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FTSE 100 Live: The latest news moving markets in London today

A group of Tory peers has called on the FCA to halt its plans to ‘name and shame’ firms under investigation

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 US stock market saw gains across major indices, with Tesla and Apple leading the charge with significant increases. 

The Dow Jones Industrial Average rose by 0.38 per cent, the S&P 500 by 0.32 per cent, and the Nasdaq Composite by 0.35 per cent. The Russell 2000, focusing on smaller firms, also climbed by 0.7 per cent. 

Nine out of eleven S&P 500 sectors rose, led by consumer discretionary, utilities, real estate, materials, and industrials, while communication services and financials fell. 

Tesla shares jumped 15.3 per cent on progress in China’s regulatory approval for its advanced driver-assistance program, its second-biggest market after the US Apple gained 2.5 per cent on reports of renewed talks with OpenAI on using its AI technology.  

Other mega-cap stocks like Alphabet, Meta Platforms, and Microsoft closed lower, but Nvidia recovered from early losses to end higher. 

In Asian markets, Japan’s Nikkei N225 rose by 1.45 per cent after a holiday break, while China’s CSI300 index increased by 0.05 per cent and Hong Kong’s Hang Seng rose by 0.5 per cent.  

In commodities, oil prices fell slightly after ceasefire talks in Cairo, with US crude dropping to $82.51 per barrel and Brent to $88.36. Spot gold also fell to $2,329.37 per ounce. 

The yen stabilized against the dollar on Tuesday after suspected intervention caused a sharp rise. Despite a slight dip to 156.78 per dollar, it bounced back from Monday’s low of 160.245.  

While Japanese officials haven’t confirmed intervention, the market remains watchful, particularly with the Federal Reserve’s upcoming policy review.  

Masato Kanda, Japan’s top currency diplomat, stated authorities were prepared to address foreign exchange matters but refrained from confirming any intervention. 

China experienced a slowdown in both its manufacturing and services sectors in April, indicating a sluggish start to the second quarter for the world’s No. 2 economy. 

UK supermarket non-food prices dropped year-on-year for the first time since 2021, easing overall inflation below one per cent per cent.  

Annual inflation fell to 0.8 per cent from 1.3 per cent in March, the lowest since December 2021. Non-food prices fell by 0.6 per cent in April due to promotions, contrasting with a 0.2 per cent increase in March. 

Financial focus is on the impending US Federal Reserve’s interest rate decision, expected later today. Attention turns to Fed Chair Jay Powell’s post-meeting press conference for insights. 

Economic data includes US employment figures and global PMI comparisons, with potential fluctuations due to midweek holidays. Japan and the EU will release updates on production, employment, and GDP estimates.  

Corporate earnings reports are awaited, notably from Amazon.com, Apple, and others. Annual meetings, like Anglo American’s, are scheduled. 

In the UK, attention shifts to local elections deciding leadership in major cities like London, Birmingham, and Manchester.

In regulatory news, HSBC’s Noel Quinn has quit, while St James’s Place, Whitbread, Metro Bank and Hargreaves Lansdown are all reporting results this morning.