FTSE 100 LIVE: Dollar soars following explosive Trump vs Biden US presidential debate

FTSE 100 LIVE: Dollar soars following explosive Trump vs Biden US presidential debate

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US president Donald Trump and Joe Biden faced off in their final presidential debate before the Nov 3 election in the early hours of this morning.  The US Dollar Index inched up 0.08 per cent to 93.043. Although the dollar remained above Wednesday’s seven-week low, it was down 0.7 percent for the week and remained in the bottom half of a months-long range.

Meanwhile, the yen saw its highest weekly rise since mid-September, reversing some overnight losses after House of Representatives Speaker Nancy Pelosi expressed optimism about a consensus on the latest stimulus measures.

Investors also turned to the safe-have yen over the anticipated turbulent trade ahead of the election.

The AUD/USD pair inched down 0.04 percent to 0.7112. Across the Tasman Sea, the NZD/USD pair inched down 0.10 percent to 0.6667.

The USD/CNY pair inched up 0.02 percent to 6.6835. 

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FTSE 100 LIVE: Dollar soars following explosive Trump vs Biden US presidential debate

FTSE 100 LIVE: Dollar soars following explosive Trump vs Biden US presidential debate (Image: GETTY)

6.15pm update: Wall Street slips 

Wall Street’s main indexes fell in Friday afternoon trading.

Investors were turning cautious ahead of the November 3 presidential election.

5.00pm update: FTSE-100 closes up

The FTSE-100 index at the close was up 74.63 at 5860.28.

The FTSE Mid-250 index closed up 215.15 at 18109.57.

4.30pm update: Wales FM stands firm on lockdown

Wales’s firebreak is about “saving lives, not Christmas”, the First Minister Mark Drakeford said.

His comments came hours before the country entered its two-week firebreak lockdown.

3.45pm update: FTSE-100 up

The FTSE-100 index at 3:45pm was up 74.31 at 5859.96.

Donald Trump and Joe Biden

Financial markets react to the debate between Donald Trump and Joe Biden (Image: GETTY)

3:31pm update: Wall Street on the rise at the open

Wall Street’s main indexes opened higher on Friday, with investors anticipating progress in bipartisan talks over the next coronavirus aid bill as the November 3 presidential election gets closer.

The Dow Jones Industrial Average rose 45.99 points, or 0.16 percent, at the open to 28,409.65.

The S&P 500 opened higher by 11.41 points, or 0.33 percent, at 3,464.90, while the Nasdaq Composite gained 30.00 points, or 0.26 percent, to 11,536.01 at the opening bell.

1.45pm update: FTSE 100 latest

The FTSE 100 index was up 93.35 at 5879.00 as of 1.45pm

12.45pm update: FTSE 100 makes large gains

The London Stock Exchange has surged this afternoon and was is up 92.41 at 5878.06

12.00pm update: Sterling continues to struggle against US dollar  

Sterling continues to struggle against the US dollar amid the fallout from the US presidential debate and ongoing Brexit talks.

As of 12pm the Pound was trading at £1/$1.3072 

This is compared to £1/$1.3089 at the previous close.

11.20am: No significant changes in worldwide markets following Trump-Biden debate  – expert says

Francois Savary, chief investment officer at Swiss wealth manager Prime Partners said: “The market is not going to change significantly in the short term.

“There is no reason for markets to take big long positions as we have the election in less than 10 days, and combined with COVID-19 uncertainty it’s a time where people will take a step back and wait for election developments before taking a bet on the markets.”

10.30am update: Global markets react to US Presidential debate

European stocks pushed 0.8 percent higher for their best day in five trading sessions as financial market reacts to the overnight US election debate.

Shares in Asia hardly moved, with MSCI’s broadest index of Asia-Pacific shares outside Japan 0.1 percent lower.

Japan’s Nikkei ticked up 0.2 percent. While the CSI300 index of mainland China shed 1.3 percent.

10.10am update: UK signs £15bn trade deal with Japan

Britain has formally signed its first post-Brexit trade deal with Japan.

The agreement, which was provisionally agreed last month, is expected to boost trade between the two nations by £15billion.

The landmark treaty will mean almost all exports to Japan will be tariff free while removing British tariffs on Japanese cars by 2026.

9.40am update: Barclays issues warning over negative interest rates

Barclays Bank Chief executive Jes Staley has warned negative interest rates used to prop up the UK economy could hit its high street lending profits.

Mr Staley said: “Zero let alone negative interest rates are very tough for banks and puts pressure on bank profitability.”

He added: “You don’t want to see consumers avoiding a negative interest rate turn to cash, for example.”

9.00am update: Pound slumps against the US dollar

As of 9am, the Pound is trading at £1/$1.3092 compared to £1/$1.3089 at the previous close.

8.45am update: FTSE 100 makes early gains

The FTSE 100 index was up 60.44 at 5846.09 as of 8.45am

8.00am update: FTSE 100 opens at 5785.65

The FTSE-100 index has opened at 5785.65.

London Mayor Sadiq Khan

London is starring down the barrel of losses of £11bn from a shortfall in tourism (Image: PA)

7.45am update: Tourism spending in London forecast to plummet by more than £10billiion

Tourist spending in central London is set to fall by by £10.9 billion this year due to the pandemic, according to an analysis published by mayor Sadiq Khan.

City Hall analysis of forecasts by Visit Britain showed goods and services revenue from foreign tourists in the city would drop £7.4 billion through the year, while domestic tourists would spend £3.5 billion less.

Mr Khan said: “This analysis shows the eye-watering drop in the money spent by visitors in the economic and cultural heart of the capital – which is far greater than even the impact of fewer commuters travelling into the centre of the city each day.

“Clearly, this will mean many businesses are in danger of closing and many thousands of jobs will be at risk.

“I’m determined to do all I can to support London’s economic recovery now, and in the years to come. But these sectors won’t be able to sustain pre-pandemic levels of employment until tourists return in significant numbers – so Government must act swiftly to prevent widespread job losses and the financial hardship this will bring for Londoners, many of whom are already struggling to make ends meet.

“The Government needs to get its act together and provide a functioning test and trace system so the economy can reopen safely.”

7.15am update: Retail sales increase by 1.5 percent in the UK

Retail sales in the UK have increased by 1.5 percent in the past month, according to official figures.

The Office for National Statistics said September was the fifth consecutive month of growth.

In the three months to September, retail sales volumes increased by 17.4 percent, when compared with the previous three months – the biggest quarterly rise on record.

(Additional reporting by Grace MacRae)

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