Moonpig soars on market debut as silver rally cools – live updates –

Good morning. The FTSE 100 is set to open higher as the retail-induced rally in silver cools.

Spot silver prices eased on Tuesday, falling more than 1pc to $28.30 in early trading, as some of the feverish retail-trader driven interest in the precious metal faded. 

5 things to start your day 

1) Silver hits eight-year high as Reddit frenzy turns to commodities: Small investors warned of huge losses after thousands pile in, with some hoping that increasing its price could hurt large investors.

2) Biotechs attracts record investment amid Covid sector boost: UK biotech firms raised a record £2.8bn in 2020 as Covid highlighted the strength of the life sciences sector and its investment opportunities.

3) George Osborne to join Robey Warshaw: Former Chancellor will give up roles at BlackRock and the Evening Standard to join the Mayfair-based boutique advisory firm.

4) Bailey made ‘inappropriate’ try to avoid being named in LCF report: Dame Elizabeth Gloster said she was disappointed and irritated at “pushback” from BoE Governor and others named in her report.

5) London’s market fights to become a post-Brexit global leader: The capital’s IPO pipeline looks promising but more needs to be done to stop high-growth companies listing in the US and China.

What happened overnight 

Asian stock markets extended gains on Tuesday on increased optimism about stimulus packages and global economic recovery, while retail investors retreated from GameStop and their new-found interest in silver.

MSCI’s gauge of Asia Pacific stocks outside Japan was up 1.25% mid-morning, building on Monday’s rise. Hong Kong’s Hang Seng Index and China’s benchmark CSI300 Index opened 1.7% and 0.33% higher, respectively. Japan’s Nikkei 225 gained 0.67%.

Australia’s S&P/ASX 200 benchmark added a further 1.23%, as the country’s central bank is expected to maintain its current policy setting when it releases the results of its Tuesday board meeting at 3:30am GMT.

South Korea’s KOSPI also gained, adding 2.3%, as the country’s ruling party readies another round of COVID-19 cash handouts and an extra budget.

Institutional investors are still digesting the retail trading frenzy that has boosted GameStop Corp and other so-called meme stocks in recent sessions against their financial fundamentals.

Coming up today

Corporate: BP (Interim results); SSE, Virgin Money (Trading statements)

Economics: Nationwide house price index (UK); Q4 GDP (eurozone, Italy); RBA announcement (Australia)