- FTSE 100 closes 4 points lower
- Nasdaq and S&P 500 lower, but Dow Jones firmer
- Halifax reports first fall in annual house prices since 2012
4.45pm: FTSE flat
At the close, the UK's main index finished 4 points lower at 7,624 points.
A surprise hike from the Bank of Canada and rising oil prices have revived the spectre of tightening policy plus high interest rates, hitting stocks once again, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
"In a week devoid of heavyweight events the decisions from the RBA and BoC have commanded more attention than usual, particularly since they act as a prelude to the big movers of the Fed, ECB and BoJ next week," Beauchamp wrote.
“The sight of central banks moving rates higher again comes as oil prices have perked up this afternoon. This combination has proved to be dangerous for stocks over the past eighteen months. With the drivers of the recent bounce in tech looking overextended, it seems that the sellers will have the upper hand for the time being.”
3.55pm: Barclays studying options
Barclays is reportedly studying options for its global payments activities as a part of broader review into how it allocates resources, according to Reuters.
Citing people familiar with the matter, the newswire said Barclays has been sounding out consultants to analyse whether some of its payments businesses should be expanded or combined with other providers through a merger or joint venture.
The review, which is in its early stages and may not result in any change to the structure, will include the activities that issue bank cards and those that offer payment services for merchants, Reuters noted.
Barclays has already engaged at least one major consultancy firm and may hire others to split assignments. Reuters cited a source as saying that the payments study comes as Barclays had also drafted Boston Consulting Group to conduct a strategy review of the entire banking group.
3.45pm: Watch the Looney
The Canadian dollar jumped to one-month highs on Wednesday after the Bank of Canada raised interest rates by 25 basis points to 4.75%, confounding expectations for there to be no change.
However, Michael Hewson, chief market analyst at CMC Markets UK, noted that the odds of a Canadian hike were higher given that recent data had been stronger, and the fact that the Royal Bankl of Australia hiked earlier this week.
The Bank of Canada also tweaked its guidance about the need for further rate hikes, giving themselves more flexibility if, and when they decide to look at a pause.
Meanwhile, the US dollar was slipping back across the board as traders’ price in the likelihood of fewer rate hikes from the Federal Reserve going forward than amongst its peers.
And the pound was continuing to find support from more likely interest rate hikes from the Bank of England due to stickier inflation expectations.
3.30pm: Dull US trade picture
The US trade deficit jumped by 23.0% to $74.6 billion in April, its highest level in eight years as imports of goods rebounded while exports of energy products declined, the Commerce Department reported on Wednesday.
That was the sharpest percentage increase since March 2015 and raised the deficit to the highest level in six months, a trend that could drag on US economic growth in the second quarter.
Data for March was revised to show the trade gap narrowing to $60.6 billion instead of $64.2 billion as previously reported. The government revised the goods trade data from 2018 while the trade services figures were revised from 2017.
Goods imports rose by 2.0% to $263.2 billion in April, boosted by motor vehicles, parts and engines. There were also increases in imports of industrial supplies and materials, though petroleum imports fell to the lowest level since August 2021.
Exports of goods plunged 5.3%, the most in three years, to $167.1 billion, the lowest level since February 2022, led by a sharp decline in exports of industrial supplies and materials, mostly crude oil and fuel oil.
3.10pm: Crude wanted
Oil prices moved higher on Wednesday afternoon as Saudi Arabia's surprise pledge to deepen output cuts last weekend outweighed weak Chinese export data.
UK Brent crude was up 1.0%, at $75.60 a barrel, while US West Texas Intermediate (WTI) rose 1.3%, to $72.68.
Both benchmarks jumped higher on Monday after the Saudi decision to reduce output by 1 million barrels per day (bpd) to 9 million bpd in July.
But prices eased after Chinese data on Wednesday showed exports shrank by more than expected in May and imports fell, albeit at a slower pace, as manufacturers struggled to find demand abroad and domestic consumption remained sluggish.
Wednesday's data also showed that crude oil imports into China, the world's largest oil importer, rose to their third-highest monthly level in May as refiners built up inventories.
The Organisation for Economic Cooperation and Development (OECD) said on Wednesday that the world economy is set to grow 2.7% this year, up from its previous forecast of 2.6% in March.
