FTSE 100

Key insight

10,659 Sep low is the key bear line — breach opens 10,400. BoE Nov 5 decision is binary: hold stabilises financials; hike hammers banks (-2.1% last week on rate fears).

Holds at 10,706 but intraday dip to 10,667 reveals pressure — rising gilt yields, oil above $94, CPI at 3.1%, and two banks calling BoE Nov hike cap upside.

Main risk

BoE November Rate Hike Risk

Barclays and JP Morgan both call for a Nov 5 hike; financials already fell 2.1% on rate fears — a hike triggers fresh bank sector selling.