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FTSE jumps as investors shake off bond fears

Rachel Millard
·26 min read
London - Chris Ratcliffe/Bloomberg
London - Chris Ratcliffe/Bloomberg

A wave of renewed optimism around the economic recovery sent shares higher on Monday, with Germany’s Dax recording its sharpest jump since early November.

Equities across Europe found their feet in the last hours of trading, as risk appetite and a renewed shift into recovery-focused stocks offset worries about global bond yields. The Dax closed 3.3pc higher. In London, the FTSE 100 lagged behind, but still chalked up gains of 1.3pc, closing at 6,719.13.

Oil, meanwhile, reversed gains that had seen it rise above $70 for the first time in 14 months. An attack on Saudi Arabian oil sites accelerated prices that were already heading up due to US stimulus and ongoing production cuts.

Brent surged to $71.38 after Houthi forces launched missiles and drones against a key Saudi Aramco oil facility at the port of Ras Tanura, along with military targets. The Saudi Arabian authorities said there were no casualties or damage, but the incident underscores the ongoing danger in the region following an attack in September 2019 that disrupted ­supplies.

It came as president Joe Biden got his $1.9 trillion coronavirus recovery stimulus plan through the Senate, further supporting prices that were lifted last week when the Opec+ alliance of oil producing nations agreed to maintain production cuts.

They are keen to avoid a repeat of last April when WTI briefly turned negative due to a supply glut as demand crashed, with traders rushing to try and get oil off their hands before storage space ran out.

“The alliance’s agreement to roll over the existing production cuts was far more conservative than the market expected and traders are still pricing in the stock draws that will follow in coming months,” said Louise Dickson, oil markets analyst at Rystad Energy. “We do not expect the price fever to cool down, in the short term.”

She added: “The heating up of what’s commonly understood as a proxy war between Iran and Saudi Arabia in Yemen is just adding to the bullish oil price fever, as no one knows if any escalation is following.”

However, the oil rally and the US stimulus package also raised jitters about inflation, pushing oil back down and weighing on global equities. By 6pm London time, both Brent crude and WTI reversed their gains, with Brent falling 1.74pc to $68.34 and WTI down 1.71pc to $65.13.

“The only problem is the rise in oil will only add to the key concern which is dogging markets – namely the risk of runaway inflation and a resulting increase in interest rates,” said Russ Mould, AJ Bell investment director.

Meanwhile, sterling continued its recent decline away from the psychologically important $1.40 mark as the US dollar strengthened. The pound was trading at around $1.383 on Monday evening.

06:23 PM

Wrapping up

That is all from us today! Thank you for following along.

Here are some of today's top stories:

Have a good evening - Louis will be back with you in the morning.

06:00 PM

Unicredit slices 2020 bonus pool

Italian lender UniCredit has sliced its 2020 bonus pool for top managers by almost half, with its more than 1,000 top executives included in the so-called "material risk takers" receiving €65m, down from €122m a year earlier.

Senior executives will have a steeper reduction, the bank said on its website. It comes in compliance with a request by regulators to exercise moderation on compensation amid the pandemic.

Incoming chief executive Andrea Orcel, meanwhile, will get the maximum bonus stipulated in his contract this year, without the payout being linked to performance. As of next year, he will get a mixture of performance-based and fixed compensation.

The lender confirmed Mr Orcel won’t get money for forgone deferred payments he would have received from former employer UBS.

05:35 PM

US stocks follow Europe's gains

US stocks are on the up after a mixed start, gaining alongside European equities. It comes despite treasury yields edging higher again, and as investors rotate into firms tied to the economic cycle.

By early afternoon in New York, here's how it stands:

  • S&P 500: +0.9pc. Material producers and financial firms are leading gains, having lagged behind for most of the year.

  • Dow Jones: +1.9pc

  • Nasdaq: -0.4pc. Tech is lagging as traders continue to question if their valuations are too high, as yields move higher.

Overall, investors are more confident on the prospect of a surge in global economic growth as more vaccines are distributed, and as the US heads closer to passing president Biden's $1.9 trillion stimulus package.

Risks associated with rising treasury yields do, however, remain an overhang - there are fears more aid will overheat economic growth.

05:12 PM

Amazon buys $131m of shares in air cargo operator


In more deal announcements, Amazon has spent $131m (£95m) on purchasing about 13.5m shares of air cargo operator Air Transport Services Group, which already operates a portion of the its fast-growing air cargo division.

