FTSE 100 live: London shares set to open higher, focus on UK PMIs and US economic 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 slightly dipped, while the S&P 500 edged up. Key sectors within the S&P 500, including energy materials and communication services, showed notable gains.  

In Asia, Tokyo’s Nikkei 225 index surged by 1.7 per cent, accompanied by a decline in the yen. Japan’s Topix index also experienced a significant uptick, while South Korea’s Kospi index rose by 1 per cent.  

Bitcoin increased by 0.6 per cent, reaching $66,100. Gold hit a fresh peak at $2,302 per ounce. 

Exxon Mobil anticipates lower first-quarter operating results due to reduced oil and gas prices and significant losses in fuel derivatives, according to a recent securities filing.  

Top ministers from OPEC and allies decide to maintain current oil supply policies, urging certain countries to increase compliance with output cuts. Consequently, Brent crude prices rise to $89.68 per barrel, and U.S. crude prices reach $85.77 per barrel. 

Federal Reserve chief Jerome Powell said that policymakers widely agree that reducing rates might be necessary “at some point this year.” However, such action will only be taken after ensuring more confidence in inflation gradually decreasing towards the 2 per cent target. 

Investors will closely monitor US Federal Reserve officials’ speech on Thursday, along with the release of significant economic data, including the US non-farm payrolls report the following day.  

In Europe, the spotlight will be on services sector survey results, including the March services Purchasing Managers’ Index for the euro area and similar data for the UK. Additionally, eurozone producer price data for February will be published.