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FTSE rebounds from six-month low after glitch delays opening: as it happened

FTSE100 and250 open nearly two hours late after softwareissue
The blue-chip FTSE 100 hita six-month low on Thursday, closing 1.13pc down, afterChina saidUS tariffs had broken a consensus between the countries
Asian shares gain ground after late rally by S&P 500 and Dow on Thursday
Ryan Bourne: Populism on the Left and Right is poisoning economic discourse
The FTSE 100 bounced back from a six-month low on Friday, after a glitch delayed the start of trading across theUKs top stock indices.
The London Stock Exchange delayed markets opening by almost two hours, after a technical issues was identified. It was the longest outage on the bourse in eight years, and the second in fourteen months.
When trading was able to resume, the blue-chip index quickly recovered some of Thursdays drop. It had dropped to its lowest closing price since February as resurgent trade worries, Brexit concerns and temporary stock price discounts all added pressure.

5:32PM
Wrap-up: Europe ends upbeat after a roller-coaster week
FTSE rebounds from six-month low after glitch delays opening: as it happened

Germanys economy shark during the second quarter

Credit:
Krisztian Bocsi/Bloomberg
That really could have gone either way: with little economic news to speak of, further strong words China or the White House could have easily moved markets. As it happens, gains stuck.
With little reason to believe things will suddenly flip in the next couple of weeks, today might be seen as traders buying the dip grabbing some shares at a discount and hoping to eke out some of the climb back from Wednesday and Thursdays plunges.
The rush to safe haven assets softened, with some evidence of selling off. The potential quiet of August (still waiting for that)could give tradersa chance to think long-term.
If precedent holds, Wednesdays yield curve flip was bonds firing the starting gun on the race to recession. With negative yields abounding in that market and gold already up, long-term equities strategies might involving judging which equities are ready to weather the storm.
Thats all from me this week. Thank you to everyone who hasfollowed along. See you on Monday follow Telegraph Business on Twitter for the latest!
4:57PM
Round-up: US faces one-in-three chance of recession, Glasgow shipyard set for nationalisation, and traders left hanging by London Stock Exchange error
FTSE rebounds from six-month low after glitch delays opening: as it happened

Economists have warned the spectre of global recession is stalking the world economy

Credit:
JONATHAN ERNST/REUTERS
With European trading at a close now, here are three stories you should read from this afternoon (including a wrap-up of this mornings trading worries):
US economy faces one-in-three chance of a slump as spectre of global recession rises:The US economy faces a one-in-three chance of sliding into recession in the next 12 months, credit ratings agency Standard and Poors has warned, as a series of economic signals flash red.
Struggling Glasgow shipyard to be nationalised by Scottish government:The Scottish government has struck a deal to nationalise struggling Glasgow shipyard Ferguson Marine to save it from collapse.
Traders left twiddling thumbs after London Stock Exchanges worst outage in eight years:London traders were stuck twiddling their thumbs on Friday morning after a glitch left them unable to buy and sell shares in the UKs largest companies.
4:46PM
FTSE closes 0.7pc up
Despite a slightly unconventional start to the day, the FTSE got its bounceback, managing to close 50 points up at 7,117 a 50 point gain. The pounds gain is bound to have blunted that figure, but its a solid-enough lift off Thursdays six-month lows.
Following the recent trend, European indicesfound gains more forthcoming then their London peers, with Germans DAX putting in a strong performance at 1.21pc up after reports the German government might be preparing to loosen its fiscal belt slightly.
4:37PM
Sterling set for best week against euro since January
FTSE rebounds from six-month low after glitch delays opening: as it happened

The pound has strengthened this week

Credit:
Chris Ratcliffe/Bloomberg
Its a small bounce-back from a deep low, but a full week of day-on-day growth means that the pound is set for its best week against the euro since January.
Hopes that a no-deal Brexit can be avoided have seemingly helped the currency, with extra support from better-than-expected retail sales data. Its still a good way below where it stood in late July
Adding to shift was pressure on the euro itself, with the currency hit by a combo of poor eurozone growth data, German recession fears and increasing expectations that the European central bank is about to engage in some serious stimulation.
CMC Markets David Madden said:

