FTSE 100 live: London hits yearly high as it slowly nears record

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.

UK GDP grew 0.1 per cent in February as the economy continues to bounce back from the shallow recession recorded last year.

Overnight, the Dow Jones Industrial Average saw a marginal decrease of 0.01 per cent, settling at 38,459.08 points. Meanwhile, the S&P 500 experienced a notable uptick of 0.74 per cent, reaching 5,199.06 points, with the technology sector leading gains. 

The Nasdaq Composite surged by 1.68 per cent to 16,442.20 points, with the FANG+ index particularly shining with a gain of 2.6 per cent. 

In Asia, market sentiment was subdued as investors deliberated over the Federal Reserve’s stance on interest rates amidst uncertainties in the US inflation outlook.  

Japan’s stock markets initially mirrored the upward trajectory seen in the US, resulting in a 0.6 per cent surge in the Topix and a 0.5 per cent increase in the Nikkei 225. 

Other Asian markets faced minor setbacks, with South Korea’s KOSPI slipping by 0.56 per cent and Singapore’s Straits Times Index dipping by 0.2 per cent.  

Hong Kong experienced the most substantial losses, with the Hang Seng index plummeting by 1.6 per cent due to pressure from property shares. Mainland China’s blue-chip index, the CSI300, remained relatively stable. 

The yen continued its weakening trend against the dollar, dropping by 0.15 per cent to ¥153.04. Conversely, the dollar index surged to 105.26, its highest level since November 14, with a weekly increase of 0.95 per cent. 

As the first quarter earnings season begins today, major companies like JPMorgan, Citi, and BlackRock are set to unveil their financial performance.