji Yasuda Insurance Company, nearly two years after the partnership was first announced. The insurer will increase its capital commitment to the British firm's investment strategies to ¥200bn (£940m) over the next three years, with a particular focus on private credit. The two will also work together to develop new products for the Japanese market.