At the start of the week, dealers were fearful of a no-deal Brexit, and to an extent those fears are still circulating, but the respectable economic reports from the UK this week helped the pound.
4:02PM
Analyst: Trading delay an embarrassment for LSE
City IndexsFiona Cincotta has not minced words over this mornings stock exchange opening delay. She writes:

This is the second glitch in two years, the last one was a year ago and saw the FTSE open 1 hour late. There is no hiding from this one, the two-hour delay to open is an embarrassment for LSE and raises plenty of questions over the groups technology. The timing is pretty horrendous for LSE too, just weeks after it sealed a deal to buy Refintiv, in its quest to become a global markets and information powerhouse. LSEs reputation as one of the most reliable stock exchanges in Europe is starting to be questioned.
3:58PM
Germany ready to run a budget deficit if recession hits Der Spiegel
FTSE rebounds from six-month low after glitch delays opening: as it happened

German finance minister Olaf Scholz (right) with Chancellor Angela Merkel

Credit:
Michael Sohn/AP
Euro stocks have lifted to session highs in the past few minutes, following a report in German periodical Der Spiegel that Finance Minister Olaf Scholz and Chancellor Angela Merkel are prepared to run a deficit to stimulate Europes biggest economy if it enters recession.
The decision would mean abandoning the countrys prized black zero its policy of strictly avoiding budget deficits. Reuters reports:

Fears are mounting that Europes largest economy could slide into a recession after slumping exports due to a global slowdown, tariff conflicts and Brexit fears translated into a contraction of 0.1pcin the second quarter.
Germany has had a balanced budget since 2014, a fiscal rule introduced by former conservative finance minister Wolfgang Schaeuble and stuck to by his Social Democrat successor Olaf Scholz.
German Chancellor Merkel and FinMin Scholz are ready to run a budget deficit if Europes largest economy goes into recession, Spiegel reports, citing sources. Shortfall in tax revenue from econ slump could be offset by new debt. pic.twitter.com/rN7nPACGHh Holger Zschaepitz (@Schuldensuehner) August 16, 2019
Would be surprised if Germany abandoned "black zero" on the back of what would be a technical recession. Its hardly the type of event that could shift that sort of dogma. The bar is way too low.. Michael Hewson ?? (@mhewson_CMC) August 16, 2019

3:42PM
Hopeful pound holds FTSE back
FTSE rebounds from six-month low after glitch delays opening: as it happened

Liberal Democrat leader Jo Swinson

Credit:
Peter Nicholls/REUTERS
The FTSE is currently about 0.6pc up, still trailing its European peers. A big part of the drag is coming from sterling, which is weighing on the exporter-heavy blue-chip index. The pound has been performing strongly all day, having climbed for several days as traders grows more optimistic that a no-deal Brexit can be stopped.
Spreadexs Connor Campbell said:

The UK index could have perhaps kept pace with its peers if it wasnt for the pound, which is desperately clinging to its hopes that a rebellious cross-party group of MPs can derail Boris Johnsons no-deal Brexit plans. The reaffirmation that the Lib Dems are willing to work with Labour by the formers leader Jo Swinson aided sterling in rising 0.3pcagainst the dollar and 0.5pcagainst the euro. The currency has had quite the week against the latter, moving from a 10-year nadir on Monday to a 2-week peak of 1.095.
You can keep up with the latest political updates on our politics live blog:Brexit latest news: Lib Dem leader claims Ken Clarke and Harriet Harman are willing to lead caretaker government
3:08PM
US consumer sentiment hits lowest level since January
Closely-watched data from the University of Michigan showsUS consumer sentiment has fallen to its lowest level in seven months, hitting 92.1 compared to Julys figure of 98.4. Analysts had expected a score of 97.
Thats bad news for the US economy given consumer spending has unpinned recent growth. The drop many reflect worsening sentiment over the USs trade war with China, and apprehension that American might be on the (possibly long) road to recession.
The UoM report found that tariffs particularly affected people looking to buy appliances and home electronics.
2:48PM
Short-seller hires ex-CIA spooks in battle with Burford Capital
FTSE rebounds from six-month low after glitch delays opening: as it happened