2.50pm: Focus further out
The FTSE 100 held its modest gains as US blue chips started little changed on Wednesday, marking time after recent gains ahead of the Federal Reserve’s next interest rate decision on June 14, with limited market-moving data expected in the next few days.
Around 20 minutes after the New York open, the Dow Jones Industrial Average (DJIA) was up 34 points, 0.1% at 33,608, although those for the broader S&P 500 index rose 0.3%, and the tech-laden Nasdaq Composite added 0.6%.
The US benchmarks were moving higher even after a major Tuesday rally, headlined by the S&P 500's highest close of 2023. That's a great sign, according to Adam Sarhan, CEO of 50 Park Investments.
“The fact that it refuses to fall to me is extremely bullish,” Sarhan said. “Normally, after a big run-up, you see a market pullback, and when the market doesn’t pull back and goes sideways, that to me is very bullish.”
2.30pm: Wait for UBS
UBS said it has delayed the publication of its second-quarter results until August 31, Reuters reported.
Switzerland's largest bank, which is currently completing its takeover of rival Credit Suisse had originally planned to report its earnings on July 25.
UBS was considering delaying its quarterly results at least until the end of August, as the Swiss banking giant deals with complexities over its takeover, the Financial Times reported on Sunday.
2.15pm: Drugs are working
AstraZeneca presented significant new data at a recent global cancer conference, the American Society of Clinical Oncology (ASCO), that further underpins its investment case, according to analysts at City broker Shore Capital.
In a note that repeated a 'buy' recommendation and £130 price target for shares in the Anglo-Swedish pharma giant, ShoreCap's analysts said they were particularly impressed with data showing that AstraZeneca drug Tagrisso, when used after surgery in the early stages of a common type of lung cancer, can potentially halve the patient's risk of dying, compared to traditional chemotherapy.
They also noted the promising data from a trial named DUO-O. This is studying the benefits of combining three existing cancer drugs: Lynparza, Imfinzi, and Avastin. The preliminary findings suggest that this combination could significantly slow down the progression of ovarian cancer in newly diagnosed patients. The implications of these findings could be significant - at present, only around half of ovarian cancer patients are eligible for Lynparza treatment.
While ASCO has been a major platform for AstraZeneca this year, the ShoreCap analysts believe that the most important moment for the company in 2023 will be the announcement of the top-line data from another trial, TROPION-Lung01, later this month.
AstraZeneca shares, up 15% in the last year, were trading sideways on Wednesday, up just 0.1% as they changed hands for £118.44
1.30pm: A look at some of today’s movers
Risers
888 Holdings - up 27% to 101.9p: The gaming operator surged after an investment vehicle backed by several UK gambling industry veterans revealed a more than 6.5% stake in the owner of William Hill. The stake is under the name of FS Gaming Investments, according to regulatory filings, which is registered in Delaware in the US and is led by Lee Feldman and Kenny Alexander, respectively the former chair and chief executive of gambling company GVC Holdings, which is now known as Entain.
Drumz - up 12% to 8.4p: Shares surged after it confirmed the company’s name change to Acuity RM Group following its acquisition of Acuity Risk Management Limited on 24 April. The group’s website address will also change, effective from 8 June.
Fallers
IOG - down 40% to 3.9p: Shares crashed after it revealed a potential mechanical blockage downhole found during well clean-up and testing operations at the Blythe H2 well in Saturn Banks project in the UK Southern North Sea, which continued to be below the initial gas flow rate.
1.00pm: Lacklustre start expected in the US
US stocks are likely to open little changed on Wednesday as equities mark time ahead of the Federal Reserve’s interest rate decision on June 14, with limited market-moving data expected in the next few days.
Futures for the Dow Jones Industrial Average (DJIA) declined marginally in pre-market trading, while those for the broader S&P 500 index rose less than 0.1% and contracts for the Nasdaq-100 were flat.
The main US indices ended mostly higher on Tuesday, reversing early losses, with the S&P 500 continuing to flirt with bull market levels, closing 0.2% higher at 4,284 points. The Nasdaq Composite gained 0.4% to 13,276 while the DJIA finished flat at 33,573.
“Markets are generally swimming slightly against the tide this week, with the S&P 500 (+0.22%) still not quite able to break out into bull market territory that it crossed intra-day on Monday,” commented Deutsche Bank’s Jim Reid.
“Having said that, the index did just about close at a high for 2023 so the momentum is still there to some degree. In a week of limited data and a Fed blackout there have been a few stories swirling around in the background that have dampened sentiment without reversing it.