The online retail giant first had warrants to buy the ATSG shares in 2016, as part of an agreement when it began flying aircraft for Amazon's then-newly formed air cargo unit.

Amazon also acquired roughly 865,000 additional shares through an agreement, though no cash changed hands. The deals are dependent on approval by the US Department of Transportation, ATSG said in a securities filing.

It comes after Jeff Bezos' firm bought 11 Boeing jets in January, in its first aircraft purchases. It is also set to complete work this year on an air cargo hub in Kentucky, Northern America. All indicate its long-term ambitions to expand air freight operations.

Amazon also has warrants to buy shares in Atlas Air Worldwide and Sun Country Airlines, both of which also operate its jets.

04:57 PM

Germany's DAX hits record high

European shares had a bolstering start to the week with Germany's DAX hitting new records, rising 3.3pc to 14,380.91.

The gains were led by Deutsche Bank, which rose to an almost two-year high after the lender announced it would be launching a share buyback program of up to €1bn and would also restart its dividend program ahead of its 2020 results to be announced next month.

London's FTSE 100 trailed slightly behind the rest of Europe but still had a good day, reaching a one-week high.

04:39 PM

Italy's Agnelli family acquires stake in Christian Louboutin

Christian Louboutin
Christian Louboutin

Italy’s Agnelli family has agreed to acquire a 24pc stake in Christian Louboutin for €541m euros (£464m). Its Exor holding company said the family sees growth potential for the brand in China, and in e-commerce. Exor is to nominate two of the French shoe and bag maker's seven board members.

The billionaire family - the founders of Fiat Chrysler - has been diversifying its investments to expand beyond the car industry in recent years, via its investment company. It follows Exor's €80m investment in Chinese luxury brand Shang Xia, in December.

The Agnelli family own 53pc of Exor through a separate holding firm named after the Fiat founder, Giovanni Agnelli. It also controls Ferrari and Juventus Football Club, among others.

Christian Louboutin, founded in 1991 and famed for its red soles, operates 150 stores in 30 countries.

04:03 PM

M&S doubles up overseas web offering

Marks & Spencer has almost doubled the number of countries in which it will sell its clothes and homeware as it seeks to capitalise on the boom in online shopping.

My colleague Laura Onita reports:

The retailer, which is pushing ahead with its latest turnaround attempt, launched 46 new websites in countries including Argentina, Fiji, Nepal and Uzbekistan.

It will now have a digital presence in more than 100 markets allowing millions of customers to buy items such as its bestselling Sienna Straight Leg jeans.

The move comes after the chain vowed to make a radical break with the past under the slogan “never the same again” almost a year ago. Insiders have said they do not want the company to return to the “old system” pre-pandemic, when only a fraction of the retailer's clothes were sold over the internet and none of its food.

03:39 PM

Car-purchase slowdown hurt Direct Line profits

A slump in new car purchases during lockdown helped drive average insurance premiums and profits lower at insurer Direct Line.

My colleague Michael O’Dwyer reports:

Sales of new cars, which command higher insurance premiums, fell almost 30pc last year while the closure of driving test centres prevented younger drivers, who pay higher premiums, from taking to the roads.

Penny James, chief executive of Direct Line, predicted that the combined effect of lower car sales and fewer new drivers would unwind as the economy reopens. Rebates for customers driving fewer miles contributed to Covid-related initiatives costing £93m.

Rising second hand car prices has made writing off vehicles more expensive, while social distancing has made repairs slower and more costly, Ms James added.

Direct Line was hit with a seven-fold increase in weather-related costs to £43m after heavy flooding early last year and spent £39m on restructuring, including 800 redundancies.

The FTSE 250 insurer reported an 11.4pc drop in pre-tax profit to £451m and a 1.2pc drop in the number of policies to 14.6 million. It announced a share buyback worth up to £100m and is handing £350 worth of shares each of its 10,800 employees.

03:37 PM


Apologies – the headline on my previous post should of course say *session* high.

03:36 PM

European stocks hit session high

With sentiment across the pond slowly improving during the day, European stocks are now at session highs – although the FTSE 100 is still dragging its feet somewhat.

