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FTSE 100 hovers with AI in the spotlight as global leaders head to Davos

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FTSE People at the Congress Center where the World Economy Forum take place in Davos, Switzerland, Sunday, Jan. 14, 2024. The annual meeting of the World Economic Forum is taking place in Davos from Jan. 15 until Jan. 19, 2024. (AP Photo/Markus Schreiber)

Global leaders and policymakers made tracks for the World Economic Forum in Davos, Switzerland. The FTSE was up 0.1%. (Markus Schreiber, Associated Press)

The FTSE 100 and European markets made muted moves higher on Monday morning in London, as global leaders and policymakers made tracks for the World Economic Forum (WEF) in Davos, Switzerland.

The FTSE 100 (^FTSE) was up 0.1% in early trade, while the DAX (^GDAXI) and CAC (^FCHI) rose 0.1%. The pan-European Stoxx 600 (^STOXX) was also up 0.1%.

Davos will play host to a bevvy of high profile meetings and talks this week, with AI and frontier tech at the forefront of minds.

On Monday morning, one of the world’s top banking regulators kicked off with a warning that leaders would need to present a united front in coordinating against challenges posed by AI. The chair of the Basel Committee on Banking Supervision Pablo Hernández de Cos said AI “could change the course of history, not necessarily for the good,” the Financial Times reported.

“What we are observing at the geopolitical level shows that reaching common agreements is becoming more and more difficult,” he added, saying this is a “concern” for him and others.

Read more: UK house prices rise in the new year

As AI tops the agenda, Microsoft’s (MSFT) Satya Nadela is speaking at Chatham House on the topic later on Monday. Sam Altman, CEO of OpenAI is also due to speak this week.

Follow along for live updates:

Live4 updates

  • A summary of the morning

    Here we have a potted summary of the morning / weekend by Finalto chief market analyst Neil Wilson:

    Risk off tone to start the week: European stock markets were softer in early trade on Monday as the week got off to a relatively quiet, risk-averse start, with US markets set to stay shut for a holiday. Taiwan’s stock market rose a touch after the pro-independence party won the presidential election but saw its parliamentary majority reduced. Chinese equities fell as the central bank kept a key lending rate unchanged. Bitcoin fell after the spot ETF debut. Some folks are in Davos to talk AI and elections. Oil was steady after retreating from a surge on Friday as the US and UK engage Houthi rebels in the Red Sea. Hardly Mad Mitch stuff though I’m afraid.

  • FTSE risers and fallers

    An early look at the risers and fallers of the FTSE 100 (^FTSE)shows:

    Ocado (OCDO.L), down 2.2%

    Lloyds Bank (LLOY.L), down 1.5%

    Burberry (BRBY.L), down 1.4%

    Flutter (FLTR.L), up 2%

    Admiral Group (ADM.L), up 2%

    Entain (ENT.L), up 1.1%

  • Overnight in Asia

    It was a mixed day of trade for Asian indices, with Japan’s Nikkei (^N225) leading the pack in terms of daily gains. It was up 0.9% in the session, trading above the 35,000 mark. It hasn’t broken through 35,000 since the 1990s as it built on gains from the previous week.

    Meanwhile Chinese stocks were mixed. The Hang Seng (^HSI) fell 0.2% as China’s central bank opted to hold its interest rates at 2.5%. Growth in the region has come into focus in recent months amid fears of stalling growth for one of the world’s largest economies.

    The SSE Composite (000001.SS) rose 0.2%.

    Friday also spelt a mixed day for US stocks, which we will be watching at the open later on.

  • Good morning!

    Good morning from frosty London, where we’re gearing up for a day of following the news in Davos. AI is the topic on global leaders lips as we trudge through blue Monday. So, let’s get to it.

Watch: Wars loom as global elite gather in Davos

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