FTSE 100 hits another record closing high - as it happened

All the day's economic and financial news, as shares in London climb higher and finance ministers meet in Germany

• London stock market closes at record levels again
• Markets subdued after busy week
• Carney warns G20 to complete financial reforms
• The agenda: Eurozone data, G20 meeting

5.01pm GMT

Boom! The FTSE 100 has ended a busy week at a new all-time closing high.

But it's only a modest rally - the blue-chip index has finished 9 points higher at 7424 points, adding to yesterday's record close. That's down on the new record high of 7447 set this afternoon.

FTSE at new record close for second day after US rate rise. Hip, hip hooray! #UKshares https://t.co/Hl5osgK22U pic.twitter.com/NBYQbzoz9U

No handshake. No talking to one another.

That Trump-Merkel pool spray was pretty awkward. -via @MSNBC pic.twitter.com/DIkEyfNJUq

The coming week is a quieter one, at least compared to this one. UK CPI and retail sales will ensure that sterling remains a focus of attention, after the pound rallied from its lows thanks to the Fed meeting.

However, it looks like we are in for a period of quiet, at least where events are concerned. Stocks remain expensive, but index inflows keep supporting the market, and for now there is no sign of a major dip emerging any time soon.

4.58pm GMT

A gobbet of eurozone news: Standard & Poor's has just reaffirmed Portugal's credit rating, with a stable outlook:

Ratings On Portugal Affirmed At 'BB+/B'; Outlook Stable
ii i ii ii

3.26pm GMT

The OECD has put more pressure on governments to reform their economies, and help more people benefit from faster growth.

Otherwise, the think tank warns, they will continue to lose the support and faith of voters.

The report, presented by OECD secretary general Angel Gurria at a meeting of finance ministers from the G20 group of nations in Germany calls on governments to take a long-term view of jobs and skills, infrastructure spending and innovation.

It also calls for more focus on tackling inequality to win back public support for reforms. The group, which covers 35 mainly rich countries including the UK, notes that on average only 40% of OECD citizens trust their governments.

Related: Governments must keep reforming to win back voters' trust, says OECD

2.17pm GMT

Newsflash: US consumer confidence continues to grow.

That's according to the University of Michigan, Its monthly consumer sentiment index has jumped to 97.6 in March, from 96.3 in February.

The sentiment data has been characterised by rising optimism as well as by rising uncertainty due to the partisan divide.

Optimism promotes discretionary spending, and uncertainty makes consumers more cautious spenders."

Confidence Still Rising: pic.twitter.com/QyT53EnDaR

1.57pm GMT

The FTSE 100 is on track to set a closing high for the second day running (on top of this afternoon's intraday high).

Henry Croft of Accendo Markets reckons investors are ending the week in good heart:

"Equity markets across the globe are positive as improved risk appetite continues into the weekend, although the pace of gains has slowed as drivers (data/corporate) are light on the ground.

Investors are continuing to digest the multiple central bank monetary policy updates this week, including surprising hawkishness from the Bank of England [on Thursday]"

1.39pm GMT

Newsflash: Britain's FTSE 100 just nudged a new alltime intraday high.

The blue-chip index has hit the heady heights of 7447 points, up 30 points today - and two points higher than Thursday's peak.

1.19pm GMT

Ooooh. Bloomberg are reporting that the G20 finance chiefs have removed a reference to climate change from the statement they'll released on Saturday, at the end of their meeting.

That's a blow to Germany, the meeting's host. It hoped to include a section about climate issues, but there appears to be a major disagreement over the issue.

Deputies concluded crafting the communique on Thursday evening, and ministers and central-bank governors will debate the document in the German town of Baden-Baden on Friday. The language may still change before the final version is released the next day.

Germany is using its year as G-20 president to push for the group to support climate protection. That effort has run into resistance from countries including the U.S., China, India and Saudi Arabia, one G-20 official said, speaking on condition of anonymity because the talks were private.

Finance ministers drop reference to climate change in draft G-20 statement, sources say https://t.co/aH3Wu2SNYP pic.twitter.com/UcvyAQKoEJ

1.15pm GMT

Over in Baden-Baden, G20 finance ministers are trying to hammer out a statement on free trade.

"I don't know the exact wording but nobody has raised the issue of protectionism yet and I don't believe that we have to deal with this a lot,"

"It's about finding the right wording, it's about how we phrase the openness of the world trade system in the final communique,."

12.30pm GMT

Lukman Otunuga of FXTM Research says the stock market bounce following Wednesday night's Federal Reserve meeting is fading.

Traders were excited on Wednesday and Thursday that the Fed didn't predict more rate hikes in 2017 and 2018; today, though, they're more concerned about the G20 finance ministers meeting in Germany:

The "dovish hike" powered stock market rally slightly cooled off during Friday's trading session with investors turning cautious ahead of the anticipated G20 meeting. Asian shares were mostly mixed as participants weighed on the prospects of fewer US interest rates increases this year.

