FTSE 100 Live: Index Opened Lower as Oil Prices Remain above $100

The FTSE 100 opened lower, sliding 41 points to 10,416.45 in early trade as the ceasefire in the Middle East keeps investors on their toes. The oil price remains above $100 adding to uncertainty. Brent crude futures climbed 1.17% to $106.3 per barrel, while West Texas Intermediate (WTI) futures advanced 1.12% to $96.92. 

Gainers & Losers

British American Tobacco gained 2.24% to £4,300, while Sainsbury rose 2.06% to £347.10 and BP advanced 1.65% to £579.70.

Among others, London Stock Exchange Group jumped 1.43% to £9,952 and Shell rose 1.34% to £3.337.50, while Centrica edged up by 1.15% to £210.30.

On the downside, Mondi declined 3.1% after the paper and packaging giant reported Q1 results that showed stronger sales volumes mostly cancelled out by pricing pressure and rising costs.

Miners declined further with Fresnillo down 1.52% to £3,374, Antofagasta falling 2.23% to £3,745.50, and Endeavour Mining falling 2.03% to £4,537.

Also, AstraZeneca declined 2.29% to £14,160, while Berkeley Group Holdings dipped 2.26% to £3,288 and Lion Finance Group fell 1.25% to £11,060.

Bank of England Said Markets Could Fall Further  

A rate-setter at the Bank of England warned that share prices could fall further with the current level not reflecting the pressures faced by markets. 

“There’s a lot of risk out there and yet asset prices are at all-time highs,” deputy governor Sarah Breeden said. “We expect there will be an adjustment at some point.” She added that the combination of multiple economic shocks hitting at once kept her “awake at night.”

Meta Cuts 10% Workforce 

Meta is set to cut around 10% of its global workforce, around 8,000 jobs as a cost-cutting measure for its AI push. From May, the cuts are set to start and also 6,000 open roles will be scrapped as the company looks to streamline operations. 

The company’s chief people officer, Janelle Gale, posted in a memo: “This is not an easy trade-off and it will mean letting go of people who have made meaningful contributions to Meta during their time here.” 

JD Sports Boss Resigns 

Earlier this week, the boss of JD Sports stepped down as he failed to convince the board to remove its chief executive. 

Andy Higginson said he was “proud of his time” at the company, in which JD oversaw a “tough period” in the sportswear market and expanded the brand in the US. He joined JD Sports as chair in 2022. 

The company has appointed Darren Shapland as interim chair until a permanent replacement is found.

Also Read: Stock Market Today: Sensex Falls 807 Pts, Nifty50 Slips to 23,946

Global Market View

In US, the S&P 500 fell 0.4% after it reached a record high, while the Nasdaq Composite dropped 0.9% and the Dow Jones Industrial Average declined 0.4%.

In Asia, South Korea’s Kospi fell 0.01% after a steady fall in the morning session. Japan’s Nikkei 225 inched up 0.9% to 59,674.4 points. In China, the blue-chip CSI 300 fell 0.5%, while Shanghai’s Composite dropped 0.4%. In India, both the Nifty 50 and Sensex declined 0.9% and 1%, respectively.