Muddy Waters founder Carson Block

Credit:
Victor J. Blue/Bloomberg
The heated clash between Burford Capital and Muddy Waters Research, the US hedge fund that launched a bear attack on it, has taken a spook-y twist.
Muddy Waters has apparently hired an agency staffed by former CIA agent to prove the litigation fund (whose shares it shorted before releasing a scathing report last week). My colleague Harriet Russell reports:

The US firm led by Carson Block claimed behavioral analysis run by a third-party agency, Qverity, had shown that Burfords management was deceptive in their written and verbal responses to its initial report last week.
Qverity is run by former US Central Intelligence Agency (CIA) staff who co-authored the books Spy the Lie and Get the Truth. Mr Block is also a published author, having co-written "Doing Business in China For Dummies" more than a decade ago.
You can read her full report here:Muddy Waters hires ex-CIA spooks to challenge Burford
Burford Capital vs Muddy Waters
2:40PM
US stocks rise at open
As expected, New York has risen at open. The Dow Jones Industrial Index is up 0.8pc, while the S&P 500 and Nasdaq have climbed 0.9pc and 1pc respectively.
1:53PM
Wall Street expected to join rally
FTSE rebounds from six-month low after glitch delays opening: as it happened

Donald Trump: The very visible hand of the market

Credit:
Jonathan Ernst/REUTERS
Futures trading (essentially bets on how the market will perform) suggests US indicies will rise when they open in just over half an hour, with the Dow Jones Industrial Average set to gain 229 points on current numbers just under 1pc.
New house builds data released a few minutes ago shows that new home construction fell by unexpectedly in July, dropping 4pc to an annualised rate of 1.19m. Its not a shocking miss, and sentiment data suggests the US construction industry is feeling pretty upbeat about prospects, but adds to mixed overall picture for the US economy.
Any and all new economic data becomes ammunition in the very-public war between Donald Trump and the Federal Reserve, with the central bank positions position that the US economy is too strong to needstimulation apparently vindicated by several bits of upbeat recent news.
1:42PM
Pound extends gains
The pound is continuing to performing strongly today, up about 0.5pc on the day against the dollar, and 0.8pc against the euro. It continues several days of gains, and means sterling has recovered pretty much all of its losses against the euro this month.
The sharpest recent drop was right at the end of July, however, so theres still quite a push left for the reversal to seem like it has stuck.
1:27PM
Round-up: British Steel buyer plans to boost output, energy firm claims government discriminates against onshore wind farms
FTSE rebounds from six-month low after glitch delays opening: as it happened

British Steel collapsed into insolvency earlier this year

Credit:
Steve Morgan
Its a quiet day across the markets today, but theres been good news for British Steel employees, with news that the preferred bidder to take over the collapsed industrial giant wants to expand output. Meanwhile, an energy company has said the governments renewables rules discriminate against onshore wind.
Turkish buyer of British Steel plans to boost output as 4,500 jobs saved:The future of 4,500 British Steel workers looks secure with Turkish buyer Ataer Holdings revealing plans to boost output at the stricken business.
Government discriminates against onshore wind farms, energy company alleges in legal spat:An onshore wind company is taking legal action against the Government in a row over how it auctions off contracts to support low-carbon energy production.
1:20PM
Full report: Hogg quits at Cathay Pacific amid Hong Kong pressure
Heres ourfull report on Rupert Hoggs sharp exit at Cathay Pacific. My colleague Jack Torrance reports:

