FTSE 100

The Japanese yen hit a record postwar high against the US dollar this morning, reaching 79.32, although commentators expect the rally to be temporary.

UK blue chips made small gains in early trading after heavily sold-off Japanese shares ended a three-day rout to climb sharply overnight.

UK shares fell nearly 2% at opening after a third explosion at the Fukushima nuclear power plant in Japan sent the Nikkei tumbling overnight.

Rathbones' CIO Julian Chillingworth has forecast the FTSE 100 to hit 6,350 by the end 2011, a 6.8% increase on last week's 5,900 mark.

Insurance stocks worldwide took a big hit today in anticipation of lower future payouts following the huge earthquake and tsunami which hit Japan overnight.

A major earthquake in Japan has rocked markets, which were already fragile yesterday as the FTSE 100 hit a five-week low.

Markets fell across the board at the start of trading today, after Moody's downgraded Spain's government debt from Aa1 to Aa2 with a negative outlook.

The FTSE100 fell in early trading as concerns over EU debt problems offset any reassurance the market might take from easing oil prices.

US stocks closed lower on Friday despite a strong labour market report for February, as the oil price continued to rise, driven by continuing turmoil in Libya.

Ongoing disruption in the Middle East and the higher oil price has dragged on global markets, with many seeing losses of more than 1%.