FTSE Rises Ahead of Sunak Spending Review – Live Updates


2) Arcadia has hired independent pension trustees to help tackle the deficit: Sir Philip Green’s retail empire recruited independent pension trustees from Dalriada last September, to help reduce its pension deficit.3) Ads will fail to sell 180 million pints under tough new rules: If all of the wet pubs are placed below levels two or three, the industry will lose up to £ 1.5bn in sales in December, with beer sales lost equivalent to 180m pints.

4) Elon Musk overtakes Bill Gates to become the second richest person in the world: The 49-year-old Tesla founder is now worth $ 128 billion, surpassing Microsoft’s co-founder following the carmaker’s soaring share price.

5) Chinese companies are preparing to invest billions in Brexit Great Britain: Chinese companies have said they will invest billions in Britain after Brexit and create thousands of jobs over the next few years, despite the deterioration of relations.

What happened during the night

WOrld shares hit a record high on Wednesday, following an overnight surge that saw the benchmark Dow Jones cross 30,000 for the first time as investors applauded a dramatic improvement in the global outlook.

The official start of US President-elect Joe Biden’s transition to the White House and growing confidence that a Covid-19 vaccine would soon be ready have ushered in a renewed appetite for global stocks.

Reports that Mr Biden was planning to appoint former Federal Reserve Chairman Janet Yellen as Treasury Secretary – a move that could sharply shift attention to efforts to tackle growing economic inequality – also applauded the markets.

This pushed MSCI’s widest measure of global stocks to a record low of 0.2%. Its index of Asia-Pacific stocks outside of Japan gained 0.45%, while Japan’s Nikkei rose 1.7% to a 29-year high.

On Wall Street Tuesday, the Dow Jones Industrial Average rose 1.54 bp to 30,046.24 while the S&P 500 gained 1.62 bp, to 3,635.41, also a record. The Nasdaq Composite added 1.31 pc.

E-mini futures for the S&P 500 rose 0.5 pc at the start of trading on Wednesday.

Coming today

Business: Brewin Dolphin, Virgin Money Royaume-Uni, AB Dynamics (Annual results); Babcock, De La Rue, United Utilities, Hicl, Liontrust (Intermediate results); Industries Melrose, Rotork (Commercial update)

Economy: UK Spending Review, Fed Minutes; Personal expenses (October) / US GDP in Q3; HMRC Eat Out to help statistics; ECB Financial Stability Review


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