The row highlights the difficult choice faced by Hong Kong businesses concerned about Chinas tightening grip on the former British colony.
Swire [Cathay Pacifics owner] threw its weight behind the Chinese Government and Hong Kongs embattled chief executive Carrie Lam earlier in the week, declaring: We share the vision of the Chinese Central Government for a vibrant Hong Kong within an integrated Greater Bay Area which will bring future prosperity and opportunity to the people and businesses of Hong Kong.
You can read his report here:Cathay Pacific boss Rupert Hogg falls on sword amid pressure over Hong Kong protests
12:32PM
OPEC strikes pessimistic outlook on oil
FTSE rebounds from six-month low after glitch delays opening: as it happened

Oil prices have slumped amid worries about a global economic slowdown

Credit:
Nick Oxford/REUTERS
Opec, the cartel of oil-producing countries, has described its outlook for the global oil market as somewhat bearish, following a pretty substantial fall in theblack liquids price over recent weeks.
The group, which is responsible for about a third of the worlds oil output, increased estimates for demand in 2019 and 2020, but warned prices might feel pressure. A global slowdown is likely to impact demand for oil.
Pressure is rising on Saudi Arabia, Opecs de facto leader, to try to support oil prices, but thus far attempts to drive down supply has had limited impact on the commoditys market value.
12:02PM
LSE pins opening delay on technical software issue
The London Stock Exchange has confirmed that this mornings delay was caused by a software issue, but hasnt gone into much more detail. Heres its full statement:

London Stock Exchange experienced a technical software issue this morning that affected trading in certain securities, including FTSE 100 and FTSE 250 stocks.
Following resolution of the issue regular trading in all securities commenced at 09.40.

The delay is certainly a headache for newish LSE boss David Schwimmer, who has been trying to focus the exchange operator on outwards expansion.
11:58AM
Trumps Greenland ambitions: Can you buy a country?
FTSE rebounds from six-month low after glitch delays opening: as it happened

A fishing boat off the coast of Greenland

Credit:
James Rushforth/Solent News & Photo Agency
Before the London Stock Exchange conked out this morning, wed already had one of the strangest stories in recent days: Donald Trump is reportedly interest in buying Greenland (see 7:58am update).
The revelations, which came just a couple a weeks before Mr Trump is due to visit Denmark (of which Greenland is a territory), are a weird twist for the worlds biggest island, where many of the 55,877 residents already harbour dreams of independence.
Politics aside, however, it prompts a bigger question: CouldDonald Trumpbuy Greenland?
Telegraph Money have explored how a deal could look. They write:

Any deal is likely to cost the American government billions of dollars, although it is unclear how an outright purchase would be structured. The agreement of both the Danish and Greenlandic governments would likely be required.
Experts believe a more likely outcome is that the American government will agree to an extensive investment programme in the island to secure it as a military base and exploit its natural resources.
You can find out everything you might want to know on this (frankly bizarre) topic here:Trump eyes Greenland: can you buy a country and how can investors get a piece of the action?
11:25AM
FTSE pares back gains after bullish open
The FTSE 100 was 0.4pc up as of about 15 minutes ago, trailing European indices slightly as it feels the pressure of a strong pound, which tends to weigh on the exporter-heavy index.
Gold miner Fresnillo, which has done well from golds gains amid a global rush for safety in recent weeks, is the biggest faller among blue-chips, down about 0.2pc currently.
The FTSE 250 is up about 0.35pc, with KAZ Minerals rebounding after a surprisingly-large drop yesterday.
11:08AM
LSE says expired GTD orders have been cleared
The London Stock Exchange says:

Expired orders previously visible in the Order Books have now been removed.

That should mean everything is fully back to normal (see 10:39am update), but were still awaiting confirmation as to whether that was the original issue.
11:00AM
Cathay Pacific confirms leadership changes
FTSE rebounds from six-month low after glitch delays opening: as it happened

Rupert Hogg (left) with Cathay Pacific chair John Slosar

Credit:
Paul Yeung/Bloomberg
Airline Cathay Pacific has confirmed that chief executive Rupert Hogg has resigned, following Chinese media reports. Chief customer and commercial officer Paul Loo is also out.
Mr Hogg will be replaced by Augustus Tang, while Mr Loo will be replaced by Donald Lam. Mr Tang and Mr Lam are both highly-experienced executives with long careers at Cathay Pacific, the company said.
Chair John Slosar said:

Rupert Hogg and his team executed the three-year Transformation Programme which has been important to Cathay Pacifics recovery and provides a strong platform for continued development. However, recent events have called into question Cathay Pacifics commitment to flight safety and security and put our reputation and brand under pressure. This is regrettable as we have always made safety and security our highest priority.

