FTSE 100 LIVE: Stocks push higher and pound dips as UK economy unexpectedly shrinks 0.1%

The Conservative enactment person branded the Labour authorities arsenic a “growth killer” aft latest figures showed the system had contracted 0.1% successful January.

Shadow chancellor Mel Stride said:

UK system unexpectedly shrunk 0.1% successful January

Gross home merchandise (GDP) fell during the period mostly acknowledgment to a 0.9% autumn successful the accumulation sector, according to the Office for National Statistics (ONS). This comes aft 0.4% economical maturation successful December. Economists had expected the system to turn by 0.1% successful January.

Monthly services output grew by 0.1% successful January, pursuing 0.4% maturation successful December, portion operation output fell by 0.2% pursuing a same-sized diminution successful December.

The figures travel up of the chancellor's outpouring statement, which is expected to see authorities spending cuts.

ONS manager of economical statistic Liz McKeown said:

Asian markets shrugged disconnected different diminution connected Wall Street past night, with markets successful China gaining aft state-run banks and different fiscal institutions were ordered to bash much to assistance spur much user spending.

The Hang Seng (^HSI) jumped much than 2% successful Hong Kong and the Shanghai Composite (000001.SS) was 1.8% up by the extremity of the session.

China’s National Financial Regulatory Administration issued a announcement ordering fiscal institutions to assistance make user concern and promote usage of recognition cards, bash much to assistance borrowers who tally into trouble, and beryllium much transparent successful their lending practices.

Economists accidental China needs consumers to walk much to get the system retired of the doldrums, though astir person advocated broader, much cardinal reforms specified arsenic expanding wages, societal payment and enactment for nationalist wellness and education.

The Nikkei (^N225) roseate 0.7% connected the time successful Japan portion South Korea’s Kospi (^KS11) slipped 0.3%.

Across the pond, Wall Street sank connected Thursday with the S&P 500 (^GSPC) confirming it was successful a correction arsenic investors fled for safer assets amid Donald Trump’s latest tariff threats. The benchmark scale finished much than 10pc beneath its astir caller grounds precocious close, achieved connected February 19.

The S&P 500 fell 1.4% to 5,521.52. The Dow Jones (^DJI) was besides nearing a correction confirmation, ending 1.3% little astatine 40,813.57, astir 9.4% beneath its astir caller grounds closing high.

The tech-heavy Nasdaq (^IXIC) fell 2% connected the day, closing astatine 17,303.01. The scale is present down much than 14% from its caller grounds aft confirming a correction connected 6 March.

In the enslaved market, US Treasury yields fell arsenic the equities sell-off boosted request for harmless haven authorities debt. Yields determination the other absorption to enslaved prices.

The output connected benchmark 10-year US Treasury notes fell to 4.27%, from 4.32% precocious connected Wednesday.

Good morning, and invited backmost to our markets unrecorded blog. As accustomed we volition beryllium taking a heavy dive into what's moving markets and happening crossed the planetary economy.

Here's a speedy look astatine what's connected the docket for today:

• 7am: Trading updates: Bridgepoint, Bodycote, Savills, Berkeley Group

• 7am: UK Gross Domestic Product (GDP)

• 7am: Balance of Trade, Manufacturing Production, Industrial Production

• 12.30pm: US Import and Export Price Indices

• 2pm: US Michigan Consumer sentiment for March