Opec and allies agreed to raise output quota by 400,000 barrels a day in March, which caused oil prices to fall. Treasury yields are also down in the US and the UK.

Energy and mining stocks are still ahead of the index. Shell gained 1.4% after its fourth-quarter profit jumped to $6.4 billion.

Meanwhile, Compass group jumped 6.4% after it announced that first-quarter revenues were at 97% of pre-pandemic levels.

The BoE is expected to raise its key interest rate again to counter soaring inflation. The announcement is expected at noon and most economists forecast a 25-basis point increase to 0.50%.

 

Things to read today:

Fed faces choices as challenging as any since the 1970s (Financial Times)

Eurozone Inflation Rises to Fresh Record, Against Expectations (WSJ)

BOE Risks 1.2 Million Jobless With Quicker U.K. Inflation Fight (Bloomberg)