FTSE 100 LIVE: Stocks mixed as Israel and Hamas agree to first phase of Gaza peace deal

The FTSE 100 (^FTSE) and European stocks were mixed on Thursday after Israel and Hamas agreed to pause fighting in Gaza last night so that the remaining hostages there can be freed in the coming days in exchange for Palestinian prisoners.

Of the 251 people taken by Hamas on 7 October 2023, there are believed to be 48 hostages still being held in Gaza — 20 of whom are thought to be alive.

The Israeli government will meet on Thursday to approve the deal. If approved, the ceasefire will go into effect immediately.

Negotiations for the deal were held in Egypt, and aside from the Egyptian government, Qatar, the US and Turkey also helped broker the talks.

European Commission chief Ursula von der Leyen commended the diplomatic efforts to reach a deal, saying she is "encouraged" by the support given by the Israeli government and the Palestinian Authority. "Now, all parties must fully uphold the terms of the agreement," she said.

Meanwhile, Canadian prime minister Mark Carney said he is "relieved that the hostages will soon be reunited with their families. After years of intense suffering, peace finally feels attainable."

Oil (BZ=F, CL=F) prices fell back slightly on the back of the news, before recovering again, with Brent crude (BZ=F), the international standard, now up 0.1%.

Over in the US, the traders' focus remains on the government shutdown amid mounting speculation that it may even drag on to next month.

Republicans and Democrats showed no sign of publicly shifting their positions, with Democratic Senate minority leader Chuck Schumer stating that their position on healthcare subsidies remained the same.

Republican Senate majority leader John Thune said that the Senate Republicans are prepared to bring individual appropriations bills forward in order to reopen the government department in what would be a long process.

London’s benchmark index (^FTSE) was 0.3% lower in early trade Germany's DAX (^GDAXI) rose 0.4%, pushing to a record high, and the CAC (^FCHI) in Paris headed 0.2% into the green The pan-European STOXX 600 (^STOXX) was treading water Wall Street is set for a muted start as S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were all hovering around the flatline. The pound was 0.4% lower against the US dollar (GBPUSD=X) at 1.3352

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4 mins ago

LaToya Harding

Where are first-time buyer house prices rising the most?

Zoopla found that first-time buyer house prices had risen faster than the overall market in nine out of 11 UK regions.

This faster pace of growth was found to be most pronounced in the North East, where first-time buyers were looking at homes that are 10.2% more expensive than a year ago, with prices having risen to an average £134,800. That compared to a rise of 2.4% for the wider market to 146,600.

Scotland came in second place, with the cost of a first home rising by an average 6.4% over the past year to £146,600, compared a 2.1% increase in the wider market to £170,000.

In Yorkshire and Humber, the price of a typical first home rose by an average 6% to £167,700, compared to a 1.9% rise in the broader market to £192,500.

In London, where property is much more expensive, Zoopla found that first-time buyers were looking at home that are 2.4% cheaper than a year ago, though the average price was still £420,600.

Zoopla said that first-time buyers typically to target homes that are 15% cheaper than the average price within the local area. The property website said that they tend to target house prices that are 21% below the average in London and the South East and 17% in Wales.

Richard Donnell, executive director at Zoopla, said that despite the recent boost to mortgage affordability more broadly, first-time buyers in London and southern England are still looking for cheaper homes than a year ago. 17 mins ago

LaToya Harding

First-time buyers look at higher-priced homes after mortgage shakeup

First-time buyers in the UK have been looking at higher-value homes as mortgage affordability has improved, according to Zoopla.

The property website found that, as of July, first-time buyers were looking at homes that were 2.4% more expensive than a year earlier, at an average price of £229,000.

The findings, published on Thursday, were based on an analysis by Zoopla of the asking prices that were most popular among first-time buyers.

Its analysis showed that house prices overall had grown by 1.3% on average, and while this pace of growth was slower, the typical cost of a home across the wider market was still higher at £268,449.

Zoopla explained that mortgage affordability had improved over the past six months, giving all buyers using a mortgage 20% more borrowing power. It said that this was one reason behind a 30% increase in first-time buyer mortgages and also explained why were now targeting higher value homes in more affordable regions.

First-time buyers account for around two-fifths (39%) of all house sales every year and half (49%) of all new mortgages for home purchases, according to Zoopla. Its data showed that 45% of first-time buyers were focused on buying three-bedroom houses, while interest in flats had decreased to 29%. 43 mins ago

LaToya Harding

Asia and US overnight

Stocks in Asia were mostly higher overnight after US stocks hit records again following a brief stumble.

The Nikkei (^N225) rose 1.8% on the day in Japan, as SoftBank Group (9984.T) surged over 11% amid its further expansion into artificial intelligence, while the Hang Seng (^HSI) fell 0.2% in Hong Kong.

The Shanghai Composite (000001.SS) was 1.3% up by the end of the session, as they reopened following a week-long holiday, and in South Korea, the Kospi (^KS11) remained closed.

On Wednesday, SoftBank announced a $5.4bn (£4bn) deal to acquire the robotics unit of Swiss engineering firm ABB.

Across the pond on Wall Street, the S&P 500 (^GSPC) rose 0.6% to 6,753.72, a day after snapping a seven-day winning streak and set its latest all-time high. The tech-heavy Nasdaq (^IXIC) was 1.1% higher, closing at 23,043.38, and the Dow Jones (^DJI) edged down 0.1% to 46,601.78.

The focus still remains on the government shutdown, amidst mounting speculation that it might even drag on to next month.

Republicans and Democrats showed no sign of publicly shifting their positions, with Democratic Senate Minority Leader Chuck Schumer stating that their position on healthcare subsidies remained the same.

Republican Senate majority leader Thune said that the Senate Republicans are prepared to bring individual appropriations bills forward in order to reopen the government department by department in what would be a long process.

In the bond market, the yield on benchmark 10-year US Treasury notes rose to 4.131% on Wednesday night, from 4.129% late on Tuesday.

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At close: October 8 at 5:15:59 PM EDT Advanced Chart Today at 7:30 AM UTC

LaToya Harding

Coming up

Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what's moving markets and happening across the global economy.

To the day ahead we have data including Germany’s August trade balance. Central bank speakers include the Fed’s Kashkari and Barr, the ECB’s Villeroy, and the BoE’s Mann, and we’ll also get the ECB’s account of their September decision.

Earnings include Delta Air Lines and Pepsi. Lastly, there’s the US 30yr bond auction.

Here's a snapshot of what's on the agenda:

7am: Trading updates: Ashoka India Equity Investment Trust, Polar Capital Holdings, SSP group, S&U, Volution 7am: German trade balance 9.30am: Economic activity and social change in the UK, real-time indicators from the ONS 9.30am: Bank of England policymaker Catherine Mann gives keynote speech at Resolution Foundation event 11am: Financial Conduct Authority annual public meeting 1.30pm: Federal Reserve chair Jerome Powell speaks

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