FTSE 100 live: Investors mull GDP figures as UK economy back on track

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.

Both the Nasdaq and S&P 500 achieved record-high closes on Wednesday, driven by strong performances from Nvidia and other major Wall Street players. 

The S&P 500 climbed by 1.02 per cent, closing at 5,633.91 points, while the Nasdaq Composite rose by 1.18 per cent to 18,647.45 points.  

The Dow Jones Industrial Average gained 1.09 per cent, ending at 39,721.36 points, and the small-cap Russell 2000 increased by 1.1 per cent. 

Micron Technology, Nvidia, and Advanced Micro Devices saw significant gains. Apple reached a new high, raising its market value to approximately $3.6 trillion. 

S&P 500 futures remained stable, but Nasdaq futures dipped 0.11 per cent during the Asian session following Wall Street’s record gains. 

In Europe, EURO STOXX 50 futures fell by 0.10 per cent. The FTSE 100 ended 0.66 per cent higher on Wednesday, with futures suggesting a positive Thursday session, rising 0.19 per cent to 8,233.0 points. 

In Asia-Pacific, Japan’s Nikkei 225 rose 1 per cent to a record 42,426 points. Taiwan’s TWII reached a new peak, and Australia’s ASX 200 was near its all-time high.  

Hong Kong’s Hang Seng increased by 1 per cent, and China’s blue-chip CSI300 rose by 0.4 per cent, staying close to its recent low from Tuesday. 

In commodities, oil prices edged up on strong US gasoline demand. Brent futures rose by 0.4 per cent to $85.43 a barrel, while US crude increased by 0.5 per cent to $82.47 a barrel.  

Gold inched up by 0.2 per cent to $2,373 an ounce, and bitcoin stabilized around $58,900 after last week’s selloff. 

Federal Reserve Chair Jerome Powell stated Wednesday that the central bank will base interest rate decisions on economic conditions rather than political timing, rebuffing suggestions of a September rate cut ahead of the fall presidential election. 

Chinese stocks surged as regulators tightened rules on short selling. The China Securities Regulatory Commission approved the suspension of securities lending by China Securities Finance Corporation, the leading provider of short trade facilitation, effective immediately, the FT reported. 

The latest RICS survey indicates that the UK housing market remains subdued, but there is optimism for increased sales following the general election and potential drops in mortgage rates. A net balance of +20 suggests a rebound in sales over the next three months, the highest since January 2022. 

Today’s main event will be the monthly update on UK GDP before the London market opens.  

We’ll also get crucial inflation data, with the US consumer price index coming out on Thursday and the producer price index on Friday. 

Additionally, we’ll see June’s German consumer price figures before the London market opens.  

On the business side, Jet2 will release its fiscal 2024 results. 

Meanwhile, corporate news will be busy as Wall Street kicks off the earnings season, starting with reports from Citigroup, JP Morgan, and Wells Fargo on Friday.