Mr Slosar said the airline is fully committed to Hong Kong under the principle of One Country Two Systems as enshrined in the Basic Law., adding: We are confident that Hong Kong will have a great future.
This appears to be a major capitulation by the airline, which was forced into a dramatic about-turn earlier this week over its stance on disruption in Hong Kong:Cathay Pacific flies into a storm as Hong Kong protests rage
Bizarrely, Cathay's stock already closed up for the week (?) after being down as much as 11% on Tuesday Mike Bird (@Birdyword) August 16, 2019
10:51AM
Eurozone trade balance narrows more than expected
The eurozones seasonally-adjusted trade surplus narrowed slightly more than expected in June, falling from a revised figure of19.6bn to17.9bn, below analystss expectations (as polled by Bloomberg) of 18.5bn.
Pantheon MacroeconomicsClaus Vistesen said temporary weakness in France and Germany had led the drop:

A 1.2pcmonth-to-month dip in exports offset the boost from a 0.6pcdecline in imports, reversing the rebound in May. Early Q2 GDP numbers suggest that net exports were a drag on growth in Q2, mainly due to weakness in France and Germany, but we suspect that the French data will be revised a bit higher in due course.

A graph produced by Pantheon shows that the EZ trade surplus appears to be stabilising around a trend just under 20B on a monthly basis:
FTSE rebounds from six-month low after glitch delays opening: as it happened

Credit:
Pantheon Macroeconomics
10:39AM
Good until date errors may offer clue to LSE outage
Theres still no full statement from the London Stock Exchange on what knocked markets this morning, but its updates have focus on a problem with its GTD order. GTD means good until date. Capital.com writes:

GTD stands for 'good 'til day (or date)' and is a type of order that is active until its specified date, unless it has already been fulfilled or cancelled.
If they haven't been executed, all orders are cancelled at the end of the trading day on the date specified on the order, so GTD orders are used to cover longer periods of time.

So what goes that have to do with the delay?
The LSE said:

GTD orders expected to expire this morning have remained in the system. These orders cannot be traded against and are still being advertised via Market Data. This has caused crossed order books.

This might have led to clashes, and resulted in things behind bought or sold by accident if brokers operated on outdated information.
The LSE had promised further details at 10:30am, but has now saidit is continuing to probe issues. More at 10:50am, apparently.
10:28AM
Pound strengthens after ECB board member teases further stimulation, knocking euro
Sterling is accelerating its climb-back, having rallied in recent days as discussions of how a no-deal Brexit could be avoided intensified.
Its up around 0.2pc against the dollar, and 0.5pc against the euro the latter climb is being powered by a weakening in the euro, prompting by some very dovish talk by European Central Bank governing council member Olli Rehn, who yesterday told the Wall Street Journal that it is better to overshooton stimulus. The ECB is set to unveil a eurozone stimulus package next month.
The pounds jump is good news for holidaymakers, but the currency is still far below July levels, with market sentiment declining as fears of a no-deal Brexit intensify.
10:05AM
While were discussing infrastructure failures...
FTSE rebounds from six-month low after glitch delays opening: as it happened

People stand in darkness at Clapham Junction station last Friday

Credit:
Yui Mok/PA
...heres more on last Fridays blackouts. National Grid has said the blame for the widespread outage should be shared in a report to energy regulator Ofgem. My colleague Michael ODwyer reports:

