UK Stocks Climb Amid Democratic Sweep in US Midterms; Weir Group Plunges

11:48 AM EST, 11/04/2026 (MT Newswires) -- London's FTSE 100 ended Wednesday's trading session 1.86% higher, tracking a global rally, as Democrats swept both chambers of the US Congress in the midterm elections. Rystad Energy said that while US President Donald Trump retains authority over military strikes, naval blockades and sanctions licenses, a unified Democratic Congress following the midterms could make military escalation "considerably more costly." "With both chambers now capable of passing resolutions, holding back war funding and delaying confirmations, the administration faces a shorter political runway and greater institutional pressure to find a Hormuz deal. That is relevant for oil markets because a restoration of flows through the strait is what is ultimately needed for crude supply and product inventories to normalize," said Claudio Galimberti, chief economist at Rystad. In economic news back home, private sector output growth accelerated in October, with both the services and manufacturing industries seeing an increase in business activity. The seasonally adjusted S&P Global UK Composite PMI rose to 52.9 from 52 in September, marking the highest reading since February. "October data highlighted a combination of faster output growth and stronger price pressures across the UK service economy, mirroring the trends in the manufacturing sector," according to S&P Global Market Intelligence Economics Director Tim Moore. "These signals underscore the near-certainty of a Bank of England rate hike in November and collectively raise the likelihood of further Bank of England policy tightening into 2027." In corporate news, Weir Group (WEIR.L) said it is on track to deliver constant-currency revenue growth in line with market expectations for 2026 after reporting an annual rise in third-quarter order intake. The mining technology company is now focused on delivering its "large" aftermarket backlog in the fourth quarter. The stock was the worst performer on the blue-chip index, closing the session 9.51% in the red. On the upside, British retailer Marks and Spencer Group (MKS.L) jumped 6.66% after attributable profit and revenue for the fiscal first half increased year over year. "Results are overall positive - they underline the extraordinary strength of the Food business, show a sales recovery in clothing, but underscore the scale of the task ahead of M&S to fix clothing profitability," Bernstein said.