Bloomberg TV - Bloomberg TV
Bloomberg TV - Bloomberg TV

03:32 PM

OBR hearing with MPs begins

Representatives from the Office for Budget Responsibility are speaking to MPs on the Treasury Select Committee now:

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03:12 PM

More details…

The collapse of Greensill has been reported by the FT, which says:

Lawyers for Greensill appeared before a UK court on Monday in a move that potentially paves the way for the US investor Apollo Global Management to buy some parts of the ailing finance group’s business.

Apollo, which has been in talks with the company for several days, could then finalise a deal to take over some parts of Greensill Capital, potentially within days, said one person familiar with the matter.

03:03 PM

Just In: Greensill Capital files for administration

Greensill Capital has filed for administration after lawyers for the company said it has fallen into “severe financial distress” and can no longer pay its debts.

02:51 PM

Deborah Turness returns to ITN as chief executive

Deborah Turness - Monica Schipper/FilmMagic
Deborah Turness - Monica Schipper/FilmMagic

My colleague Ben Woods reports:

The company behind news bulletins for ITV and Channel 4 has recruited Deborah Turness to replace Anna Mallett, who is taking up an international production role at Netflix.

Ms Turness had been overseeing attempts by Comcast to launch a new international news channel called NBC Sky World News but the venture was scrapped last August.

Her appointment comes at a crucial time for ITN as it faces a challenge from GB News, the right-leaning venture spearheaded by broadcasting veteran Andrew Neil.

Ms Turness will be charged with shoring up ITN's finances, which have been hit by coronavirus and a £141m pension deficit.

She rejoins ITN after previously working for the company as a freelancer in her twenties before becoming the Washington bureau producer.

Ms Turness went on to help launch Channel 5 News and became editor of ITV News in 2004.

02:38 PM

Wall Street opens mixed

Wall Street
Wall Street

US stocks started the week mixed as as the US Senate's passage of a $1.9 trillion stimulus bill put fresh pressure on bonds and tech stocks with lofty valuations.

  • S&P 500 -0.2pc

  • Dow Jones +0.3pc

  • Nasdaq -0.1pc

02:15 PM

Frankfurt school places left empty as bankers stay in the City post-Brexit


Major banks that reserved spots at international schools in Frankfurt have not taken them up after a post-Brexit exodus from the City failed to materialise.

My colleague Lucy Burton reports:

Senior staff at three international schools in Frankfurt told Financial News they had not experienced a Brexit-related influx despite a surge of enquiries leading up to Brexit as lenders prepared to move London bankers to the continent.

The number of no-shows come amid hopes in the sector that a deal might be agreed that will allow City bankers to stay put. Concerns about moving abroad during a pandemic will also have complicated plans.

However, the headteacher at one of the Frankfurt schools told Financial News that regulators frustrated by the slow pace of relocations were unlikely to let banks get away with "the light version" and expected them to soon step in.

Big banks such as JP Morgan, which has already moved a first wave of staff to Frankfurt and plans to move others to Paris, have long had specialist teams advising staff being relocated on areas such as housing and schools.

The financial services sector has been a key battleground ever since the Brexit vote, with rival EU cities such as Paris and Frankfurt ramping up efforts to attract bankers from the City amid the back and forth.

01:42 PM

Brent gains ease

The price of oil has gently declined during today’s session, hovering just about $69 a barrel currently. It spiked overnight following an attack on Saudi facilities, and has be raised in recent days after Opec and its allies did not ascent to an output hike:

01:10 PM

Apollo to take over Athene in $11bn deal

Apollo Global Management has agreed to buy annuity provider Athene in a a deal worth around $11bn.

Bloomberg has more details:

The deal is expected to close in January 2022, the companies said Monday in a statement. Apollo was already the annuity seller’s biggest shareholder, with the firm and related entities owning a 35pc stake.

It’s a move that combines two businesses providing products and services in high demand -- investment returns and retirement income, the firms said in the statement. It is “substantially accretive,” more than doubling Apollo’s reported earnings last year, they said.

Apollo established Athene in 2009 and built it into one of the top fixed-annuity providers in the US. In 2016, the insurance firm raised just over $1 billion in an initial public offering. Athene has become an essential fixture in Apollo’s financial apparatus, and private equity rivals have since sought to build up their own insurance businesses.

12:43 PM

Phoenix predicts M&A surge

The boss Phoenix Group signalled the life insurer could be ready for another takeover splurge as the company reported that it generated a record £1.7bn of cash in 2020.

