FTSE 100 Live: London markets edge higher as investors await key jobs data

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.

London’s premier index edged higher today despite a sluggish day’s trading in which its lagged below its opening price for much of the day.

Insurer Admiral Group was the fastest riser on the index, jumping 4.86 per cent on its opening price, after analysts at Berenberg ramped up their target price for the firm. Anglo-Chilean miner Antofagasta also helped push the market higher after rising 3.14 per cent.

The FTSE 100 closed the day up 0.12 per cent. The growth comes as investors await for a slew of economic data this week and look for signals over when central bankers may be expecting to cut rates.

“After early enthusiasm was somewhat dampened at the start of the year, no investor wants to get ahead of themselves and there have been plenty of knocks to confidence along the way,” said said AJ Bell head of financial analysis Danni Hewson. “The nerves are palpable, and it’s been no surprise to see some serious treading of water going on today.”

Markets had also been spooked overnight by a slide in US equities last week which dragged Asian markets lower despite some upbeat economic data. Consumer prices in China increased in February for the first time in six months due to Lunar New Year spending.

Meanwhile, Japan’s revised gross domestic product (GDP) for the October-December period showed growth at an annualized rate of 0.4 per cent, according to the Cabinet Office. This growth surpasses the initial prediction of a 0.4 per cet contraction, thus averting a technical recession.

In the UK, the labour market experienced a sharp slowdown in February, according to a survey by the Recruitment and Employment Confederation (REC) and KPMG. The report said permanent staff hiring decreased significantly, and billings for temporary staff declined at the fastest rate since July 2020.