FTSE 100 Live: London markets to open higher on heels of global rally

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 climbed 0.68 per cent to 39,781.37 points, with the S&P 500 and Nasdaq Composite posting more modest gains of 0.32 per cent and 0.20 per cent respectively. 

Asian markets followed Wall Street’s upward trend, with record highs in Japan’s Nikkei 225 and Taiwan’s weighted index, despite declines in China and Hong Kong due to yuan depreciation.  

China’s yuan hits a four-month low, with the onshore yuan at 7.23, its lowest since November 17, 2023, and the offshore yuan reaching 7.2525. 

Micron Technology and Nvidia saw significant gains, while Apple’s shares fell 4.1 per cent after facing a lawsuit from the U.S. Department of Justice. FedEx raised its full-year earnings guidance, leading to a 12 per cent after-hours trading surge. Reddit’s debut on the NYSE saw its shares soar by 48 per cent. 

Japan’s core inflation rose by 2.8 per cent annually in February, marking the fastest increase in four months. However, the “core core” index, excluding food and energy prices, slowed to 3.2 per cent. 

GfK’s survey showed a positive shift in British consumers’ outlook on personal finances, increasing from 0 to +2, the first optimistic change in over two years. 

Focus turned to the release of UK retail sales figures for February, which showed sales volumes were flat in February, following an upwardly revised increase of 3.6 per cent in January.

Later today all eyes will be on Federal Reserve Chair Jerome Powell’s speech.