Home Business FTSE 100 LIVE: FTSE leads way as UK and EU markets soar

FTSE 100 LIVE: FTSE leads way as UK and EU markets soar

Investors concerns over Washington and Beijing tensions overcame hopes for more stimulus, after the United Sates ordered the closure of China’s consulate in Houston amid accusations of spying. China said the order was an “unprecedented escalation” by Washington, and a source said Beijing was considering shutting the US consulate in Wuhan in retaliation.

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After ticking higher earlier in the morning session, MSCI’s broadest index of Asian shares ex-Japan was last down 0.3%, weighed down by slumping Chinese stocks.

The Shanghai benchmark dropped 1.67% following four days of gains.

Australian shares were flat and Hong Kong’s Hang Seng index reversed earlier gains to lose 0.08%.

Hopes for another round of US stimulus and strong corporate earnings boosted Wall Street overnight.

The Dow Jones Industrial Average rose 0.62%, the S&P 500 gained 0.57% and the Nasdaq Composite added 0.24%.

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1.35pm update: FTSE rises again

As of 12.45pm todaty the FTSE-100 index was up 39.33 at 6246.43.

This figures comes after the stock markets evened out this morning.

US dollar hit four month low (Image: PA)

1.20pm update: US dollar hits four-month low

The US dollar hit four-month lows against other currencies.

China’s yuan partially recovered losses from an earlier slide, as investors took a wait-and-see approach to tensions between the two countries.

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This comes after the US gave China until Friday to close its consulate in Houston following allegations of spying.

The escalating tension between the two largest economies sent the yuan on its sharpest slide in nearly two months this week.

Viraj Patel, FX and global macro strategist at Arkera, said: “Investors will likely equate further action (not just rhetoric) to an escalation in tensions and that could dent risk appetite more broadly if dollar/yuan moves back above the 7 handle.”

1pm update: EU markets on the up

European markets have soared today, following FTSE’s promising morning.

Euronext 100, CAC 40, DAX and Swiss Market Index have all enjoyed productive starts to the day.

Euronext is up 0.51%, CAC 0.50%, DAX 0.55% and Swiss Market Index 0.10%.

FTSE is up 0.54%.

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Asian shares slipped today amid investors worries over rising tensions between the US and China (Image: GETTY)

12.00pm update: FTSE evens out

FTSE has plateaud after a dramatic open this morning.

After rising from 6,207 to 6,273 this morning, the index has dropped slightly.

It now sits at 6,244 – still a comfortable increase on open.

9.30am update: FTSE continues morning surge

FTSE has continued to climb this morning after a strong open.

After rising from 6,207 to 6,237 on open, the index has now hit 6,273.

9.00am update: Promising start to day for FTSE

The FTSE has enjoyed a promising start to the day, surging after a weak close yesterday.

FTSE has leapt from 6,207 on open to 6,237 as of 9am today.

It follows similarly strong opens in European markets.

More to follow…

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