FTSE 100 live: Blue-chip fails to snap two-day losing streak

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.

Wall Street stocks rose and the Dow Jones Industrial Average hit an all-time closing high on Tuesday after US retail sales data supported the Federal Reserve is approaching its easing cycle. 

Overnight, the Dow Jones Industrial Average climbed 1.85 per cent to 40,954.48, while the S&P 500 rose 0.64 per cent to 5,667.2, and the Nasdaq Composite edged up 0.2 per cent to 18,509.34.  

The Russell 2000 marked its fifth straight day of gains over 1 per cent, its longest winning streak since April 2000.  

UnitedHealth Group jumped 6.5 per cent after posting higher-than-expected profits, pushing both the Dow and the S&P 500 Health Care index to record highs.  

Bank of America’s second-quarter profits beat forecasts, with underwriting fees rising due to a revival in capital markets.  

The bank’s positive net interest income outlook lifted its shares by 5.3 per cent. Despite Morgan Stanley’s disappointing wealth management revenue, its shares still rose 0.9 per cent.  

In Asia, Hang Seng futures gained 0.6 per cent, Japan’s Topix increased by 0.5 per cent, and Australia’s S&P/ASX 200 rose 0.2 per cent.  

In commodities, gold remained steady after a nearly 2 per cent rally on Tuesday, hitting a record $2,469.66 per ounce, while West Texas Intermediate oil stayed mostly unchanged following its third consecutive decline on Tuesday.  

Bitcoin prices rose 1.9 per cent to $65,917 per token. 

Today, the newly appointed Prime Minister of Britain, Keir Starmer, will introduce his initial batch of proposed legislation. 

The King’s Speech, a ceremonial event where the government’s agenda is presented by the monarch in parliament, is scheduled for 1030 GMT and is renowned for its formal traditions and ceremonial grandeur. 

New Zealand’s annual inflation dropped to 3.3 per cent from 4.0 per cent in the previous quarter, slightly below the anticipated 3.4 per cent forecasted by economists.  

As a result of this softer inflation data, New Zealand’s stock market saw a boost, with shares hitting their highest level in over two years on Wednesday. 

Donald Trump announced he won’t remove Federal Reserve Chair Jay Powell before his term ends in 2026, easing concerns about potential disruptions in the central bank’s leadership.  

In an interview with Bloomberg on Tuesday, Trump confirmed Powell would serve his full term. 

This morning, before the market opens, investors will be closely watching the UK consumer and producer price data as the Bank of England approaches its next monetary policy decision.  

In China, the Third Plenum is the key event this week, running from Monday to Thursday in Beijing.  

In the US, the second-quarter earnings season is in full swing, with major companies like Netflix and several airlines set to release their reports.  

Additionally, important economic updates are on the horizon, including the European Central Bank’s rate decision, which is expected to stay the same but may provide guidance for the future.