It is not clear whether Ofgem will publish the report, which is likely to lay part of the blame for the disruption on power generators and train operators, according to a report in The Times.
The report is expected to say that the failure of two power plants within seconds of each other was one of the reasons for the major blackout, which was one of the worst this decade.
You can read his full report here:Blackout blame should be shared, National Grid tells Ofgem in report
9:57AM
Cathay Pacific boss Rupert Hogg resigns Chinese media
FTSE rebounds from six-month low after glitch delays opening: as it happened

Mr Hogg has spent 32 years at Cathay Pacific

Credit:
Paul Yeung/Bloomberg
Rupert Hogg, the British-born chief executive of airline Cathay Pacific, has reportedly announced his intention to resign, according to Chinese state broadcaster CCTV. The airline was dragged into controversy over its actions in relation to protests in Hong Kong, and its shares have been experiencing a lot of turbulence lately.
9:50AM
Trading resumes, but reasons for delay remain unclear
Things appear to be ticking along as expected, but were still awaiting an explanation from the London Stock Exchange on why trading didnt commence at 8am.
It could be worth watching shares in London Stock Exchange Group (itself listed on the FTSE 100) today, in case todays issues knock investor confidence in the group which is trying to position itself as a major player in financial data with its Refinitiv tie-up.
9:42AM
FTSE 100 opens up
The blue-chip index has quickly hit around 0.8pc at open, just behind European indices.
9:41AM
Signs of life expected shortly...
The LSE says:

Instruments on partition 1 and 2 uncrossed and transitioned to regular trading.

Here we go!
9:32AM
Throwback Friday: 100-minute trading delay worst since 2011
FTSE rebounds from six-month low after glitch delays opening: as it happened

Stock trading was delayed until the afternoon during an outage in 2011

Credit:
TOBY MELVILLE/Reuters
Todays delayed open with trading expected to kick off at 9:40am will set an eight-year record, the worst outage since trading was suspended until just after noon in February 2011.
Heres our report from then:
London Stock Exchange resumes trading after four-hour technical glitch
In that instance, trading wasnt extended to compensate for the delay we dont yet know what will happen today.
9:28AM
Breaking that down...
...that update means we should expect trading to have fully re-commenced by 10:10am, with auction calls, which usually occur before markets open,now underway. The LSE says:

Instruments on partition 1 and 2 are now in an opening auction call.

Partions 1 and and 2, as a reminder, cover the blue-chip FTSE100 and mid-cap FTSE250. The delayedopen still makes this the biggest FTSE 100 and 250 outage since2011.
9:20AM
Breaking: FTSE trading should partially re-commence shortly
The LSE says:

All GTD orders on partition 1 and 2 have been expired.
Instruments on partition 1 and 2 will resume in an opening auction call at 09:20 and will uncross at 09:40. EDSP auction for FTSE100 securities will commence as per todays standard schedule at 10:10. Users that receive rejection messages, are advised to log out their trading sessions and log back on to the relevant gateways again.
9:16AM
9:15am comes, and goes...
...no update from the LSE.
9:14AM
Previous LSE errors have been prompted by technical glitches
A quick reminder from the history books(i.e., after the crash last June):

Technical glitches have been blamed for previous outages with investors last left in limbo by a four-hour delay to trading in 2011, after the LSE switched from its Turquoise system to a new platform called MillenniumIT. The shutdown came on the new system's 10th day of operation.

Markets.coms Neil Wilson writes:

These things happen the last delayed start to trading was only a year ago. Technical glitches are inevitable, frustrating as it is for everyone.
FTSE futures are trading and our fair value estimate suggests the cash market will open up strongly around 7115.
9:10AM
Three things to read while you wait for markets to open
FTSE rebounds from six-month low after glitch delays opening: as it happened

