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FTSE100 experienced a modest decline following the long weekend, as investors exercised caution amidst concerns surrounding the U.S. debt deal. Advertising firm WPP had a positive day, marking its best performance in over three weeks, thanks to its newly announced partnership with chipmaker Nvidia. WPP Plc, the world's largest advertising group, saw its shares rise by 2.0% after unveiling a collaboration with the US-based chipmaker Nvidia Corp. The partnership aims to develop generative AI-enabled content for digital advertising, which generated optimism among investors and contributed to WPP's strong performance, however, as we head towards the close WPP has given back over 50% of its earlier gains to post 0.78% on the day, as US markets also pullback from earlier highs.

Shares of British engine maker Rolls-Royce have declined by just under 3%, making it the top loser on London's blue chip index. The decline in Rolls-Royce's shares follows the news that India has filed a graft case against the company and BAE Systems for alleged "criminal conspiracy" related to the procurement and licensed manufacturing of 123 advanced jet trainers. According to a federal police document, the case is based on an investigation launched by India's Central Bureau of Investigation (CBI) in 2016. Rolls-Royce has stated that the allegations being investigated were already disclosed in 2017 when the company paid a fine of £497 million ($627.26 million) to Britain's Serious Fraud Office (SFO) to settle a case involving transactions with several countries, including China, India, and Thailand. BAE Systems, on the other hand, has deemed it inappropriate to comment on an ongoing probe. Consequently, shares in BAE have also declined by 0.3%. Rolls-Royce's stock has experienced a significant downturn, down approximately 58% year-to-date, likely reflecting investor concerns regarding the graft case and its potential impact on the company's future prospects.

On the positive side of the ledger is UK retail conglomerate Frasers Group whose shares are trading with gains of 3%+, placing it at the top spot for the day. The retail heavyweight confirmed a partnership with Google cloud consultancy Sada, the partnership is aimed at delivering a doubling in value of cloud investment for Fraser Group retailers.The CIO of Frasers Group confirmed "In order to fulfil our mission of becoming a global player, we needed a provider familiar with the ecosystem and capabilities to help us scale quickly and efficiently. We knew that SADA would fit the bill."

FTSE Bias: Intraday Bullish Above Bearish below 7547

• Below 7540 opens 7483/67
• Primary resistanceis 7805
• Primary objective 7725
• 20 Day VWAP bearish, 5 Day VWAP bearish

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