FTSE 100 live: Blue-chip set to extend negative streak for sixth consecutive day

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.

US stocks had a mixed performance, with the Dow Jones down 0.55 per cent, the S&P 500 slightly up by 0.02 per cent, and the Nasdaq Composite rising 0.59 per cent.  

Tech stocks led gains in the S&P 500, while healthcare and industrial sectors saw declines. 

In Asia, US stock index futures remained stable. Most tech groups, except Tesla, ended the day on a positive note. Nvidia’s strong performance boosted chip stocks, pushing the semiconductor index up by 1.9 per cent. 

Apple shares rose on increased iPhone sales in China but later declined. GameStop shares surged after a capital raise announcement. Hess shareholders approved a merger with Chevron, boosting shares. 

Australia’s ASX 200 dropped 1.2 per cent post-inflation data. Japanese stocks saw declines due to mixed signals from the Bank of Japan, affecting the Nikkei 225 and TOPIX indexes.  

South Korea’s KOSPI also fell, while Indian markets hinted at a negative start. Hong Kong’s Hang Seng slid on tech stock profit-taking, while Chinese stocks rose, supported by the property market.  

Gold prices dipped as investors reconsidered Fed rate cut expectations, awaiting key US inflation data. 

Oil prices rose as traders expected ongoing production cuts by major producers before an upcoming meeting, coinciding with peak summer demand.  

Brent crude for July increased to $84.41 per barrel, and US West Texas Intermediate for July rose to $80.14 per barrel.  

Analysts anticipate OPEC+ to maintain voluntary production cuts of about 2.2 million barrels per day. 

Australia grappled with surging inflation in April, with the consumer price index (CPI) hitting 3.6 per cent, exceeding the 3.4 per cent forecast. Economists said the Reserve Bank of Australia may refrain from cutting interest rates this year, and there’s even speculation of rate hikes due to persistent inflation. 

The IMF raised China’s growth forecast for this year but urged a review of certain industrial policies. GDP growth projections for 2024 and 2025 were upgraded to five per cent and 4.5 per cent respectively, thanks to robust first-quarter growth and recent stimulus efforts to counter property market challenges. 

This week’s economic highlights include revised US first-quarter GDP figures and India’s fourth-quarter GDP figures. The core PCE price index, the US Fed’s preferred inflation measure, will also be released.  

Fed presidents Christopher Williams and Raphael Bostic will speak, alongside the Federal Reserve’s Beige Book release.  

GfK will publish Germany’s June consumer confidence survey, and the euro area’s April M3 money supply figures will be announced.  

No major economic reports are expected from the UK, apart from the board of Royal Mail owner IDS accepting a a bumper new £5.2bn offer from Daniel Kretinsky’s EP Group, which could see the historic UK firm transferred to private foreign ownership.