4:45pm: FTSE finishes Thursday flat
London's blue-chip benchmark ended the day dead level, at 7,722.
3.50pm: FTSE to close in the black
FTSE 100 is set to close in the black again, albeit by only a few points.
The blue-chip index recovered from intraday lows of 7,710 to hit 7,728 as of 3.50pm, bolstered by a bullish opening in the US market.
Nasdaq 100 was trading up 0.2% at 16,941 at the time of writing, with Apple Inc (NASDAQ:AAPL, ETR:APC) leading the charge among the tech megacaps.
There was no UK economic news to speak of today, the second-last-trading day of the year, but tomorrow will bring crucial housing price data from Nationwide.
3.15pm: Bitcoin shows weakness, equities on the front foot
Bitcoin is showing weakness against the US dollar, having dipped 198 basis points this Thursday.
Having penned a stellar year-to-date performance, the world’s largest cryptocurrency has cooled off in the latter half of December, thus putting a cork in any hopes of a late-stage Santa rally.
In the new year, hopes are high for renewed strength of the basis of spot-bitcoin exchange-traded fund approvals and the bitcoin ‘halving’, which will see future supply cut in half.
For now, bitcoin is swapping for £33,361 ($42,601).
On the London equities market, the FTSE 100 staged a late-day recovery to 7,734 after US markets opened on a bullish note.
2.52pm: Nasdaq opens strong, Apple leads Magnificent Seven
As expected, the US Nasdaq 100 index opened 0.4% higher on Thursday, marking another year-to-date high for the tech-heavy index.
Apple Inc (NASDAQ:AAPL, ETR:APC) led the Magnificent Seven with a 0.7% rally after a US appeals court paused a government commission's import ban on some Apple smartwatches following a patent dispute with medical-technology company Masimo.
The iPhone maker’s latest smartwatches can resume being sold in the US following the court ruling.
In London, the FTSE 100 remained in the green by a handful of points at 7,732.
2.37pm: US jobless claims come in hot
The number of Americans filing for unemployment claims came in hotter than expected, with today’s readout for the week ending 23 December counting 218,000 claims against a 210,000 forecast.
Continuing claims rose by 14,000 to a one-month high of 1,875,000, as expected by markets.
A cooling labour market is expected to encourage the dovish faction of the US Federal Reserve to press on with rate cuts in 2024.
Back in London, the FTSE 100 remains 0.12% higher at 7,733.
2.20pm: Small cap mining in 2024: Recovery or bust?
"The old adage that even in the worst of times the best of projects will win through has never been tested more severely." Keen to read Proactive's Alastair Ford's take on the small-cap mining sector's 2024 outlook? Go have a read!
1.40pm: FTSE strikes an afternoon comeback
The FTSE 100 has clawed back lost ground, with the blue-chip index running back up to 7,728 in mid-afternoon trades.
It was as low as 7,710 just before midday.
Top riser among the individual stocks include BAE Systems PLC (LSE:BA.), Pearson PLC (LSE:PSON) and Admiral Group plc.
The recovery comes as US markets prepare to open on the front foot, with traders eyeing up another year-to-date high for the tech-heavy Nasdaq 100 index.
1.35: Oil prices dip
Crude oil futures have dropped to $73 per barrel, continuing the 1.9% decline seen yesterday.
The dip follows a data release showing an increase of 1.84 million barrels in US crude inventories last week, the largest jump in five weeks.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, had this to say earlier this morning: “With Maersk now scheduling tankers resuming their passages via and Suez Canal and the Red Sea, thanks to the reassurance of a US-led maritime force in the region, it’s helped dispel some immediate concerns about supply issues.
“However, tensions remain elevated, with Middle Eastern leaders warning about the conflict widening, with Israel’s border with Lebanon, a worrisome hotspot, following attacks by Hezbollah. So, crude prices are staying largely elevated, especially with the US economy showing signs of resilience, boosting the outlook for global demand."
1.08pm: Nasdaq set to open higher
Nasdaq futures are pointing to a bullish US open this Thursday, with bets on a 40-point surge to 17,154.
This will mark another year-to-date high for the tech-heavy index after already surging by 55%.
Stand-out performances from the Magnificent Seven – i.e. Meta, Apple, Amazon, Microsft, Nvidia, Tesla and Google-parent Alphabet mean the Nasdaq is shaping up for the best year since the 1999 dot-com bubble.
In Europe, the bloc-wide STOXX 600 index is off 0.17% after showing promise in opening trades, while the FTSE 100 is trading flat at 7,720.
12.30pm: Here’s a recap of the risers and fallers on the junior market today
Shares in Corcel PLC (LSE:CRCL) jumped over 17% on as the company reported positive drilling results from its part-owned site in Angola.
Drilling in the TO-14 well, which is part of the onshore KON-11 block, confirmed oil throughout, the company said in an update.
Zanaga Iron Ore Co Ltd (AIM:ZIOC) shares climbed 25% as the company unveiled an initial agreement to power its Republic of Congo project
A memorandum of understanding has been signed with China Machinery Engineering Corporation (CMEC) relating to hydroelectric power solutions for the iron ore project, Zanaga announced.
RegTech Open Project PLC (LSE:RTOP) was up over 24% after securing a major agreement with Eram Capital Partners, a UK-based investment holding company, to implement its Open Orbit Platform across Eram's diverse portfolio of companies.
