The FTSE 100 tumbled on Friday after hawkish comments by Federal Reserve officials slashed hopes of a December rate cut and sparked a global equity rout.

London’s leading index was trading down 1.8% at the time of writing, tracking a 1.6% decline in the S&P 500 and a poor overnight session for Asia. The German DAX was down 1.7% with US futures pointing to further losses in US cash trade on the open.

“Investors could be forgiven for thinking that the end of the government shutdown would bring some calm,” said Chris Beauchamp, Chief Market Analyst at IG. 

“Now it looks like we’ve just gone back to fretting about high valuations in tech stocks and the possibility that the Fed will duck the December rate cut. Neither of these things is terminal for the long-term bull market, but stocks at record highs are not best-placed to react well in the short term.”

UK investors also had to contend with more political uncertainty, with reports suggesting Rachel Reeves is now considering scrapping an increase in income tax at the upcoming budget, throwing weeks of interest-rate positioning into the air.

The Labour government promised to provide stability and growth, but has done neither. Indeed, the ongoing malaise in the UK economy is almost entirely down to its policies.

The U-turn on income tax was supposedly down to revised OBR forecasts showing the Chancellor no longer required to take measures to boost HMRC’s intake.

Starmer and Reeves are also on the ropes politically, so there may be an element of trying to please the electorate in the move.

Nonetheless, the bond market’s displeasure was on display, with 10-year gilt yields jumping 10bps to 4.54%. 

It was a bloodbath for UK stocks on Friday. Almost every FTSE 100 stock was trading negatively at the time of writing.

Land Securities was among the top fallers after reporting that underlying profit had fallen and that valuations were under pressure.

“Land Securities’ update this morning claims positive momentum amid a challenging backdrop for UK property. The company has lifted guidance for net rental income growth to 4-5% for the full year, underpinned by strong tenant demand and successful asset management in its prime retail and London office portfolios.

“However, underlying profit fell, reflecting continued asset revaluations and sector volatility. While management’s focus on cost savings and portfolio repositioning is delivering results, market headwinds from high interest rates and cautious investor sentiment should not be overlooked.”

Land Securities shares were down 4% at the time of writing.

Banks were heavily hit, with Barclays losing around 4% and Lloyds losing 3.5%

Traders banked profits in Fresnillo and Endeavour as gold prices tanked on concerns about interest rates. Fresnillo gave up 5.8% and was the FTSE 100’s top faller at the time of writing.

MicroSalt shares jumped on Friday after the low-sodium salt producer significantly raised its revenue projections, driven by strong order momentum from key customers.

The natural salt manufacturer reported unaudited sales of $1.66 million for the 10 months ended 31 October 2025 and now expects to exceed its original full-year revenue target of $2.0 million.

MicroSalt shares were 10% higher at the time of writing.

Major customer breakthrough

The upgrade follows developments with one of the world’s largest food and beverage manufacturers. In addition to a general uptick in volumes, MicroSalt has received its first bulk purchase order for a new product line, to be delivered to a specific retailer within the client’s network.

MicroSalt was confident this would turn into repeat business and anticipates similar orders monthly going forward.

Volume projections for this single product indicate sales exceeding $5.0 million in 2026, expanding to $11.0 million in 2027. Rollout is expected to commence in the second quarter of 2026, with full deployment by mid-year.

MicroSalt’s upgrade to guidance follows its announcement of a strategic relationship with Daiya Foods, from which the company has received an initial $50,000 order, with projected 2026 volumes of approximately $500,000.

Based on current customer commitments and volume estimates, MicroSalt now projects 2026 sales of $7.0 million, rising to more than $15.0 million in 2027.

“Our success in 2025 stems from focused strategic efforts to build a long lived, sustainable organisation that not only delivers healthier foods, but that also delivers top line revenue and investor returns,” said Rick Guiney, CEO of MicroSalt.

