FTSE 100 pushes higher despite slow start on Wall Street

• FTSE 100 up 89 points
• US stocks move lower
• BP boosted by buyback

2.44pm: Wall Street opens in the red

The main indices on Wall Street got off to a negative start on Tuesday as markets fell back from yesterday’s record performances.

Shortly after the opening bell, the Dow Jones Industrial Average was down 0.21% at 33,457 while the S&P 500 dropped 0.16% to 4,071 and the Nasdaq fell 0.13% to 13,688.

There is little to get markets excited this morning, however one early winner was California-based drugmaker Catalent Inc (NYSE:CTLT), which rose 0.8% to US$106.57 after reports it has agreed to double production of Moderna Inc’s (NASDAQ:MRNA) COVID-19 vaccine.

Back in London, the FTSE 100 had continued to push higher despite the slow start in New York, rising 89 points to 6,826 just before 2.45pm.

2.14pm: Good recovery from pandemic expected

The global economy is forecast to grow more strongly than previously expected, according to the latest report from the International Monetary Fund.

In its half yearly World Economic Outlook it said the world economy would grow by 6% in 2021 and 4.4% in 2022, compared to the previous predictions of 5.5% and 4.2% respectively.

The UK is expected to grow by 5.3% this year and 5.1% next, up from 4.5% and 5% in earlier forecasts.

The news is helping to support the FTSE 100, currently up 80.97 points or 1.2% at 6818.27.

12.56pm: US set for downbeat start

US markets are expected to pause for breath after hitting record highs on Monday. (Well the Dow Jones Industrial Average and the S&P 500 reached new peaks, the Nasdaq Composite fell short of a record despite rising 1.7%).

Postive US payroll numbers on Friday and strong service sector figures on Monday helped Wall Street’s rise, but with little on the agenda now apart from job openings and the latest IMF economic forecasts, investors are likely to hold back today.

Sophie Griffiths at Oanda said: “US futures are pointing to a slightly downbeat open after the Dow Jones and the S&P 500 reached all-time highs in the previous session. The economic calendar is relatively quiet, with JOLTS job openings taking centre stage.”

The Dow is forecast to open 30 points or 0.11% lower, with the S&P down 0.18% and the Nasdaq off 0.26%.

Still, with Europe still playing catch up after the Easter break and Germany’s Dax hitting a new peak on the country’s plans to have 20% of its population vaccinated by the beginning of next month, the FTSE 100 is still happily in the green, up 84.8 points or 1.26% at 6822.10.

11.21am: UK markets in sunny mood

Amid the bright start for UK markets, () is missing out on the gains.

It is down 35p or 0.4% at 7137p after vaccines minister Nadhim Zahawi confirmed reports that UK regulators were considering restricting the use of the Oxford/Astra jab for people under 30 on worries they may be most affected by any risks of  blood clots.

Elsewhere though the buoyant post-Easter mood continues.

The FTSE 100 is up 89.83 points or 1.33% at 6827.13 while the more domestically focused FTSE 250 is benefiting from the prospect of the timetable out of lockdown still being on track. The mid-cap index is 1.17% or 254.61 points higher at 21,987.28, moving closer to its all-time high in January 2020.

The big risers in the FTSE 250 include those likely to gain from the planned reopening. Cruise company () has climbed 5.23% or 85p to 1710.8p while () is up 4.93p or 4.97% at 104.15p and transport operator PLC () is 3.85p or 4.17% higher at 94.95p.

10.25am: Commodity companies in demand

() is one of the big gainers in the leading index, up 3.66% or 10.6p at 300.4p.

The oil giant said it expected to reach its debt reduction target ahead of schedule thanks to bumper disposal proceeds, with 60% of these heading back to shareholders through share buybacks.

Other commodity companies…