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FTSE 100 looked to be heading for a decent start, Spread bet firms were calling the Footsie up around ten points

A 25bp hike is fully priced in, and so a rate hike in itself is unlikely to have a notable impact on the currency. However, with the data pulse having remained strong in the UK in recent weeks and inflation pressures intensifying due to the surge in commodity prices since late February, there is room for a relatively hawkish outcome in terms of the MPC’s vote split

The London Metal Exchange (LME) was forced to suspend nickel trading on the day the market re-opened, a week after shutting down following extreme price volatility.

A glitch in the system allowed for a small number of trades to go through below the newly imposed daily limit, which was 5% above or below the last closing price before the suspension

US stocks are sharply higher in early trading as investors eyed the Federal Reserve’s decision on an expected interest rate hike

US stocks are sharply higher in early trading as investors eyed the Federal Reserve’s decision on an expected interest rate hike

HSBC is swapping the physical world for virtual reality with plans to build a metaverse amid the closure of dozens of physical bank branches.
HSBC has inked a deal with Sandbox to build a metaverse which will open up a host of opportunities for the bank to engage with virtual communities according to today’s announcement. While HSBC said it will initially target gaming and sports partners, financial services could also be coming to virtual reality with the bank yesterday announcing plans to shut down 69 physical branches across the UK.

Analysts have priced in a 0.25% rate hike, with tightening and inflation outlooks expected to be the key talking points for the FOMC

Airlines shares were among the best performers as the sector rallied on good news on several fronts.

British Airways and Virgin were among those to announce that facemasks are no longer required to be worn by passengers following the lifting of all travel restrictions by the UK government.

https://www.proactiveinvestors.co.uk/companies/news/976836/iag-airlines-rally-on-easing-of-travel-restrictions-in-spite-of-fuel-concerns-976836.html

Hong Kong market sinks after JPMorgan calls sector ‘uninvestable’

https://www.scmp.com/business/markets/article/3170474/china-tech-rout-hong-kong-market-sinks-after-jpmorgan-calls-stocks

hope to see a bounce in share price this week as punters are gearing up for Easter getaway

The number of UK workers on payrolls rose by 275,000 between January and February to a record 29.7 million, the Office for National Statistics said this morning.
Grant Fitzner, chief economist at the Office for National Statistics, said: “The labour market continues to recover from the effects of the pandemic, with the number of unemployed people falling below its pre-pandemic level for the first time and another strong rise in employees on payroll in February.

The FTSE 100 is predicted to face another setback on Tuesday as Chinese markets tumble further, London’s blue-chip index has been called 50 to 57 points lower on spread-betting platforms

The BoE is widely expected to lift Bank Rate from 0.5% to 0.75% on Thursday in what would be its third increase since December, but pricing in the overnight-indexed-swap market indicates that investors and traders are anticipating it will rise to 2% by year-end

Smiller
Trading was halted on Tuesday when prices soared to an astonishing $100,000 per tonne – doubling to a new record over the course of one morning. To ensure market integrity, it took the dramatic step of scrapping $3.9bn worth of trades made prior to the suspension.

Troajan
Thanks, Nickel might get another market rally

Nickel trading remained suspended at the London Metal Exchange (LME) today – with no dates currently set for reopening the market.

Royal Bank of Scotland PMI®
Business activity rises at fastest rate for three months
• Private sector growth accelerates as manufacturing rebounds
• Inflows of new work expand solidly
• Inflationary pressures strongest on record
Scottish private sector output rose at an accelerated pace in February, according to the latest Royal Bank of Scotland PMI®. The seasonally adjusted headline Royal Bank of Scotland Business Activity Index - a measure of combined manufacturing and service sector output - rose to 55.5 in February, from 53.7 in January, to signal the fastest rate of expansion for three months and one that was sharp overall. At the sector level, manufacturing output returned to growth, while services activity rose at a quicker pace. Meanwhile, the rate of increase in new business accelerated to a three-month high and was sharp overall. According to panellists, the easing of restrictions had led to stronger client demand.
Less positive news came from the survey's price indicators in February. The rate of cost inflation was the steepest on record, with respondents citing greater fuel, material, energy and staff costs. As a result, firms raised their average charged at the quickest rate in the series history.
An eleventh straight monthly increase in new business to Scottish private sector companies was recorded in February, amid reports that demand had improved due to the easing of pandemic restrictions. The latest uplift in new work was the strongest for three months and solid overall. At the sector level, manufacturing order book volumes rebounded, while services firms recorded a quicker uplift in new work.
The rate of expansion in Scotland continued to lag the UK-wide trend, however. Across the 12 monitored UK areas, only the North East saw a slower upturn in new business than Scotland during February.
Business confidence at Scottish companies improved further in February. The level of sentiment was the strongest since last July and the ninth highest on record. Optimism was driven by hopes of a strong rebound following the easing of COVID-19 restrictions, according to anecdotal evidence.

https://www.markiteconomics.com/Public/Home/PressRelease/a7f52b4535f34ff8881bfbacd7342ea1

https://www.markiteconomics.com/Public/Home/PressRelease/be9eedffb0c647e9a210ecbd582df3fd

Record-High Inflation Worries Continue to Threaten Economic Recovery, IHS Markit UK Business Outlook Finds
• UK businesses expect to see record increases in costs and selling prices over the next 12 months*
• Rising cost-of-living likely to squeeze company profits, despite output expectations rebounding
• Notably strong projections in London and South East underline marked regional divide in business
confidence
*Data collected 10-25 February
UK businesses are planning to raise their prices at an unprecedented pace over the coming 12 months, amid substantial rises in energy and wage costs, according to the latest IHS Markit UK Business Outlook.
A net balance of +62% of private sector firms plan to increase their charges, up from +56% in October and the highest recorded in the survey’s 12-and-a-half-year history.
Firms are also expecting severe cost pressures over the next 12 months, with salary demands leading to record- high staff cost projections (+83%).
While there was some variation in inflation expectations, the latest data showed that firms across all regions expect to be hit by substantial cost pressures over the coming year. Notably though, staff cost forecasts were highest in London (+85%) and the South East (+84%), reflecting the possibility that faster activity growth will translate into higher salary demands.

https://www.markiteconomics.com/Public/Home/PressRelease/96fe50e52b144025b4659fc0063d3b90

All remaining COVID travel measures, including the Passenger Locator Form and tests for arrivals, will end on Friday, the transport secretary has said.

Anyone arriving in the UK from 4am on 18 March will not need to comply with any of the previous rules.

Grant Shapps tweeted: “These changes are possible due to our vaccine rollout and mean greater freedom in time for Easter.”