“The projections for 2026, 2027 are based upon our existing volume commitments and as we scale, we expect enhanced efficiencies and additional product development to support continued success. 2025 serves as a foundational building block by providing impeccable reference sales that will solidify our position in the market going forward.”

Investors will await further insight on margins going forward, with higher revenues setting the company up to become cash generative in the near term.

The FTSE 100 was firmly in negative territory on Thursday as disappointing updates from 3i and Aviva outweighed positive news from precious metals miner Endeavour.

London’s leading index was down 0.6%at the time of writing.

“The FTSE 100 was held back in its latest attempt to make the 10,000 summit by some shares trading ex-dividend and some poorly received corporate updates,” said AJ Bell investment director Russ Mould.

“This outweighed the tailwind provided by a weaker pound, which flatters the overseas earnings which dominate the index, and saw the FTSE 100 dip slightly in early trading on Thursday. Sterling fell thanks to weaker than expected UK growth figures for September.

“An end to the government shutdown in the US was followed by gains for gold and silver which, in turn, boosted precious metals miners in London.”

Aviva’s result failed to inspire any confidence, and shares slipped 3%.

“Aviva shares dropped around 5% in early trading – a harsh reaction to what looks like a solid set of results. Management raised targets, accelerated timelines, and gave investors a clearer path to buybacks, all while showing good progress on integrating Direct Line,” said Matt Britzman, senior equity analyst, Hargreaves Lansdown.

However, it was 3i Group that was the FTSE 100’s top faller after the private equity group released a disappointing update on its largest portfolio company.

“The fortunes of private equity investor 3i are heavily tied to Action, with the company continuing to increase its stake in the Dutch discount retail chain,” Russ Mould said

“This has largely been a good news story for the group as Action has achieved significant growth in recent years.

“However, today’s numbers were a little short of expectations. The company warning of an uncertain backdrop will raise concerns about the outlook for Action and its wider portfolio.”

Rolls-Royce issued a steady trading statement that pointed to further growth but didn’t do enough to spark an uptick in the stock which has done tremendously well over the past few years. Shares were slightly lower on Thursday.

Although the FTSE 100 painted a gloomy picture on an index level, there were some big individual winners on Thursday.

Endeavour Mining soared around 10% as the gold miner confirmed bumper increases in free cash flow as a result of the higher gold price. EBITDA rose 110% and the group reduced its overall net debt. 

Fresnillo shares rose 4% in sympathy. 

Tekcapital portfolio company Innovative Eyewear Inc. has reported impressive third-quarter results, with net revenue reaching $668,128, a 163% year-over-year increase.

The smart eyewear manufacturer, which produces glasses under the Lucyd, Reebok, Eddie Bauer, and Nautica brands, saw nine-month revenue climb 80% to $1.7 million.

The growth was largely driven by Lucyd Armor smart safety glasses, launched in October 2024. They now represent approximately half of total unit sales.

Speaking on a podcast with UK Investor Magazine in October, CEO Harrison Gross explained that the safety line opened new opportunities in B2B channels that lend themselves to large orders.

The Reebok Powered by Lucyd collection, introduced in April, also contributed to the sales uptick.

Gross profit margins improved significantly to 37% in Q3, up from 23% a year earlier. This 14-percentage-point jump came from lower sourcing costs as the company scales. Year-to-date margins reached 27%, though tariffs impacted Q2 performance.

The company has a decent cash pile, ending the period with $7,998,202 in cash and investments.

“I am very pleased by our impressive sales growth for the quarter and the potential of international growth and expansion,” said Harrison Gross, CEO of Innovative Eyewear.

“We continue our upward trend of outperforming sales each quarter on a year-over-year basis, which we have done every quarter for over two years now. I am also pleased by the improvements in our gross profit margin during the quarter, despite the ongoing headwinds from tariffs. We plan to build on the continued success and momentum of our most popular product lines, Lucyd Armor® smart safety glasses, Lucyd Lyte® and Reebok® Powered by Lucyd smartglasses.

