FTSE 100 Live: Car manufacturing returns to growth, SSE £1.5bn interest sale

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Auto output rises despite component failure

UK car production returned to growth in October after 69,524 vehicles left the factory gates, an increase of 7.4%. However, production is still significantly down from pre-Covid levels amid a turbulent supply of components.

SMMT CEO Mike Hawes said: “Getting the industry back on track in 2023 is a priority given the jobs, exports and economic contribution the auto industry is making.

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“British carmakers are doing everything they can to ramp up production of the latest electrified vehicles and help achieve net zero, but more favorable investment conditions are urgently needed.”

He pointed to the industry’s demands for affordable and sustainable energy and the availability of talent as part of a supporting framework for automotive production.

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Pound at $1.21, FTSE 100 seen flat

A quiet session is expected in London as US markets closed for Thanksgiving yesterday and will not reopen for morning trading until later.

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According to the IG index, the FTSE 100 opens 4.8 points lower at 7,461.80, although this will be enough to keep the top flight positive all week.

In contrast to London’s lackluster performance, benchmarks across the continent rose yesterday as Frankfurt’s Dax rose 0.8% to a five-month high and Paris’ CAC 40 hit a seven-month high after rising of 0.4%.

The pound continues to trade at a three-month high above $1.21, while Brent crude is slightly higher this morning at $85.51.

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