London stocks rose in early trading on Wednesday 11 November, with the FTSE 100 climbing 0.8% to 10,832.78 by 0840 GMT as miners paced the gains on firmer metals prices. The FTSE 250 added 0.43% to 24,853.15.

The rally repaired some of the damage from Tuesday, when the blue-chip index gave back its early gains to close 0.3% lower at 10,751.59 after hotter-than-expected US inflation figures raised expectations that the Federal Reserve could lift interest rates again in December. Futures had pointed to a rise of around 55 points, or 0.5%, to 10,805.49 at the opening bell.

Miners lead as copper and silver rebound

Heavily weighted miners were the strongest performers on the FTSE 100 as copper prices advanced and silver rebounded. Antofagasta rose 4.17% to 3,362p, Anglo American gained 2.72% to 3,919p and Glencore added 2.11% to 517.20p. Precious metals miner Fresnillo climbed 2.27% to 2,552p.

Susannah Streeter, chief investment strategist at Wealth Club, said the Footsie had opened on the front foot after a strong start by mining stocks following a rebound in silver prices in particular. Oil shares also rose, with BP and Shell both higher as Brent crude ticked up again amid uncertainty around Middle East peace talks.

Brent crude was 0.6% higher at $92.02 a barrel in morning trading, while US West Texas Intermediate rose 0.3% to $86.29.

Taylor Wimpey and ITV fall after updates

Housebuilder Taylor Wimpey was the sharpest faller among London's larger stocks, sliding 4.25% to 79.44p after warning that full-year adjusted operating profit would land towards the bottom end of consensus. Analysts are forecasting earnings of between £262 million and £299 million, according to a company-compiled consensus.

The group said a softer autumn selling season and higher interest rates, which have reduced mortgage affordability, lay behind the downgrade. It now expects to complete around 10,500 homes in 2026, down from previous guidance of 10,600 to 10,800. Fellow housebuilder Barratt Redrow fell 1.37% to 324.30p.

Broadcaster ITV tumbled 4.34% to 64.90p after reporting that group revenue dipped 1% in the nine months to the end of September, with advertising revenue down 8% in the third quarter. The company cautioned that total advertising revenue for its television and streaming business would fall by between 5% and 10% in the fourth quarter, and by around 2% to 3% for the full year.

Industrial group Spirax moved the other way, rising 2.86% to 7,600p after expressing confidence in achieving its full-year guidance and reporting that organic sales growth and adjusted operating profit margin for the 10 months to the end of October were in line with expectations and ahead of the first half.

Confidence improves as investors look past US inflation

Sentiment was helped by fresh evidence that UK business confidence strengthened in October, according to the latest S&P Global business outlook survey, with expectations for activity, profitability and employment all improving. The net balance of companies anticipating increased business activity rose to 35% from 26% in June, driven mainly by a recovery in services, where expectations climbed to 34% from 24%. Manufacturing confidence edged higher to 39% from 38%.

Sterling strengthened modestly to $1.3333 against the US dollar, compared with $1.3323 at Tuesday's London close, and advanced to €1.1956 against the euro from €1.1949.

The positive mood in London contrasted with overnight weakness on Wall Street, where the Dow Jones Industrial Average declined 0.3%, the S&P 500 lost 0.4% and the Nasdaq Composite fell 0.7%. Asian markets were mixed, with Japan's Nikkei 225 rising 1.3% and China's Shanghai Composite gaining 0.5%, while Hong Kong's Hang Seng declined 0.8%.

Investors were also watching diplomatic efforts to end the war in Ukraine, after US Secretary of State Marco Rubio called for Britain and other European countries to take part in negotiations, and Ukrainian President Volodymyr Zelensky said negotiators in US-led talks in Abu Dhabi were working towards a potentially significant prisoner exchange. Attention will now turn to whether the FTSE 100 can hold its early gains, alongside European inflation data, UK corporate trading updates and further developments in the Ukraine peace talks.