“We are also excited about the potential of international growth and expansion, as we continue to make progress towards building a more globally focused business with significant distribution outside of the U.S. Overall, we believe that we are well positioned to deliver further revenue growth in the fourth quarter of 2025 and beyond. We are confident that our smart eyewear will be a top gifting choice this holiday season, and that our fourth quarter will be the strongest yet.”

Rolls-Royce has announced very respectable trading results for the period up to 31 October 2025, maintaining its full-year guidance of £3.1-3.2bn underlying operating profit and £3.0-3.1bn free cash flow.

With shares up another 100% in 2025, investors will ask if they have further to run. Today’s announcement suggests they probably have.

The company secured significant large-engine orders from IndiGo, Malaysia Airlines, and Avolon, whilst seeing growing demand for the Trent XWB-97-powered Airbus A350F from customers including Air China Cargo and Korean Air. Large engine flying hours grew 8% year-on-year to 109% of 2019 levels.

In defence, Rolls-Royce will supply EJ200 engines for 20 Eurofighter Typhoon aircraft bound for Türkiye, with options for additional orders. The Global Combat Air Programme partnership has also been expanded to accelerate power and propulsion development.

Power Systems experienced strong order intake led by data centre and governmental demand. The company successfully tested its first 100% methanol high-speed marine engine and launched a new fast-start gas generator for data centres, available from 2026.

Rolls-Royce shares were marginally weaker on Thursday, but this was nothing more than minor profit-taking rather than a major concern.

“Rolls-Royce continues to cruise above the clouds, with its third-quarter update showing little sign of turbulence. The group produces aeroplane engines for larger, long-haul planes,” said Aarin Chiekrie, equity analyst, Hargreaves Lansdown.

“Revenue growth this year is being boosted by the upward trend in engine-flying hours, which are now cruising at 109% of pre-pandemic levels. Margins are also improving thanks to contract renegotiation, operational efficiencies, and part upgrades, which are improving the time its engines spend on wing. All of this is helping Rolls-Royce convert the increased flying hours and revenue into profits. 

“The Power Systems division continues to deliver robust revenue growth and strong order intake, fuelled by rising demand for data centre power solutions. As upgrades to grid infrastructure are expected to take years, Rolls-Royce’s on-site power generation systems are well-positioned to benefit from sustained demand over the medium term.

Chiekrie continued to explain that Rolls remains in an enviable position with little threat of competition.

“With high barriers to entry and few credible challengers, Rolls-Royce’s market position is strong,” Chiekrie said.

“The balance sheet is improving, free cash flow remains healthy, and the £1 billion buyback is nearly complete. All full-year guidance has been reiterated, but with a growing track record of overdelivering, don’t be surprised to see numbers to the upside at full-year results.”

GenIP is gearing up for the creation of SaaS model as revenue increases steadily amid the global expansion of its AI-powered analytics services.

GenIP reported revenues of $408,000 for the ten months to 31 October 2025, up from $126,000 in the first half of the year.

The company attributed revenue acceleration in the second half to the delivery of prepaid orders for AI-powered analytical assessments.

Gross margin also improved to 27%, up from 18% in H1 2025. GenIP is pursuing further margin improvements through new contracts and strategic partnerships.

“Since IPO, we have launched Invention Validator, secured strategic partnerships with technology parks and venture studios and expanded leadership in talent services,” said Melissa Cruz, CEO of GenIP.

“Our appointment as Chile’s official Green Tech transfer partner connects us with over 400 organisations, accelerating corporate adoption and international reach.

“These initiatives are driving repeat orders and inbound referrals, and expansion across 25 countries.

“We are consolidating our services and platform under the GenIP.ai brand to create a unified client experience and recurring revenue engine. Automation, data analytics, and proprietary insights will drive margin expansion and validate our model. A SaaS model is the next goal to create a scalable decision-support infrastructure for innovation across academia and industry.”