FTSE 100 Maintains Record Streak, HSBC CEO Retires

Equities

On Monday, the FTSE 100 sustained its upward trajectory, marking a fifth consecutive session of gains. The index nudged up by 0.1%, reaching an all-time peak of 8,189.14 points during the session. This increase aligns with a broader positive trend with the FTSE climbing in eight of the last nine sessions.

Anglo American shares were up by 4.0% on news that BHP Group is contemplating a superior bid after an initial $39 billion offer was declined. Meanwhile, Prudential saw its stock increase by 2.4% after good news out of its Hong Kong-based counterpart, AIA Group.

Petrofac's shares plummeted to a record low, dropping 34.1% after delays in publishing its full-year results and a $300 million credit offer from noteholders failed to reassure investors.JD Sports shares declined by 3.0% after a downgrade from Barclays to "equal weight."

Wall Street also concluded the day on a positive note. The Dow Jones Industrial Average rose by 0.38%, while both the S&P 500 and Nasdaq Composite saw increases of 0.32% and 0.35% respectively. Leading the charge were Tesla and Apple. Tesla's shares jumped 15.3% after the electric vehicle giant cleared regulatory hurdles for its self-driving program in China. Apple's shares gained 2.5% following reports of renewed discussions with OpenAI about using the startup's AI technology, buoyed further by an upgrade from Bernstein to "outperform."

The Nasdaq's gains were partly tempered by mixed performances among other technology giants. While Nvidia managed to recover from early losses to close higher, stocks like Alphabet, Meta Platforms, and Microsoft ended the day lower.

Forex & Commodities

On Monday, the Japanese yen held onto recent gains against the US dollar after a suspected intervention by Japanese authorities to bolster the currency. Despite a slight decline of 0.30% to 156.79 against the dollar, the yen remained substantially above its 34-year low of 160.245. Meanwhile, the dollar itself appreciated slightly by 0.14% to 105.83 against a basket of major currencies, following a dip of 0.25% in the previous session. The pound saw a minor retreat, trading down by 0.16% at $1.2541.Oil prices witnessed a modest decline amid broader geopolitical and economic considerations. Brent crude futures fell by 0.11% to $88.30 a barrel, while West Texas Intermediate crude futures slipped 0.16% to $82.50 a barrel.