Traders arrived at their desks this morning, but the FTSE 100 and 250 didnt open

Credit:
Jason Alden/Bloomberg
Stuck at your desk, refreshing the LSE status update page?Heres three bits of in-depth reporting by the Telegraph Business team to fill the time until markets sort themselves out:
Why premium and luxury car brands have more reasons to stay in Britain than to go
Yield curve inversion: Are we now heading for recession and is it time for investors to panic?
How Salvinis reputation for riling Brussels and the markets could harm Italys economy and the euro
9:00AM
DAX gains cap 1pc
Fear of missing out might be settling in among London traders, as European bourses enjoy healthygains this morning. Germanys DAX is up more than 1pc currently. It has now been a full hour, and the FTSE 100 and 250 are not open.
FTSE 350 still not trading due to glitch pic.twitter.com/ujm8SmeRoa Garry White (@GarryWhite) August 16, 2019
8:50AM
LSE : No update until 9:15am
Latest from the London Stock Exchange:

Investigation continues, next update at 09:15
8:43AM
Meanwhile, in Westminster...
...news that parties opposing a no-deal Brexit might be preparing to form a caretaker government has cheered sterling slightly in recent days, with the pound recovering some of the losses it suffered in recent weeks.
You can follow the latest on our politics live blog:Brexit latest: Lib Dem leader claims Ken Clarke and Harriet Harman are willing to lead caretaker government
8:39AM
Naturally, journalists and traders are bemused...
traders waiting for the LSE to finally open FTSE for trade like...
technical issues pic.twitter.com/TxdXE9NAo9 Joumanna Bercetche (@CNBCJou) August 16, 2019
LSE CEO this morning:
Hey guys its Pizza Friday how did the opening bell go...... pic.twitter.com/0vR616lpMP GeordiePhil (@GeordiePhilUK) August 16, 2019
8:35AM
LSE: Technical issue impacting some securities trading
Financial news tracker LiveSquawk tweets:
LSE Spokesperson: Technical Issue Is Affecting Trading In Some Securities, No Further Details Available LiveSquawk (@LiveSquawk) August 16, 2019
And heres the BBCs Sean Farrington:
The London Stock Exchange said it will provide updates as soon as it has any further information on the suspension of the FTSE 100 and FTSE 250.
The last significant delay to the opening was in June 2018, opening at 9am instead of 8am due to a software "technical issue" (@PA) Sean Farrington (@seanfarrington) August 16, 2019
As a reminder, the FTSE was expected to bounce back from a six-month low at opening time this morning, after an improvement in sentiment and the releaseof weight from Shell shares going ex-dividend. More on that here.
8:30AM
Second delayed open in just over a year
As a reminder, this is the second time the FTSE has faced a delayed open in the fourteen months with a blackout last June the first for seven years.
Heres what we reported then:

The start to trading on Europeslargest stock exchange suffered a one-hour delay on Thursday morning after a technical software issuestopped investors from trading on its pre-open auction system, the exchange's first major outage since 2011.
London Stock Exchange trading opens hour late after embarrassing' blackout
Heres what the LSE is saying today:
FTSE rebounds from six-month low after glitch delays opening: as it happened

Credit:
London Stock Exchange
8:23AM
International Order Book also down
As well as the FTSE 100 and 250, whatever is going on at the London Stock Exchnage has also led to a delayed open for the International Order Book.
The IOB is list of financial purchases and sales with a focus on Central and Eastern Europe, which the company says enables investors to unlock the potential of some of the worlds fastest growing markets through a single central electronic order book.
8:18AM
European indices recover as FTSE stays on ice
The FTSE still hasnt opened, so its missing out on a mutedrecovery across the rest of Europe. The contient-wide STOXX 600 is about 0.25pc up.
FTSE failure to launch Neil Wilson (@marketsneil) August 16, 2019
LSE says FTSE100 and FTSE250 open currently delayed Michael Hewson ?? (@mhewson_CMC) August 16, 2019
8:03AM
FTSE 100 and 250 open delayed
The LSE has now confirmed the FTSE 100 and FTSE 250 open has been delayed. It said:

London Stock Exchange Partition 1 and Partition 2 (FTSE 100 & 250 securities) open delayed. Partition 3 currently operating as normal.

