FTSE 100 live: UK gears up for the general election
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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.
US stocks closed at new record highs, marking the second consecutive day of gains in a shortened trading session ahead of the July 4th holiday.
The S&P 500 increased by 0.51 per cent, closing at 5,537.02 points, while the Nasdaq Composite rose 0.88 per cent to 18,188.30. In contrast, the Dow Jones Industrial Average slipped 0.07 per cent to end at 39,308.00.
US financial markets will be closed on Thursday for the July 4 holiday.
In Europe, futures for the EURO STOXX 50 declined by 0.12 per cent, and the FTSE 100, which went up 0.6 per cent on Wednesday, indicated a slight increase of 0.07 per cent in futures to 8,211.0 points on Thursday.
Over in Asia, Japan’s Nikkei N225 climbed 0.4 per cent, approaching its peak from March, while the broader Topix index hit record highs. South Korea’s Kospi rose 0.6 per cent, moving past a 2,800-point threshold last reached in January of 2022.
Hong Kong’s Hang Seng rose 0.2 per cent and Chinese blue-chip CSI 300 traded nearly flat.
The dollar index, measuring the greenback against a basket of other currencies, stayed flat at 105.28 after briefly hitting its lowest point since June 13 at 105.04 on Wednesday.
The dip in the dollar boosted commodities, with gold rising to $2,358 an ounce from $2,318 at the start of the week.
Oil prices saw a minor decrease after a significant drop in US crude stockpiles suggested stronger demand as the driving season begins. Brent crude went down 31 cents to $87.03 a barrel, and US crude fell 33 cents to $83.55 a barrel.
Sir Keir Starmer is expected to lead Labour to a significant victory in Thursday’s elections, potentially delivering one of the Conservative party’s largest defeats under Rishi Sunak.
Polls suggest Starmer could secure a House of Commons majority exceeding 200 seats, surpassing Sir Tony Blair’s majority of 179 seats in 1997.
Federal Reserve officials, as revealed in the minutes from their June meeting published on Wednesday, underscored their cautious stance on cutting interest rates. They emphasized the requirement for more evidence of inflation slowing down before any rate adjustments could be considered.
Japanese companies gave their biggest wage hikes in thirty years this year due to labour shortages and inflation, Japan’s largest union reported. Rengo’s survey found average monthly pay rose 5.10% this fiscal year, with larger firms increasing wages by 5.19% and smaller firms by 4.45%.
On Thursday, all eyes will be on the UK election results, with most analysts predicting a decisive win for Labour after a long time out of power.
There are no major economic releases scheduled in the UK, and US markets will be closed for the July 4 holiday.
Meanwhile, Germany’s finance ministry will release factory orders data for May. Investors are also keenly anticipating the June Non-farm payrolls report, set to be released on Friday.
The UK is gearing up to go to the polls tomorrow. You can follow our live election coverage here.