FTSE 100 keeps the momentum going

The FTSE 100 continues on its record-setting pace, driven by strong earnings updates from companies like Reckitt Benckiser and gains in commodity stocks. The index gained was up 0.5%, also boosted by the weaker pound and easing geopolitical tensions.

In commodities, Brent and WTI crude oil prices were flat, trading at $87.39 and $83.39 a barrel, respectively.

Lloyds Banking Group's shares fell 2.9% after reporting a 28% drop in quarterly pre-tax profit, reflecting the challenges in the mortgage market and rising costs. The bank's net interest margin slightly decreased, but the CFO expressed expectations for easing margin pressures throughout 2024. Despite the profit fall, Lloyds maintained its 2024 guidance.

In other corporate news, Jet2 reduced its guidance, projecting a profit before tax of between £515 million and £520 million, slightly down from previous estimates but still in line with market expectations. The company also reported a 12.3% increase in seat capacity for Summer 2024 compared to the previous summer.

Investors are anticipating a series of high-profile IPOs, suggesting a rebound in risk tolerance.

Things to read today:

• History is already telling us about the future of AI (Project Syndicate).
• 460 years ago, Shakespeare was born in Stratford-Upon-Avon. Or somewhere else (New York Times).
• Palantir's secret AI sales weapon: Software Boot Camp (Bloomberg).
• Cathie Wood's popular ARK fund collapses fast (Wall Street Journal).