"That has included geopolitical risks, weak data releases, as well as growing scepticism that the Fed would end up cutting rates this year," Reid added.
Traders seem squarely positioned ahead of next week when the latest inflation data becomes available before the Federal Reserve announces its latest interest rate decision, interactive investor’s Richard Hunter noted.
“Inflation is likely to have cooled once more in May, although core prices could remain higher than the Fed would like in its ongoing battle to strangle inflation.
“The current consensus has now very much swayed to an expectation that the Fed will pause hiking next week, with the possibility of a rise in July now being an even bet. In the meantime, markets could fall into something of a holding pattern ahead of these releases which will dictate shorter-term price movements," Hunter said.
Back in London, and the FTSE100 is up 10 points at 7,638.
12.55pm: Rabobank thinks higher rates could hit growth, denting pound
Rabobank senior FX strategist Jane Foley thinks sterling will struggle to hold recent gains which have seen it regain its position as the best performing G10 currency in the year.
Foley pointed out recent gains have followed a stepping up in expectations regarding the extent of BoE rate hikes this cycle, a function of particularly persistent inflationary pressures in the UK.
But she explained higher rates suggest that the full array of economic risks connected with weak growth and recession have risen.
Foley said the risk for the pound is that further progressive rate hikes from the Bank significantly undermine the recently improved growth outlook
Fears of recession have the potential to overwhelm the positive currency impact of higher short-term interest rates, she felt.
“On the assumption that UK economic data will show increased signs of stress in Q3, and given also our view that the USD will remain well supported in the coming months, we expect that cable will struggle to hold its recent gains,” Foley said.
On the view that the ‘higher for longer’ interest rate story is set to support the US dollar into the third quarter, “we see scope for cable to edge lower to GBP/US$1.22 on a 3 month view.”
12.33pm: Heathrow faces Summer of strikes
Thousands of security staff at London’s Heathrow airport are due to strike on some of the busiest dates in the summer in a continuing pay dispute with the hub’s owners.
Unite, the union representing the 2,000 staff involved, said the 31 days of strike action will include most weekends between June 24 and the end of August.
Staff at Terminal Three, which serves airlines such as Virgin Atlantic, Emirates and Qatar Airways, will join two groups of workers who have participated in a previous series of strikes over pay. The airport had offered a 10.1% pay rise.
Unite described it as "a major escalation" in its pay dispute with the airport.
Heathrow said passengers could “rest assured” the airport would seek to minimise disruption.
A spokesperson said: "Unite has already tried and failed to disrupt the airport with unnecessary strikes on some of our busiest days and we continue to build our plans to protect journeys during any future action.
"The simple fact remains that the majority of colleagues do not support Unite's strikes. There is a two-year inflation-beating pay rise ready for colleagues, if only Unite would allow them to have a say".
12.20pm: Receiver AlixPartners seizes control of Barclay family’s Telegraph shares - The Times
The Times has reported that AlixPartners has seized control of shares owned by the Barclay family in Telegraph Media Group (TMG) and The Spectator magazine.
The restructuring and advisory group has been appointed as receiver to B.UK, a Bermudan-based holding company that ultimately controls shares in TMG, the owner of the Daily and Sunday Telegraph, the Times understands.
B.UK also ultimately controls Spectator (1828) Limited, via May Corporation, the Jersey-based owner of The Spectator magazine.
Meanwhile, Sky is reporting a group of banks including the Wall Street behemoths Goldman Sachs (NYSE:GS) and JP Morgan are vying for the prized mandate to sell the papers.
11.52am: IQE falls after sudden exit of FD
Shares in IQE PLC (AIM:IQE), the supplier of semiconductor wafer products and advanced material solutions, fell 5% after announcing that Tim Pullen, Chief Financial Officer, has stepped down with effect from June 6.
Neil Rummings, who joined the group in April 2017, will assume the role as acting CFO with immediate effect while IQE commences a search for a permanent CFO, the company said.
Pullen joined IQE as CFO in February 2019, having left the same position at Arm Holdings.
Americo Lemos, Chief Executive Officer of IQE, commented: "I want to thank Tim for his many contributions to IQE. He has been a strong CFO and partner and has created the financial foundation to enable our next phase of growth."
