Stocks to slide after tech bruised in Asia

Welcome back to City AM‘s FTSE 100 liveblog.

It’s Tuesday morning and London’s blue-chip index is set to come under pressure following a retreat in Asian stocks overnight.

Indices turned red in Asia after tech came under fresh scrutiny as investors fretted over AI spending and earnings. “Within ​Asia, Korea and Taiwan equity outflows continue to dominate, given rising concerns around sustainability of the tech cycle,” Bank of America analysts wrote in a ​note.

Meanwhile, the price of oil has stabilised at $105 per barrel with some minor signs of diplomatic progress between the US and Iran and ahead of the US midterm results. Americans will cast their ballot today in a major election for Donald Trump’s presidency.

Should Democrats take control of either houses of Congress, it could have impact on the AI trade, giving the party greater powers over regulation and the ability to trigger investigations that could add momentum to growing public opposition to data centres.

Stick with us for all the latest economic and business news and updates.

Here’s a few of our top headlines this morning: