FTSE 100 LIVE: Blue-chips edge higher in a zig-zag session

The FTSE 100 is treading water, up just 7 points, as a global bond sell-off keeps a lid on sentiment.

Across the Atlantic, US stock futures are pointing lower.

Dow futures slipped 0.3%, S&P 500 futures fell 0.6% and Nasdaq 100 futures dropped 1%, after a downbeat session on Wall Street.

Investors remain rattled by rising bond yields and sticky inflation, with the US 10-year Treasury yield hitting its highest level since 2007 after strong business activity data stoked price fears.

All eyes are on President Trump's meeting with China's Xi Jinping, who has landed in the US.

Treasury Secretary Scott Bessent said the two sides would extend their trade truce by two months to 10 January.

The FTSE 100 continues to nibble around the gain line and is up about 15 points, with JD Sports, fresh from its Mexican foray, leading the leaderboard.

Among the mid-caps, Raspberry Pi, the mini-computer maker, was the pick of the litter after a storming set of interims that showed its AI-adjacent momentum has held.

Peel Hunt has cranked up its forecasts after what it called an exceptional first half, keeping its "buy" rating and 1,085p target.

The broker lifted its EBITDA estimates for 2026 and 2027 by 14% and 23% respectively, noting that the half-year numbers already cover the bulk of existing full-year consensus.

It pointed to unit, gross profit and adjusted EBITDA growth of 17%, 79% and 108%, with OEM-related units up 26%.

And it reckons the Cambridge computer maker is taking market share, helped by a shrewd build-up of strategic memory inventory that has kept boards on shelves while rivals struggled.

It sees Raspberry Pi shifting from a prototyping platform to a technology partner, with demand driven by edge AI, security and efficiency.

A little bit of broker intelligence. Citigroup has downgraded Smiths Group to "neutral" after a post-results rally lifted the shares to a record high, arguing the engineer's recent progress is now fully reflected in its valuation. The Wall Street bank moved off a more positive stance, keeping its price target at £30, following a jump in the stock on the back of Smiths Group's latest results

The FTSE 100 has steadied around the flat line, clawing back an early dip to trade little changed at 10,705.

London's blue-chips opened marginally higher at 10,705.47 before dropping as far as 10,666.91, then recovering to touch 10,728.42 at the day's high.

Weighing on sentiment is a global bond sell-off that has pushed the US 10-year Treasury yield to 5.10% and the UK 10-year gilt yield to 5.353%, making shares look less appealing.

Oil is lending some support, with Brent crude holding above $102 a barrel on Middle East tensions.

Among the risers, British American Tobacco climbed 2% and JD Sports Fashion added 1.68%.

On the other side, Standard Life fell 3.29% and Kingfisher dropped 2.45%.

The FTSE 100 opened 33 points lower amid worries emanating across the Atlantic (see below). Raspberry Pi opened stronger on the back of booming (and AI-driven) demand for its mini-computers. Investors in Vistry, the builder, look set for a rough day after its latest update, which reveals the group will shr

The FTSE 100 is set for a downbeat start, with spread bettors calling London's blue-chip index 33 points lower at the open.

Blame Wall Street, where a rude awakening on inflation sent stocks sliding after hours.

The S&P 500 shed 0.8% and the Nasdaq gave up 1.1% after a survey showed US business activity growing at its fastest clip in more than five years, hardly the cooling the Federal Reserve had in mind.

The real culprit was the bond market: the 10-year Treasury yield jumped to 5.10%, briefly touching levels last seen in 2007, before the financial crisis. Higher yields make equities look a good deal less appealing.

Asia offered little cheer, trading mixed as investors kept one eye on oil and the other on currencies.

Brent crude held above $102 a barrel, still bloated by the war with Iran.

Plenty, then, for London's traders to chew over.