FTSE 100 live: London muted amid quiet calendar as all eyes on US inflation 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.

Overnight, the Dow Jones Industrial Average saw a slight decrease of 0.03 per cent, while the S&P 500 declined marginally by 0.04 per cent. Conversely, the Nasdaq Composite showed a modest uptick of 0.03 per cent.  

Among the S&P 500 sectors, six ended lower, with energy stocks bearing the brunt, while real estate witnessed notable gains. Cryptocurrency-related stocks like Coinbase Global and MicroStrategy also performed well. 

Tesla’s shares surged by 4.9 per cent following CEO Elon Musk’s announcement of plans for a self-driving Robotaxi. 

In Asian markets, Hong Kong’s stock market led gains with a 1.1 per cent rise. However, mainland China’s CSI 300 remained relatively unchanged, dropping by 0.3 per cent.  

Oil prices rose as hopes for a Middle East ceasefire faded. Brent crude reached $90.57 per barrel, while US WTI crude rose to $86.57. Production cuts and geopolitical tensions are fuelling investor optimism. 

Most Asian currencies weakened against the dollar, including the Japanese yen and the offshore Chinese yuan.  

Precious metals, particularly gold, continued their upward trajectory, hovering just below a record high of $2,342 reached on Monday, with spot gold witnessing an impressive nearly 14 per cent increase in value since the beginning of the year. 

The price of silver reached its highest point since the middle of 2021. Additionally, platinum has also seen a significant increase in value. 

Futures traders are less optimistic about Federal Reserve interest rate cuts for 2024, now projecting a reduction of around 60 basis points for the year, down from 150 basis points at the start of 2024, Reuters reported.

Boosted by an early Easter, UK retail sales saw the largest increase since August. March saw a 3.5 per cent rise compared to the previous year, signalling a slight return to growth amidst easing inflation pressures. 

Investors await the March US Consumer Price Index (CPI) report, due Wednesday. Economists 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 set to announce results. Additionally, the European Central Bank’s monetary policy meeting is on the horizon.