FTSE 100 Live: Stocks to slide after tech bruised in Asia; oil stabilises

Good morning, City AM has commenced its liveblog of the FTSE 100. The blue-chip index is expected to face downward pressure this Tuesday morning following sharp declines in Asian stocks overnight. Asian indices closed in the red earlier as investors grew increasingly concerned over the sustainability of the tech cycle, particularly in light of heightened scrutiny on AI spending and earnings.

Bank of America analysts have noted that outflows from Korea and Taiwan equities continue to be a major factor, driven by rising concerns about the long-term viability of the tech sector.

Meanwhile, the price of oil has managed to stabilise at $105 per barrel in recent hours. The stabilization is attributed to some promising diplomatic progress between the United States and Iran. This development comes on the same day as the United States will hold its crucial midterm elections, with Donald Trump's presidency on the line.

If Democrats manage to secure control of either house of Congress, it could potentially impact the AI trade landscape and lead to increased regulatory powers for the party. This, in turn, may generate momentum for the growing public opposition to data centers.

In other noteworthy headlines today, Anthropic's growth has slowed ahead of its highly anticipated IPO as the AI spending bill nears a staggering $900 billion. The Commonwealth Games have generated £223 million for Scotland, contributing to the nation's economy. Additionally, the global AI sell-off has begun to ease after a bruising end to the month, and there are rumors that Marks & Spencer may find help in revitalizing its brand with the help of a TikTok star.