London shares pointed modestly higher on Thursday morning after Shell topped third-quarter profit expectations and raised its share buybacks. Shell reported adjusted earnings of $10.81 billion for the third quarter, its highest since 2022 and above the $10.33 billion analysts had expected, and lifted its quarterly buyback pace to $5 billion from $3 billion, sending its shares 2.6% higher. The FTSE 100 rose 0.3% in early trading. Because the FTSE 100 is weighted by size, a surprise from a heavyweight like Shell can steer the whole index.

Banks and miners hold up

Lloyds matched forecasts for third-quarter profit before tax, giving the banking sector a second steady result after the budget's bank levy came in less painful than some investors had feared. Miner Glencore said copper output rose 3% in the first nine months of the year, while cautioning that full-year 2026 production should come in toward the low end of its range. Advertising group WPP said its turnaround remains on track.

Consumers and savers feel the squeeze

Consumer health company Haleon trimmed its full-year organic revenue growth outlook, while wealth manager St. James's Place reported weaker net inflows, pointing to pressure in consumer- and savings-linked businesses. Housebuilders had a worse day on Wednesday, sliding after the chancellor's first-time buyer plan landed as underpowered, with limited funding, a slower rollout than expected and higher fees for developers.

London looks relatively sheltered from the American technology sell-off. Shell and Lloyds both reported before the open, so energy and banks — two of the index's heaviest sectors — had their own news to trade on. The bigger tests for the market come later on Thursday, when the European Central Bank announces its rate decision and the United States publishes third-quarter growth and September inflation data within the same hour.

Sources: Reuters, Finimize.