11.36am: FTSE outperforms European peers
European markets have slipped after data showed that industrial production in Germany, the eurozone’s largest economy rose 0.3% in April, rebounding from the previous month’s contraction but missing expectations of a 0.6% increase.
The Dax was trading down 0.4% in Frankfurt, while in Paris the Cac 40 was 0.3% lower.
ING Economics said the rebound was too weak to bring any substantial relief.
“WIthout any significant pick up in activity, the German economy's recession could continue in the second quarter,” economists at ING said.
Back in London, and the FTSE 100 is up 5 points.
11.04am: UK's CAA opens consultation on Gatwick's price plan
The UK Civil Aviation Authority has opened a consultation on a new four-year economic regulation plan for Gatwick Airport that would put a stricter limit on the prices that London's second-busiest airport can charge to the airlines that use it.
As part of its new set of "commitments" to the CAA, Gatwick proposed a cap on prices at the UK consumer prices index inflation minus one percentage point for the first two years of the plan, from April 2025 through March 2027. For the next two years, April 2027 to March 2029, the cap would be CPI inflation.
In the current four-year plan, the cap is UK retail prices index inflation.
In April, UK CPI inflation was running at 8.7% annually, while RPI inflation was higher at 11.4%. RPI includes mortgage interest payments so is influenced by changes in UK house prices.
The UK aviation and aerospace regulator is now seeking views from the industry on the proposals, which form the basis of the UK Civil Aviation Authority’s regulation of Gatwick Airport.
Meanwhile, the FTSE is stuck in a tight trading range, around opening levels.
10.35am: Lloyds looks to auction off Telegraph titles, threatens administration - reports
Lloyds Banking Group PLC (LSE:LLOY) is lining up bankers to launch a £600mln auction of the Telegraph newspapers and The Spectator magazine within days amid a bitter row with the titles' long-standing owners, according to Sky.
Britain's biggest high street lender is being advised by Lazard on its options for some of Britain's best-known media assets, Sky said.
The report said Lloyds planned to appoint another large investment bank to kick off an immediate process to sell the Daily and Sunday Telegraph titles.
That would kickstart one of the most hotly contested media auctions in Britain for years and would formally end the Barclay family's nearly two-decade ownership of the broadsheet newspapers.
The Times reported that Lloyds has threatened to put the owner of the Daily and Sunday Telegraph into administration after the breakdown of talks with the Barclay family, the owner of the newspapers.
A restructuring and advisory group has been lined up as receivers. Sources indicated that insolvency practitioners from the firm could be appointed within days if talks are not resumed and an 11th-hour deal struck.
“It is a well-run, profitable business. There will be a line of people who will want to buy it,” one executive said.
Lloyds inherited a series of loans to the Barclay family after the takeover of Bank of Scotland in the midst of the financial crisis. It is understood that the bank has written down the value of the loans in recent years.
10.00am: Harbour Energy spikes on Talos Energy merger report
Harbour Energy PLC (LSE:HBR) shares firmed around 4% after reports Britain's largest North Sea oil and gas producer is in talks to merge with Gulf of Mexico peer Talos Energy
Reuters has the news, citing four people familiar with the matter.
The report said the move would offer Harbour an opportunity to list in New York after CEO Linda Cook decided to scale back North Sea spending and diversify its operations overseas after Britain imposed a windfall tax on oil and gas producers last year in the wake of a surge in energy prices.
Shares were swapping hands in London at around 250p each, up 4.2%.
9.49am: M&S lifted by Inditex, UBS price target increase
Shares in Marks & Spencer have continued their strong recent run with analysts at UBS raising their share price target to 200p from 120p.
The flagship retailer has seen its share price leap 53% year to date to 193.50p, up a further 3.8% today.
Given the proximity of the current share price to UBS’s revised target, the Swiss bank has kept a hold rating.
Also boosting the mood in the world of retail are well-received results from the owner of Zara, Inditex.
The world’s biggest fashion retailer said its net profit climbed by 54% to €1.17bn in the three months to the end of April while sales grew by 13% to €7.6bn. Shares rose 5.8% in Madrid to €33.65.
Back to M&S, and UBS noted the firm’s good recent results which showed: “Trading, costs and cash all were strong suggesting the transformation efforts are beginning to deliver structural improvements.”
UBS has increased its pre-tax profit forecasts by 30% and 26% for the next two years.
The bank expects further sales growth in its food business with a stable gross margin and contribution from Gist to help food margin rebound.
