London pre-open: Stocks to nudge lower; banks in focus
By Michele Maatouk
Date: Friday 16 Oct 2026
(Sharecast News) - London stocks were set to nudge a smidgen lower at the open on Friday following solid gains in the previous session, with banks in focus following reports that chancellor John Healey will raise taxes on the sector in his Budget later this month.
The FTSE 100 was called to open around five points lower.
According to the Guardian, one option being discussed is reversing cuts to the bank surcharge made by Jeremy Hunt, which would raise upwards of £2bn a year. The Guardian said industry figures believe that will probably mean raising the surcharge back to 8% from 3%, to help bolster the government's fiscal headroom.
Meanwhile, senior banking executives told the BBC they expect the sector to be "on the menu" when the chancellor announces his Budget on 28 October.
In corporate news, investment manager Man Group reported a solid rise in assets under management in the third quarter, increasing to $270.9bn as at 30 September from $253.6bn three months earlier, marking continued momentum across both alternatives and long‑only strategies.
Man Group said that it had seen $10.1bn of net inflows over the period, alongside $5.9bn of positive investment performance and a further $1.3bn contribution from other movements.
Elsewhere, it was announced that the chief executive of Ithaca Energy is to step down after two years in the role.
The oil and gas producer, which was promoted to the FTSE 100 in September, said Luciano Vasques intended to retire from the company by 31 March 2027, and that the search for his successor was already underway.
Vasques, 63, joined Ithaca in October 2024, having previously been managing director of Eni UK when Ithaca acquired Eni's UK upstream oil and gas assets.
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