In short, there's nothing to see. Powell remained within the channel of communication deemed acceptable by the equity markets: the Fed is in no hurry to cut rates, but this remains its basic strategy for the months ahead. He indicated that while it may be "appropriate" to cut rates this year, there is a risk in acting prematurely. Investors are reassessing the likelihood of three rate cuts previously suggested by the Fed.

Tech, energy, and financials outperformed. Oil prices remain high due to worries about supply. The FTSE 100 was flat.

The FTSE 100 opened higher on Thursday. Vodafone UK's proposed merger with Three UK will undergo a more thorough investigation by the Competition & Markets Authority (CMA), as no solutions to antitrust concerns were presented. Vodafone and CK Hutchison had announced plans to combine their UK operations into a joint venture, which would serve approximately 27 million customers.

Elsewhere, DS Smith is in ongoing discussions with Mondi regarding a potential offer, with the deadline extended to April 23. DS Smith is also considering a bid from International Paper, valuing the company at GBP 5.72 billion, compared to Mondi's GBP 5.14 billion valuation.

Entain has appointed Stella David as its next chair, while Ocado Group announced that Chair Rick Haythornthwaite will not seek re-election next year due to increasing commitments elsewhere.

The eurozone business activity returned to growth in March, according to the PMI released this morning. The S&P Global Composite PMI declined slightly in the UK to 52.8 in March from February's 53.0, but remains in expansion territory.

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