In Clothing & Home, while UBS expects another year of margin decline given investment in value and FX impact, it sees potential for midterm margin to recover.
UBS expects net debt/EBITDA to fall meaningfully from 2.3x and models a small dividend for the financial year 2024.
9.24am: UK to have highest inflation in developed world this year
Britain will have the highest inflation of any major developed economy this year but should narrowly avoid recession, the Organisation for Economic Co-operation and Development (OECD) has said in its latest set of forecasts.
The Paris-based OECD said that inflation in Britain will be higher in 2023 than nearly any of its other members apart from Argentina and Turkey.
The OECD said the UK's inflation rate should average 6.9% this year, higher than the OECD average and indeed nearly every other country in the developed world.
Save for Argentina and Turkey, no other country in the developed world will have inflation quite as high as the UK this year. Striking chart from @oecd.
Full story: https://t.co/ptqTD4KydO pic.twitter.com/R4xZZNjfoe
— Ed Conway (@EdConwaySky) June 7, 2023
It warned that higher interest rates are likely to dampen economic growth and incomes in the coming months.
The OECD has forecast that global economic growth will slow from 3.3% in 2022 to 2.7% this year, before picking up to 2.9% in 2024.
In its latest outlook released on Wednesday, the organisation said pressure on household budgets from high energy prices was starting to ease, and that business and consumer sentiment were recovering.
8.54am: FTSE edges lower, housebuilders knocked by house price fall
The FTSE 100 remains in negative territory, down 11 points, at 7,616, with housebuilders under pressure from data from Halifax showing the first annual fall in house prices since 2012.
Persimmon PLC (LSE:PSN) fell 1.8%, Berkeley Group Holdings PLC (LSE:BKG) dipped 1.4%, Taylor Wimpey PLC (LSE:TW.) eased 1.3% and Barratt Developments PLC (LSE:BDEV) shed 1.1%. In the FTSE 250, Bellway slipped 2.0% and Redrow PLC (LSE:RDW) 1.2%.
One bright spot are telecoms firms with Vodafone Group PLC (LSE:VOD) up 1.7% and BT Group PLC (LSE:BT.A) up 1.8%.
Reuters reported Vodafone and CK Hutchison are in the final stages of agreeing to merge their British operations, with a long-awaited announcement expected as soon as Friday or early next week, citing three sources.
The structure of the agreed deal is in line with Vodafone's announcement in October, with the British group owning 51% and Hutchison owning 49%, achieved by adjusting the ownership of debt rather than exchanging cash, one of the sources said.
Asos PLC fell 2.0% after The Times reported suppliers to the online retailer have started to sever ties after credit insurers withdrew cover amid concerns over its falling profits.
8.22am: 888 Holdings jumps as betting industry veterans take 6.5% stake
Shares in 888 Holdings PLC (LSE:888) jumped 14% in early exchanges after an investment vehicle backed by several UK gambling industry veterans revealed a more than 6.5% stake in the owner of William Hill.
FS Gaming Investments is led by Lee Feldman and also includes Kenny Alexander, the former chair and chief executive, respectively, of gambling company GVC Holdings, which is now known as Entain.
The vehicle has also received the backing of Shay Segev - Alexander’s successor who oversaw GVC’s takeover of Ladbrokes and the creation of Entain - who ceded his voting rights to the group.
Analysts at Peel Hunt said: “This well-informed group of investors could contribute to finding a new CEO – accelerating the existing strategy and finding new directions for growth.”
“A bid is possible and, if it triggered a refinancing, has the potential to create value by reducing the burden of the debt service cost,” the broker said.
8.15am: FTSE slips after house price figures, 888 Holdings advances
FTSE 100 opened lower on Wednesday after figures showed the first annual fall in house prices in a decade and data showed the recovery in China running out of steam.
At 8.15am, London’s blue chip index was down 16.44 points, or 0.2%, to 7,611.66 while the FTSE 250 fell 20.29 points, or 0.1%, to 19,196.93.
The Halifax said UK house prices fell on an annual basis for the first time since December 2012, hit by rising interest rates.
In its latest health check of the housing market, the mortgage lender said average house price remained flat in May following a 0.4% fall in April, with house prices down 1% when compared to May 2022.
