FTSE 100 Live: All eyes fixed on US PCE inflation data in a week trimmed by holidays

The latest updates on the FTSE 100 and London’s financial markets from City A.M.’s newsroom in the heart of the City of London.

In Asian markets, Japan’s Nikkei 225 and Topix index experienced slight declines, while Hong Kong’s Hang Seng index saw a modest increase. Mainland China’s CSI 300 index dropped, while South Korea’s Kospi hovered near its two-year high.  

In Australia, the S&P/ASX 200 rebounded from previous losses. The People’s Bank of China stabilized the yuan.

Oil prices surged due to geopolitical tensions, resulting in Brent crude reaching $85.91 per barrel and U.S. crude hitting $81.15 per barrel. 

President Biden secured bipartisan support and signed a $1.2 trillion spending plan to fund the U.S. government, with aims to bolster the economy and national security. 

The Bank of Japan’s meeting minutes reveal optimism regarding inflation, indicating confidence in achieving a 2 per cent inflation rate and potentially leading to a phase-out of stimulus policies. 

This week limited economic data is expected, yet updates on GDP, home sales, and consumer sentiment are eagerly anticipated. 

Investors will closely watch Friday’s release of the US personal consumption expenditures price index to assess the latest inflation trends.

The UK markets will be closed on March 29th and April 1st in observance of Good Friday and Easter Monday, respectively.