Thanks for joining me. Global stocks are rising ahead of an expected cut to interest rates by the European Central Bank today.
The FTSE 100 is on track to open higher following gains for Asian markets and Wall Street as central banks begin cutting rates after the inflation crisis around the world was brought under control.
5 things to start your day
1) Work on North Sea’s ‘best remaining oil field’ delayed amid fears of Labour tax raid | Project’s future in doubt as Starmer vows to raise levies on profits and halt new licences
2) McDonald’s loses ‘Big Mac’ trademark battle with Irish fast food chain | Supermac’s boss says court ruling is a ‘significant victory’ for small businesses
3) Czech billionaire won National Lottery in ‘unfairly favourable’ bidding, High Court hears | Lawyers claim decision to award contract to Karel Komarek was ‘seriously flawed’
4) Germany plots €20bn of tax cuts as Britons suffer stealth raid | Boost for German workers provides stark contrast to Tory freeze on income tax thresholds
5) I won’t let Titanic shipyard sink, vows Harland & Wolff chief | Historic shipbuilder faces concerns over future as £200m loan approval withheld
What happened overnight
Asian markets rose after Wall Street hit records as the frenzy around artificial-intelligence technology kept sending stocks higher.
In Tokyo, the Nikkei 225 index climbed 0.9pc to 38,841.75. The Hang Seng in Hong Kong added 0.8pc to 18,569.48 and the Shanghai Composite index was up 0.1pc at 3,068.31.
It comes after the S&P 500 climbed 1.2pc on Wednesday to 5,354.03, hitting the top of its all-time high set two weeks ago.
The Nasdaq Composite jumped 2pc to 17,187.90 and likewise set a record. The Dow Jones Industrial Average, which has less of an emphasis on tech, lagged the market with a gain of 0.2pc to 38,807.33.
The rally sent the total market value of Nvidia, which has become the poster child of the AI boom, above $3 trillion for the first time, overtaking Apple as the world’s second largest company.
Nvidia is leading the way because its chips are powering much of the rush into AI, and it rose another 5.2pc to bring its gain for the year to more than 147pc.
Elsewhere, Australia’s S&P/ASX 200 gained 0.7pc to 7,824.40 after data from the Australian Bureau of Statistics showed the country’s trading surplus rebounded in April, with exports falling 2.5pc and imports dropping 7.2pc.
Taiwan’s Taiex surged 2pc after contract electronics maker Foxconn’s shares jumped 0.6pc after the company reported its revenue rose 22.1pc year-on-year in May, a record high for the month. In Bangkok, the SET was up 0.4pc.
South Korea’s markets were closed for a holiday.
