FTSE surpasses 7,000 after Wall Street rally – live updates
gHello. The FTSE is expected to rise further after a bumpy week which saw markets troubled by fears of rising inflation.
5 things to start your day
1) Alphawave shares plunge into another disastrous London float: The Canadian chipmaker echoes Deliveroo with a huge drop on day one of trading, closing at 343p after valuing shares at 410p.
2) Biden’s crackdown risks halving Ireland’s corporate tax collection: The Irish government estimates that corporate tax revenues will drop by € 2 billion over the next four years if the changes are implemented.
3) Disney Plus growth slows as streaming fatigue hits: The slowdown in subscribers to its internet TV service is a sign that households are shifting their focus from streaming as the pandemic abates.
4) Bitcoin Sinks Under $ 50,000 As Bailey Sounds A New Crypto Warning: The Bank of England will likely need a digital book to protect public confidence in money, Deputy Governor Sir Jon Cunliffe said.
5) BT plans to go to bed with rivals to boost UK broadband: Philip Jansen wants BT to share the financial burden without relinquishing control of his most valuable asset.
What happened overnight
Asian stocks rose on Friday after Wall Street curbed a three-day losing streak with a broad stock rally propelled by big business and tech banks.
Shares of large semiconductor manufacturers led the advance in Asia, where almost all markets opened higher.
Japan’s Nikkei 225 added 1.8 pc to 27,940.90 and Seoul’s Kospi increased 0.7 pc to 3,146.86, thanks to gains from Samsung Electronics and SK Hynix, which gained 1.9 and 1.3 pc after announcing plans to increase their investment in the production and development of chips.
In Hong Kong, the Hang Seng advanced 0.8 pc to 27,941.69. The Shanghai Composite Index gained 1.1 pc to 3,467.62 while the Australian S & P / ASX 200 rose 0.7 pc to 7,033.30.
Business: Sage Group (Temp worker)
Economy: Retail, industrial production (WE)