Ill bring you more details as soon as we have them.
7:59AM
Potential problem with London markets
The London Stock Exchange has put out a system status message this morning:

London Stock Exchange is currently investigating a potential Trading Services issue.
Further information will be provided by 7:50

Its almost 8am, so that may cause some early disruption to trading.
7:58AM
Trump wants to buy Greenland
FTSE rebounds from six-month low after glitch delays opening: as it happened

Mr Trump has reportedly suggested the idea with varying degrees of seriousness

Credit:
JONATHAN ERNST/REUTERS
One to file in the headlines you never expected to see category: Donald Trump has reportedly expressed an interest in buying Greenland, according to a Wall Street Journal report. The paper says the idea of buying the icy autonomous Danish territory has captured the former real-estate developers imagination, with the President raising the idea with varying degrees of seriousness.
7:35AM
Asian markets rebound
Asian shares found some footing on Friday after a turbulent week as China hinted at more support for its economy, amid growing expectations of aggressive stimulus from all the major central banks.
Chinese authoritiessaid Beijing would roll out a plan to boost disposable income. The announcement was short on detail but lifted sentiment among investors.
Hong Kong's Hang Senghas risen 1pc while theShanghai Composite Index was up 0.5pc. Tokyo'sNikkei 225 gained 0.1pc.
7:23AM
Agenda: Five things to start your day
FTSE rebounds from six-month low after glitch delays opening: as it happened

Most of Asia's major share indices have gained ground over night

Credit:
VCG
Good morning. Today should be a fairly quiet day as there is no major economic news or UK company reports scheduled. However, it will be interesting to see if Londonsblue-chip index can recover some of the ground it lost yesterday.
The FTSE 100 reached its lowest level since late February yesterday after China said the US had seriously violated atrade pact between the two countries and hopes that a no-deal Brexit can be avoided raised the pound.

5 things to start your day


1)Workers are in the grip of a?cradle to grave crisis in living standardsas swathes of the population fear for their jobs, earn too little to save month-to-month and are struggling to put away money for a decent pension, top analysts have warned.Meanwhile banking data showed home buyers taking bigger mortgages than ever before.
On a high: How UK mortgage terms have reached an all-time peak
2)Litigation funder Burford Capital has bowed to pressure andpromised to shake up its boardroom in the wake of a blistering bear attack on its shares by US short seller Muddy Waters last week.Burfords finance chief Elizabeth OConnell, who is married to the companys boss Christopher Bogart, will immediately move into the role of chief strategy officer.
3)Turkish investor Ataer Holding has been selected as the preferred bidder for British Steel, safeguarding thousands of manufacturing jobs, with an announcement due later today. British Steel collapsed into insolvency in May.
4)Why premium and luxury car brands have more reasons to stay in Britain than to go. In the final part of a three-part series on the future of the UK automotive industry Alan Tovey looks at thelikely futures of the premium and niche manufacturers who have bases in the UK.
The scale of the UK car industry
5)Britain is set to dodge recession as enthusiastic shoppers boost growth:Retail sales volumes rose 0.2pc in July compared with June, defying expectations of a slump in purchases. Sales also rose 3.3pc compared with July 2018, well ahead of the predicted 2.5pc increase.

What happened overnight


Asian markets were jittery on Friday as a modest rebound in US equities failed to ease fears over the US-China trade war and its impact on the world economy.
Fears of a global recession and a drawn-out trade spat between the world's top two economies saw the Dow suffer its worst one-day fall of 2019 on Wednesday.
Although US stocks recovered slightly on Thursday, reassured by strong US retail sales and Walmart earnings, investors remained anxious, seeking out safe havens in the form of Treasury assets and gold, which continued to hover above the $1,500 on ounce level.
In Asia, markets edged higher despite concerns over global trade tensions. Hong Kong rose 0.4pcwhile Shanghai was up 0.5pc. Tokyo edged up 0.1pc, but Singapore and Seoul shed 0.8 percent.

Coming up today


No major UK business or economic announcements scheduled.
10:00am: Balance of trade (EU)
13:30pm: Housing starts (US), building permits (US)
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