FTSE 100 live: London in red as markets gripped by tension from Iran-Israel fued
The daily London market update: Market moving news from the FTSE 100 and around the world from City A.M.
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 S&P 500 closed down by 0.24 per cent at 5,010.19 points, and the Nasdaq Composite dropped 0.52 per cent to 15,601.02. The Dow Jones Industrial Average edged up 0.06 per cent to 37,777.18.
In Asia, stock markets experienced declines, with Japan’s Topix falling by 2.8 per cent and Korea’s Kospi dropping by 3 per cent. Gold prices surged by 1.3 per cent to $2,409.45, while Bitcoin and Ether slid amid reports of escalating Middle East tensions.
Oil prices surged in response to reports of Israeli strikes on Iran, raising concerns about disruptions in Middle East oil supply.
Brent futures rose by 3.04 per cent to $89.74 per barrel, and US West Texas Intermediate climbed by 3.1 per cent to $84.64 per barrel. Investors closely monitor developments following Iranian drone attacks earlier in April.
Late on Thursday, ABC News reported Israeli missile strikes hitting a site in Iran, according to a US official. There were reports of explosions at an airport in Isfahan, Iran, though the cause was initially unknown. Isfahan province houses several Iranian nuclear sites, including Natanz.
Iran’s state TV assured that nuclear sites in Isfahan province remained unharmed. However, an Iranian official clarified to Reuters that there had been no missile attack on Iran.
Federal Reserve officials expressed caution regarding interest rate cuts due to the economy’s strength. New York Fed President John Williams, along with other policymakers, advocated for patience, suggesting potential rate cuts next year.
Japan’s core inflation slowed in March, with the nationwide core consumer price index rising 2.6 per cent from the previous year. This marks the first dip below 3 per cent since November 2022.
Investors are eagerly awaiting the release of UK March Retail Sales data and speeches by BoE’s Ramsden and Breeden later on Friday for further market insights.
