FTSE struggles as England reopens – live updates 

FTSE struggles as England reopens – live updates 


Good morning.  The FTSE 100 has opened lower as England begins to reopen, with non-essential retail, hospitality and gyms welcoming customers back. 

In corporate news, cybersecurity firm Darktrace has announced plans to list in London, a boost for the market after Deliveroo’s recent flop. 

5 things to start your day 

1) Britain’s back in business as recovery gathers pace: Economy set to bounce back with key indicators pointing to hiring spree and a surge in confidence.

2) Citymapper courts businesses for its transport data: Citymapper has set up a new Enterprise website to attract businesses with its wealth of transport insights 

3) Traders warn of pound turmoil ahead of Scotland vote: British stocks set to suffer if Nicola Sturgeon wins landslide majority in next month’s Holyrood election.

4) Bonmarche jobs at risk: Administrators at RSM have been reviewing the options for the estate during lockdown. Some or all of the remaining 148 stores may never reopen.

5) Big Four shake-up will misfire, smaller rival warns: Kwasi Kwarteng’s plan for KPMG and others to share audits with smaller firms does not go far enough, claims Mazars.

What happened overnight 

Fed chair Jay Powell said the US economy is at an “inflection point” with growth and hiring set to accelerate, but he warned that new waves of Covid could derail the recovery.

“We feel like we’re at a place where the economy’s about to start growing much more quickly and job creation coming in much more quickly,” he said in a US interview.

Meanwhile, Chinese tech start-ups are dropping plans to list on Nasdaq-style markets at home with some eyeing Hong Kong share sales instead, as regulators tighten scrutiny of IPO applicants after the halting of Ant Group’s $37bn (£27bn) float.

More than 100 companies have voluntarily withdrawn applications to list on Shanghai’s STAR Market and Shenzhen’s ChiNext since Ant’s termination of its IPO in November, according to Reuters review of exchange filings.

Coming up today

Trading update

Sirius Real Estate

Economics

Retail sales (EU), FDI (China)

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