My colleague Michael O’Dwyer reports:

Andy Briggs, chief executive of the FTSE 100 company, said the outlook for mergers and acquisitions (M&A) is attractive and that the pace of dealmaking is likely to pick up.

The company raised its full year dividend for 2020 by 1pc but Mr Briggs said that “plan A” for the company is to build up a war chest to take advantage of opportunities after the pandemic dented the balance sheets of some insurers.

Phoenix has grown through a series of mergers, including its £3.3bn swoop for ReAssure from Swiss Re, which completed last year. It announced on Monday that it expects to generate more than £1bn of savings by combining ReAssure with its existing business, an increase of £250m on previous projections.

The company is now sitting on more than £1bn and is aiming to generate another £4.4bn in cash by the end of 2023 meaning it may not need to tap shareholders to help fund further deals. Mr Briggs said: “We absolutely have the financial firepower ... and we also have the capacity to do further M&A.”

12:29 PM

Market moves

Just past noon, the FTSE 100 is still trading pretty flat, despite gains elsewhere in Europe. The blue-chip index is pretty evenly split between risers and fallers.

12:10 PM

Full report: Bailey see ‘light at the end of the tunnel’

My colleague Tom Rees has a full report on this morning’s speech by Andrew Bailey. He writes:

Mr Bailey said the Bank will need “more evidence” than usual of persistent price pressures before acting on policy as he struck a tone of cautious optimism on the economic outlook.

“If I had to summarise the diagnosis, it’s positive but with large doses of cautionary realism,” he told a Resolution Foundation event.

“The rate of new Covid infections is declining and the vaccine programme is a huge achievement. There is light at the end of the tunnel.”

11:48 AM

Clarksons dips as losses grow

Clarksons posted a bigger loss during 2020 amid significantly disruptions in global trade, but maintained its dividend.

The FTSE 250 shipping services group posted a loss before tax of £16.4m, versus 2019’s £200,000 loss. Revenues held steady, dipping slightly from £363m to £358.2m.

Chief executive Andi Case said:

2020 could never be described as business as usual, with disruption in demand and global trade, significant volatility in commodity prices and a massive shift in the working environment.

It board declared a total dividend of 79p per share, versus 78p per share for the previous year.

In full-year results, the company said 2020 had been the “most globally disruptive and challenging time in living memory”, saying its resilient results were testament to its “robust business model”.

Clarksons warned the outlook remains “uncertain”, but said it was confident that shipping would benefit from pent-up demand when things return to normal.

11:26 AM

Domino’s sells Swedish unit

Domino’s Pizza has reached an agreement to sell its Swedish operations to a vehicle controlled by Birgir Bieltvedt, the indirect owner of the pizza delivery group’s Norwegian franchise.

As part of the deal, FTSE 250-listed Domino’s will pay €2bn to Mr Bieltvedt’s company, the catchily-named Eyja fjárfestingafélag III EHF.

Domino’s operates 14 stores in Sweden, which posted an underlying operating loss of £4m for the year to the end of 2019.

Citi’s Natasha Brilliant said:

We believe the market was expecting a deal similar to the one announced today… We believe the market was expecting a deal similar to the one announced today.

11:04 AM

IWG signs major deal with Japan’s NTT – FT

Flexible office company IWG has signed up its biggest-ever customer as part of a push towards hybrid working post-pandemic, the FT reports.

The paper says:

IWG has secured a deal with Japanese telecommunications group Nippon Telegraph and Telephone to provide access to its global network of offices for NTT’s 300,000 employees.

With a number of staff surveys showing a desire for more hybrid working in the future, flexible office companies such as the UK-listed IWG and rival WeWork are pitching themselves as a convenient middle-ground between fixed offices and homeworking.

10:45 AM

Jersey regulator attacks Woodford re-launch plans

Jersey's financial regulator has attacked Neil Woodford's attempt to restart his career with the launch of an investment firm on the island, saying it will not be used as a "back door" in his comeback bid.

My colleague Daniel Grote reports:

Mr Woodford, whose fund management business collapsed in 2019, unveiled plans for the launch of a new Jersey-based investment firm, Woodford Capital Management Partners, in an exclusive interview with The Telegraph last month.

