FTSE 100 Live: All eyes on the Bank of England interest rate call after US Fed stays firm

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.

Overnight, the Dow, S&P 500, and Nasdaq Composite each gained 1.03 per cent, 0.89 per cent, and 1.25 per cent respectively. Except for healthcare and utilities, most sectors, led by financials and consumer cyclicals, experienced growth. 

Asian stock markets mirrored Wall Street’s gains, responding positively to the Federal Reserve’s rate cut forecast. 

Gold remained at $2,200 per ounce, Brent crude futures stayed steady at $86.48 per barrel, and Bitcoin reached $67,7698. 

Micron’s stocks surged over 12 per cent after reporting its first profitable quarter since 2022, with revenue projections surpassing expectations.  

Social media platform Reddit priced its shares at $34 each ahead of its anticipated debut on the New York Stock Exchange, despite falling short of previous valuations. 

BioNTech and COVID-19 vaccine makers Moderna and Novavax saw declines in US-listed shares due to revenue and earnings drops. 

China’s central bank deputy governor stated that reducing banks’ reserve requirement ratio (RRR) remains an option, emphasizing the bank’s commitment to economic stability. 

New Zealand officially entered a technical recession as GDP contracted by 0.1 per cent in the fourth quarter, driven by weakened retail and wholesale trade sectors. 

Brazil’s central bank reduced its benchmark interest rate by 50 basis points to 10.75 per cent. 

The Bank of England under the spotlight as central bank marathon continues.

The BoE is expected to maintain its interest rate at 5.25 per cent, with investors watching for hints of potential rate cuts.  

This morning, just before the rate decision was announced, the government had borrowed more than expected in February, but borrowing in the financial year was still on track to be its lowest for four years.

Meanwhile, S&P consultancy will release surveys for March in the UK, euro area, and US, alongside various economic reports from the United States. 

Norway and Switzerland are expected to announce their latest rate decisions, likely remaining unchanged.