However, better news came overnight, with Chinese authorities pledging to boost elderly vaccination rates. In addition, Covid cases fell for the first time in a week.

This lifted Asian markets and the FTSE 100 index was up 0.8% at 8.40 am.

Miners were among the biggest beneficiaries, especially Anglo American and Rio Tinto, which gained 1.5%. Higher oil prices also lifted energy stocks.

Meanwhile, budget airline easyJet posted a loss of £178 million, which is an improvement after losses of more than £1 billion in the two previous years, due to Covid.  The company benefitted from a record finish to its financial year, as travelers returned after lockdowns.

 

Things to read today:

Global Yield Curve Inverts in Signal Recession is Brewing (Bloomberg)

The IPO outlook in one word (Financial Times)

Stocks Fall on China Protests, Fed Comments (WSJ)