But the Jersey Financial Services Commission, which has yet to receive an application approval from WCM Partners, told the Financial Times the island would not be treated as a “soft touch”.

“Anyone who gets off the plane thinking Jersey is a soft touch has wasted the price of the ticket,” said Martin Moloney of the the JFSC. “Jersey is not the place to come if you are trying to get around UK regulation, or any other regulation for that matter” he said.

10:13 AM

Bailey: Economy faces two-sided risks over recovery

Andrew Bailey - Eddie Mulholland
Andrew Bailey - Eddie Mulholland

Bank of England Governor Andrew Bailey has warned the economy faces “two-sided” risks, cautioning the the outlook on the recovery from the pandemic is negatively tilted.

In a speech today, Mr Bailey said there is a “light at the end of the tunnel”, but warned of challenges ahead.

Here are some key points:

  • Mr Bailey said inflation expectations are relatively stable

  • He repeated that the BoE is preparing for negative rates, but said that is not a signal of intent to use them

  • He said the Bank’s quantitative easing programme is set to wind up at the end of 2021.

Here’s more on inflation, which has been one of the hottest topics in recent weeks. Threadneedle Street has predicted price growth will remain pretty steady in the coming years:

Mr Bailey said:

This guidance is a recognition of the scale of the shock, the high level of uncertainty and the risks around the Covid recovery, which are still on balance distributed on the downside, though less so as time goes by. It is deliberately state contingent, in other words it sets out that there is a burden of proof we will need on the sustainability of the recovery.

But it does not deviate from the usual medium-term nominal anchor, the 2pc inflation target. And in this context it is encouraging that measures of inflation expectations have remained relatively stable in the UK, despite the seismic shocks and unprecedented policy response we’ve experienced over the past year.

  • Read his speech in full here

09:41 AM

Money round-up

Here are some of the day’s top stories from the Telegraph Money team:

09:20 AM

London Stock Exchange Group extends losses as Citi slams ‘poor’ disclosure

London Stock Exchange Group is once again the FTSE 100’s biggest faller, extending recent losses after Citi slammed the bourse operator’s full-year earnings release as “poor”.

Analysts led by Andrew Coombs wrote:

Despite trawling through the latest reports and prospectus, we are still disappointed by the lack of disclosure by LSEG. Most notably, there is no segmental cost breakdown, we do not have quarterly adjusted figures for primary vs secondary equities, and the data & analytics income does not include a split of income between terminal & data feeds.

There is also a lack of detail on cost split, non-underlying items and finance income. We are also yet to see a FY20 balance sheet and cash flow statement on the new reporting basis. We therefore have to make a number of wide-ranging assumptions.

On Friday, LSEG plunged about 14pc after high cost expectations related to its merger with Refinitiv raised eyebrows in the City. As my colleague Simon Foy reported:

Capital expenditure is set to come in at £850m in 2021, with £150m of associated operating costs, the group said.

It came as chief executive David Schwimmer warned that the integration of data company Refinitiv will lead to job losses. He said the group is “working towards cost synergies” and reducing "overlap", but declined to specify how many roles will be axed.

09:04 AM

Pound dip slightly on dollar strength

The pound has fallen slightly today, amid a widespread strengthening of the dollar on low risk appetite. Sterling may also come under pressure after Andrew Bailey’s speech on the economic outlook, due later today.

08:56 AM

German industrial production falls

German industrial production dropped 2.5pc in January, versus a 0.4pc decline anticipated by economists.

The figure suggest Germany’s manufacturing sector – the backbone of its recent economic resilience – came under pressure at the start of the year amid extended lockdowns.

ING’s Carsten Brzeski said:

Looking ahead, it currently looks unlikely that the cyclical swings in industrial production, construction and exports will save the entire economy again from falling into contraction in the first quarter. Even if the current picture is mixed. With production expectations in the manufacturing sector surging and order books still improving, the prospects of industrial production remain positive.

08:34 AM

Deliveroo pledges rider payouts at listing

Deliveroo has formally kicked off the process of going public this morning, announcing that it will pay its some of its riders up to £10,000 each and its intention to create a fund to support restaurants that have been hit by the coronavirus pandemic.

My colleague James Cook reports:

As well as publishing its expected intention to float, the company also revealed its 2020 financial performance.

The food delivery business saw £4.1bn in transactions processed during 2020, up from £2.5bn in 2019. Losses for 2020 came in at £223.7m, the company said, narrowed from £317m in 2019.

