However, the index inched up 0.2% this morning, lifted by mining stocks, as metal prices rose due to expectations of a rise in demand after China's decision to reopen its borders.

Among individual stocks, Direct Line tumbled 26.6% after the insurer cancelled its final dividend for 2022 following a surge in claims.

JD Sports rose 4.8% after the retailer saw revenues climb by over 20% during six weeks leading to Christmas.

J Sainsbury’s said it recorded better-than-expected sales of general merchandise, with overall comparable sales sales growth of 5.9% in the 16 weeks to 7 January.

 

Things to read today:

Battered 60-40 portfolios face another challenging year (Financial Times)

Bank Earnings to Put US Economy Under Microscope (WSJ)

Europe’s Inflation Anxiety Is Fading More Quickly Than Prices (Bloomberg)