Shares in Tribe Technology PLC (AIM:TRYB) fell 4% after the manufacturer announced the shipment of its first-generation autonomous TTDS 700 GC drill rig would be delayed.
The FTSE 100 index has slipped into the negative as the afternoon gets underway, trading 0.11% lower at 7,716.
11.15am: London stocks trading flat
London stocks remain indifferent as the morning progresses, with the FTSE 100 lead index trading flat at 7,725.
Proactive’s Josh Lamb has written on Rolls-Royce’s 2024 prospects following an immense year for the British aerospace big cap.
He said: “Since Tufan Erginbilgic took the helm early on in January, things could not have gone better for the FTSE 100-listed manufacturer, with the new boss’s large-scale turnaround plan working wonders in reigniting enthusiasm for the stock.
Indeed, Rolls-Royce is honing in on share price gains of 200% for the year.
What’s more, general consensus is that Rolls-Royce will keep it up in 2024, with the manufacturer having been showered in upgrades by brokers over the past month.”
9.56am: Euro stocks approaching all-time highs
The bloc-wide Stoxx Europe 600 Index stayed the course this morning as it nears the edge of a two-year high.
The index is currently trading at 478.65; a handful of points off an all-time high secured in January 2022.
European stocks are feeding off bullish news emerging from the US, where investors are placing bets on lower interest rates in the first half of 2024.
Hitting a new record may be contingent on a recovery of luxury stocks like LVMH and Hermes; unfortunately, these same stocks are out of favor amid a downturn in discretionary purchases.
Back in London, the FTSE 100 blue-chip index has flipped into the red following a positive start to the day. It was trading at 7,718 as of 9.55am.
9.29am: Bitcoin trades sideways
Bitcoin has failed to emerge from its sideways trade as the year comes to a close, with cryptocurrency investors taking their wins following a surprisingly successful year for digital assets.
BTC/USD has traded between $41,000 and $43,000 for the majority of December, with the pair jumping 200 basis points yesterday before paring half of those gains this morning.
As of 9.30am, bitcoin was swapping for $42,970.
Despite the latter year cool-off, year-to-date gains for the benchmark cryptocurrency are an impressive 160%, marking a return to form following a dire 2022.
Bitcoin bulls were hoping for a final Santa rally pump above $45,000, but this seems unlikely with volumes retreating.
The sum off all outstanding cryptocurrency market capitalisations is $1.69 trillion, with bitcoin’s share of the market slightly above 51%.
9.10am: FTSE 100 off morning highs; Shell signs major deal with QatarEnergy
UK blue chips reversed early morning gains after the first hour of trades, with the FTSE 100 index flipping essentially flat at 7,724 as of 9.10am.
The pound remained in a strong position against the US dollar, despite coming off intraday highs which saw the GBP/USD pair exceeding 1.282 for the first time since August 10.
At the time of writing, the pair was swapping for a flat 1.28.
Company news remains thin on the ground in the second-largest session of the year, though Shell made headlines by signing an 18-million-barrel-a-year deal with state-owned oil group QatarEnergy.
Gold prices were going strong at $2,075.
BAE Systems, Pershing Square and Scottish Mortgage led the individual stock risers.
8.53am: Shell and QatarEnergy ink 18 million-barrel-a-year deal
State-owned oil company QatarEnergy has agreed to supply up to 18 million barrels each year of Qatar Land and Qatar Marine crude oils to Shell, starting in January.
QatarEnergy said in a press release it has made the agreement with Shell International Eastern Trading Company.
Qatar’s minister of state for energy affairs and the President and chief executive of QatarEnergy, stated: “We are delighted to sign our first ever five-year crude sales agreement. This agreement further strengthens QatarEnergy’s relationship with Shell, which is not only a reliable crude oil off-taker, but also a major customer and a strategic partner of QatarEnergy.
“We look forward to building on our historic relationship and hope we achieve greater success with Shell.”
Shell shares were trading 0.3% lower as of 8.50am, while the FTSE 100 was off intraday highs at 7,734.
8.25am: Pounds gains on the greenback
FTSE 100 opened 15 points higher when trading got underway this morning, while the pound was also making headway against the US dollar.
Currently trading above 1.281, the GBP/USD pair is at its highest point since August 10 as the greenback remains under decent selling pressure as Fed interest rate cuts start to be priced in.
Burberry Group PLC (LSE:BRBY) is among the top performers among the UK blue chips, rising 0.6% in early trades, with BAE Systems and Pearson PLC (LSE:PSON)also leafing the charge.
Company news remains thin on the ground in the second-last trading session of the year, with all eyes trained on tomorrow’s housing data.
As it stands the FTSE 100 is 13.6 points higher at 7,738.57.
7.15am: Markets to open on the front foot following bullish Asia and US sessions
The blue-chip index is expected to open 24 points higher when markets open today, following a net positive trading session on Wednesday.
Overnight, the S&P 500 index in the US closed at a new year-to-date high of 4,781, while Japan’s Nikkei index closed lower.
However, a broader reading of Asia-wise shares showed five-month highs, with China and Hong Kong leading the rally, while Australian stocks soared more than 18-month highs on the prospect of lower interest rates.
The economic calendar is empty until tomorrow, when Nationwide housing prices are expected to show a 1.4% year-on-year slump.