Elsewhere, financial technology start-up Starling Bank has announced a major new £272m funding round which brings its valuation to £1.1bn.

08:22 AM

FTSE opens higher

The FTSE 100 opened moderately higher, holding gains around 0.5pc.

08:00 AM

Pearson plans to axe office spaces as it restructures

Pearson will slash a significant amount of its office space as part of wide-ranging restructuring of the business.

My colleague Simon Foy reports:

The educational publisher became the latest FTSE 100 company to ditch large swathes of its property portfolio as it adapts to a more permanent shift to home working.

The restructuring of its corporate offices into a smaller footprint will cost £140m this year.

“As we change the way we work, we will simplify our property portfolio and occupy a significantly smaller square footage which will be fully technology enabled supporting collaboration and creativity,” it said.

It came as the company unveiled plans to shake up the business under new boss Andy Bird, creating five new divisions: virtual learning; higher education; English language learning; workforce skills and assessment; and qualifications.

07:52 AM

BT: Du Plessis showed ‘strong leadership’

BT has offered a somewhat belated response to reports last week that chief executive Philip Jansen issued an ultimatum that led to the exit of of chair Jan du Plessis, amid frustrations over the pace of change at the group.

As my colleague Ben Woods reported on Friday:

Mr Jansen threatened to resign after a series of disagreements disrupted his working relationship with Jan du Plessis, City sources said.

Instead, earlier this week Mr du Plessis quit after only four years as chairman, leaving the BT board seeking new leadership at a crucial moment as it prepares to plough at least £12bn into a nationwide “full fibre” broadband upgrade.

The future ownership structure of Openreach - BT's most valuable asset – was debated for months before the board decided it was too soon to bring in an outside shareholder.

In a statement this morning, the FTSE 100 group said:

The chairman throughout his tenure has demonstrated strong leadership of the company, been extremely supportive of management and any suggestion that he has impeded the transformation of BT is without foundation.

There has been no misalignment between the Board and executive management over the company’s strategy.

07:01 AM

Agenda: Oil hits 14-month high

Good morning. The oil price jumped above $70 a barrel for the first time in 14 months Saudi Arabia said the world’s largest crude terminal was attacked. Brent crude jumped 5pc to $70.50.

The kingdom said a storage tank at Ras Tanura in the country’s Gulf coast was targeted on Sunday by a drone from the sea. The terminal is capable of exporting roughly 6.5 million barrels a day – nearly 7pc of oil demand.

Meanwhile the FTSE 100 is set to start the week in the red as concerns over rising bond yields linger.

5 things to start your day

1) Gloomy output news for January will see economy contract by 11pc: The UK recovery will suffer its biggest setback since last April this week as the impact of the nation’s third lockdown crushes growth.

2) Confidence in service industry at 12-month high: BDO said as restaurants and shops had been given “a much needed shot of relief” by the vaccine roll-out at they prepare to re-open this Spring.

3) Linking gilts to inflation ‘may save billions’ on rescue funding: Consultant LCP claims that the UK is “missing a trick” on how it finances borrowing plans by relying heavily on fixed-rate gilts, rather than opting for inflation-linked debt.

4) Monzo backer raises £45m to fund new wave of start-ups: Passion Capital is looking for sectors that haven’t yet had their ‘Monzo moment’.

5) How A-listers are driving the hugely speculative investment craze of Spacs: The celebrity-led special purpose acquisition company fad could be heading to Britain next.

What happened overnight

Asian shares were mixed on Monday, as some indexes were lifted by hopes for a gradual global recovery after the US economic relief package passed the Senate over the weekend.

Japan's benchmark Nikkei 225 was up 0.2pc in early trading at 28,926.03. Australia's S&P/ASX 200 jumped nearly 1.0pc to 6,776.00, while South Korea's Kospi shed 0.2pc to 3,020.40. Hong Kong's Hang Seng fell 1.2pc to 3,020.40, while the Shanghai Composite fell 0.5pc to 3,483.92.

Although shares mostly rose at first, some benchmarks slipped when players sold to lock in profits.

Coming up today

Corporate: Clarkson, Direct Line, Pearson, Phoenix, Senior (Full-year results)

Economics: Andrew Bailey gives speech on economic outlook (UK), industrial production (Germany and Spain)