FTSE 100 live: Market pushes higher after UK GDP

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.

The UK economy grew by 0.7 per cent between January and March, with stronger growth than the 0.6 per cent previously estimated, the Office for National Statistics has said in revised figures.

The FTSE 100 and FTSE 250 both reacted positively to the update, rising 0.5 per cent in early deals.

US stocks ended the day largely unchanged on Thursday as investors awaited fresh inflation data. 

Overnight, the S&P 500 edged up 0.091 per cent to 5,482.87 points, and the Nasdaq Composite climbed 0.30 per cent to 17,858.68 points. The Dow Jones Industrial Average also saw a slight rise, increasing 0.093 per cent to 39,164.06 points.  

Major tech stocks like Alphabet and Meta Platforms gained strength as US Treasury yields fell, and Amazon.com surged after hitting a $2 trillion market value for the first time on Wednesday. 

Both S&P 500 and Nasdaq futures moved higher, gaining 0.18 per cent and 0.3 per cent, respectively. In Europe, EURO STOXX 50 futures rose 0.12 per cent. While the FTSE 100 ended the day down 0.6 per cent on Thursday, futures indicated a positive start for Friday, rising 0.23 per cent to 8,239.0 points. 

In Asia, Japan’s Nikkei N225 jumped over 1 per cent, recovering some of its previous losses and looking at a 3 per cent monthly gain, boosted by a weak yen and a tech rally. The Topix index rose 0.80 per cent to 2,815.98. South Korea’s KOSPI stayed nearly flat, inching up 0.08 per cent to 2,786.50, and Australia’s S&P/ASX 200 increased 0.76 per cent to 7,818.30. 

The Japanese yen fell to a new 38-year low, crossing 161 against the US dollar. 

In the commodities market, gold dropped 0.14 per cent to $2,324.12 per ounce. Brent crude oil futures rose 0.24 per cent to $86.60 per barrel, while US West Texas Intermediate crude futures went up 0.29 per cent to $81.97 per barrel.