In Europe, the defensive trading mood slightly pressured equities and the bearish contagion could limit gains on Wall Street this evening. An explosively volatile trading week is slowly coming to an end with investors turning their attention towards the G20 finance meeting which could offer some insights on how world leaders feel about key topics such as protectionism and global growth. With some discussions of currencies also being a possibility, the Greenback could turn volatile if leaders start to discuss the impacts of its resurgence since Trump's presidential victory.

12.08pm GMT

After a weak start, Europe's stock markets are now pushing higher.

The FTSE 100 is up 19 points at 7435; a small rise, but only 10 points away from beating yesterday's all-time intraday high.

Looking to the US open and the Dow Jones is set for a quiet start to the session, with the futures suggesting at 10 point rise when the bell rings on Wall Street. Now that the Fed rate raise is done and dusted the Dow may struggle to find any meaningful direction in the coming weeks - that is, of course, unless Donald Trump (who has been relatively quiet of late) unleashes some kind of market-shaking pronouncement.

10.55am GMT

The eurozone has posted its first trade deficit in the years.

Imported goods from the rest of the world surged by 17% year-on-year in January, to a164.5bn, according to Eurostat. Exports rose by 13% to a163.9bn.

Imports can also be lifted appreciably in the winter months if colder than usual weather leads to a pick-up in energy imports.

However, the weakened traded goods performance in January will make it harder for net trade to contribute positively to Eurozone GDP growth in the first quarter of 2017 after being a drag in the fourth quarter of 2016.

10.31am GMT

Donald Trump's man in Baden-Baden, Steven Mnuchin, has met with his Japanese counterpart Taro Aso:

10.11am GMT

Mark Carney is also warning that confidence in the financial sector, and trust in the markets, has been rocked by a series of scandals in recent years.

In his letter to G20 finance chiefs, Carney says the Financial Stability Board is taking steps to make financial benchmarks more trustworthy (after a series of rigging scandals).

The work recognises that, while fines and sanctions deter misconduct, preventative measures, including those which increase individual accountability, can also play important roles.

(i) deliver to G20 Leaders a report drawing together actions taken and recommendations made to address misconduct risk across the various elements of the action plan;

and (ii) publish a consultation paper on the use of compensation tools to address misconduct

9.49am GMT

The world's financial system risks suffer serious harm if policymakers fail to implement the measures drawn up to avoid a repeat of the financial crisis, Mark Carney has warned.

Carney fired a 'hurry-up' towards the world's top finance ministers and central bankers as the G20 meeting got underway in Germany. He's pushing them to tackle 'shadow banking' (which takes place away from the regulators' gaze) and risky derivatives trading.

A decade on from the start of the crisis, the G20 has made substantial progress in building a financial system that is more resilient and better able to fund households and business in sustainable way.

As the global recovery gains strength, now is not the time to risk these hardwon gains.

9.29am GMT

Some photos from the G20 meeting just landed:

9.14am GMT

Almost five years after being forced out of Barclays over the Libor rate rigging scandal, Bob Diamond has made a dramatic return to the City.

Diamond has pulled off an audacious takeover of City stockbrokers Panmure Gordon, through his Atlas Merchant Capital in an alliance with the Qatari royal family.

Related: Former Barclays chief Bob Diamond to buy Panmure Gordon

8.45am GMT

In the City, shares in housebuilder Berkeley Group have jumped by 6% this morning after it issued an upbeat trading statement.

8.31am GMT

Belgium's stock market is pluckily bucking the downward trend this morning:

8.14am GMT

European stock markets have begun the day on the back foot.

Germany's DAX is down 0.4% in early trading, as the country prepares to welcome finance ministers and central bank bosses from across the G20.

Related: Stock markets soar across Europe as FTSE clocks up new high

With this week's central bank updates and the Dutch election now in the rear view mirror, in focus today will be a multitude of high level political summits.

The US President Donald Trump is hosting the German Chancellor President Angela Merkel, as the leader of the Eurozone's engine room meets face to face with the outspoken US chief for the first time since he took office.

8.02am GMT

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

City traders are enjoying a brighter commute to the office this morning. It's the Spring Equilux - when the days start being longer than the nights, and winter gloom becomes but a memory.

Today is the #spring #equilux which means we have 12 hours of daylight and days will now be longer than nights pic.twitter.com/0nuDAAv9C2

Confused by #equilux being today when #equinox is only on Monday?
I was too, then I read this:
https://t.co/WDebGJBDF1 via @metoffice

Our European opening calls:$FTSE 7406 down 10
$DAX 12061 down 22
$CAC 5009 down 4$IBEX 10171 up 3$MIB 20134 up 24

Mnuchin is expected to present a softer tone from the US, shying away from the protectionist message of Trump's campaign trail.