Surge in oil prices benefits the commodity-heavy FTSE 100

Data showing that inflation is cooling in the US and Europe supported indices on Friday. It fell to 6.9% in the eurozone in March, from 8.5% in February, while in the US, the PCE index gained 5% year-on-year, while consensus was 5.1%. The FTSE 100 added 0.3% for the day and 3.1% for the week.

This morning, the index was up 0.7%, boosted by commodity stocks, after a surprise OPEC+ oil production cut.

Oil majors BP Plc and Shell were up 4.2% and 4%, respectively.

In other news, a Financial Times report revealed that M&G Investments and two others large shareholders will vote against a private equity takeover of British events group Hyve, whose shares inched down 0.1% this morning.

Meanwhile, Cineworld dropped more than 30% after announcing the end of the sale process for its U.S., UK and Ireland businesses after failing to find a buyer.

Things to read today:

Crude prices jump after Saudi Arabia announces oil production cut (Financial Times)

Half of all UK Consumers have cut non-essential spending (The Guardian)

M&G to oppose private equity bid for UK exhibition group Hyve (Financial Times)