Sarah Coles, head of personal finance, Hargreaves Lansdown said: “All signs are pointing south for the property market. Prices are down in a year, and although they remained flat in May, this is the first month that the Halifax has measured annual falls.”
“Unfortunately for sellers, this reflects the weakness that had crept into the market before the impact of higher rates had been passed onto Halifax customers – which is happening today. It means the pain is unlikely to be over yet.”
In China, exports contracted 7.5% compared with the same period a year earlier, well behind forecasts for a fall of 0.4%.
Susannah Streeter, head of money and markets, Hargreaves Lansdown said: “This is being taken as fresh evidence of China’s bumpy recovery from the pandemic and another sign that the snap back in activity is waning sharply.”
Back in London and 888 Holdings PLC (LSE:888) jumped 14.2% after an investment vehicle backed by several UK gambling industry veterans revealed a more than 6.5% in the owner of William Hill.
The disclosure came after the market close Tuesday.
Peel Hunt said a “bid is possible.”
7.46am: WE Soda confirms float plans
WE Soda, the world's largest producer of natural soda ash, has confirmed plans to list in London after receiving "considerable" interest from potential investors.
Alasdair Warren, CEO of WE Soda, said: "We have received considerable interest from potential investors, giving us the confidence to confirm our intention to undertake an IPO of our Company on the London Stock Exchange."
"The final offer price ... together with the maximum number of shares to be sold in the offer, will be determined following a book-building process," it said in a statement.
The company said it expected to receive indirect net proceeds of around $800mln, which will be used to reduce net debt ($500mln) and for general corporate purposes ($300mln).
WE Soda said in May that the ultimate size of the offering was subject to investor feedback but would represent at least 10% of the group's share capital.
7.34am: House prices show first annual fall since 2012 - Halifax
UK house prices fell on an annual basis for the first time since December 2012, hit by rising interest rates, according to mortgage lender, Halifax.
In its latest health check of the housing market, Halifax said average house price remained flat in May following a 0.4% fall in April, meaning house prices fell by 1% when compared to May 2022.
Instant Info – Halifax UK House Price Index pic.twitter.com/OKByQmKbtI
— BuiltPlace (@BuiltPlace) June 7, 2023
Kim Kinnaird, Director, Halifax Mortgages, said: “Given the effectively flat month, the annual decline largely reflects a comparison with strong house prices this time last year, as the market continued to be buoyant heading into the summer.”
A typical UK property now costs £286,532 (compared to £286,662 in April).
“As expected the brief upturn we saw in the housing market in the first quarter of this year has faded, with the impact of higher interest rates gradually feeding through to household budgets, and in particular those with fixed rate mortgage deals coming to an end,” Kinnaird added.
“With consumer price inflation remaining stubbornly high, markets are pricing in several more rate rises that would take Base Rate above 5% for the first time since the start of 2008. Those expectations have led fixed mortgage rates to start rising again across the market,” she added.
“This will inevitably impact confidence in the housing market as both buyers and sellers adjust their expectations, and latest industry figures for both mortgage approvals and completed transactions show demand is cooling.”
“Therefore further downward pressure on house prices is still expected,” Kinnaird warned.
7.00am: Flat start seen for FTSE 100
The FTSE 100 is expected to make a muted start to proceedings on Wednesday after a mixed showing in New York and as China's exports fell in May for the first time since February.
Spread betting companies are calling London’s lead index up by around 2 points.
Exports in China contracted 7.5% compared with the same period a year earlier, well behind forecasts for a fall of 0.4%.
"Looking towards today's European open, Asia markets have had to digest the latest trade numbers for May from China at a time when there are real concerns that the recovery there is running on fumes," said Michael Hewson at CMC Markets.
On Wall Street, the Dow Jones Industrial Average closed flat at 33,573.28. The S&P 500 rose 10.06 points, or 0.2%, at 4,283.85 and the Nasdaq Composite was up 46.99 points, or 0.4%, at 13,276.42.
In Asia, markets were mixed. The Nikkei 225 index in Tokyo was down 1.5%. In China, the Shanghai Composite was up 0.2%, while the Hang Seng index in Hong Kong was up 1.1%.
Shares of Coinbase fell 12% after the US Securities & Exchange Commission sued the crypto exchange. The SEC alleged the company was operating as an unregistered exchange and broker. Coinbase said it would continue to operate its business as usual during the litigation.
Back in London, and another health check of the UK housing market is due with house price data from lender, Halifax.