UK inflation dips to 3.6% despite accelerating food price growth – as it happened

4h ago 15.02 GMT Closing post This morning started off with supportive numbers for chancellor Rachel Reeves, with the annual rate of UK inflation easing to 3.6% in October. That was down from 3.8% a month earlier, and marked the first reduction in five months. Analysts now expect that inflation has peaked, giving Reeves a chance to point to some positive news for consumers – with the easing having been led by a fall in gas and electricity prices. However, households are still facing higher food bills, which has raised some concerns for struggling consumers. Still, it has helped increase expectations of an interest rate cut by the Bank of England in December, with the vote likely hinging on BoE governor Andrew Bailey. With that data out of the way, all eyes have turned to the US where the AI bubble fears will either be calmed or reinforced by Q3 earnings figures released by Nvidia at 9pm GMT this evening. Share

5h ago 14.50 GMT If Nvidia managed to report improved margins when earnings are released at 9pm GMT tonight, that could help calm some nerves. Neil Wilson, UK investor strategist at Saxo Markets, expects Nvidia to report a a 54% jump in earnings at to $1.25 per share, with revenues rising 56% year-on-year to $54.8bn. He says that “deeply correlated stocks” such as Palantir, TSMC, Super Micro, CoreWeave, Nebius, “plus the entire industrial-AI complex” are “on the hook”. Wilson adds: Analysts are sounding upbeat ahead of the report with guidance expected to be strong on continued ramp of the GB300 advanced AI servers and generally insatiable AI demand as hyperscalers continue to bolster capex. The bar is set very high but the stock is now in correction territory having slid over 10% in November and has crossed below its 50-day SMA, as is Microsoft and Tesla. Share

5h ago 14.33 GMT US stocks edge higher as investors steel themselves for make-or-break Nvidia results Wall Street is open for trading and it’s a relatively positive start: Dow opens flat at 46,093.39 points

S&P 500 opens 0.06% higher a