FTSE 100 live: London markets open slightly up ahead of US inflation data, Fed meeting minutes

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 Dow Jones Industrial Average dipped marginally to 38,883.67, while the S&P 500 inched up to 5,209.91, and the Nasdaq Composite rose to 16,306.64. Real estate led gains in the S&P 500, while financials faced setbacks.  

Cryptocurrency stocks declined, with Coinbase Global and MicroStrategy dropping by 5.5 per cent and 4.8 per cent respectively. Moderna surged by 6.2 per cent on positive vaccine trial news, and Alphabet Inc. saw a 1.1 per cent increase.  

In Asian markets, the Nikkei dipped slightly by 0.3 per cent, while Hong Kong’s Hang Seng Index rose by 2.0 per cent.  

The dollar index slipped to 104.12, US crude edged up to $85.31 a barrel, and Brent crude remained stable at $89.47 per barrel. Gold prices saw a slight rise, trading at $2,352.21 per ounce. 

Boeing encounters fresh challenges as a whistleblower voices safety apprehensions regarding the manufacturing process of certain planes to US regulators. Engineer Sam Salehpour alleges that Boeing compromised in constructing its 787 and 777 jets.   Boeing’s stock dipped almost two per cent after the FAA initiated an investigation. 

Fitch revised China’s outlook to negative, citing concerns over public finances. Despite the downgrade, Fitch maintains China’s IDR rating at ‘A+’. 

Britain’s cost of living challenges exhibit a positive shift, as indicated by the Financial Conduct Authority’s survey.

Investors await the March US Consumer Price Index (CPI) report, due later today. Analysts forecast headline inflation to increase to 3.4 per cent from February’s 3.2 per cent, while core CPI, excluding food and oil prices, is expected to dip slightly to 3.7 per cent from 3.8 per cent. 

First-quarter earnings season begins this week, with major financial players like JPMorgan, Citi, State Street, Wells Fargo, and BlackRock set to disclose their financial results on Friday. Additionally, the European Central Bank’s monetary policy meeting is on the horizon.

In the UK, Britain’s biggest retailer Tesco had its results out this morning.