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Source:Copyright © 2021 Kalkine Media Pty Ltd.
Summary
- FTSE 100 is expected to open on a negative footing on Monday.
- The futures linked to the FTSE 100 traded 0.19 per cent lower.
- Investors are awaiting the cues from the upcoming macro data.
The headline FTSE 100 index is expected to open on a negative footing on Monday, 8 March, tracking the subdued trading activity in almost all the Asian peers. The index last closed at 6,630.52, down 0.31 per cent, while it managed to post a weekly gain of 2.27 per cent following the broad-based recovery in the markets with the ongoing corporate earnings and release of major macroeconomic data.
Asian markets in red
Among the Asian markets, Japan’s Nikkei 225 dropped 0.72 per cent, China’s Shanghai Composite fell 1.05 per cent, Hong Kong’s Hang Seng shed 1.23 per cent, South Korea’s Kospi slipped 0.89 per cent, while India’s Nifty 50 gained 0.58 per cent. Earlier today, Australia’s ASX 200 managed to close 0.43 per cent higher.
The futures linked to the FTSE 100 traded 0.19 per cent lower, indicating a choppy start to the London equities. However, the Dow Industrials concluded 1.85 per cent higher on Friday last week, with S&P 500 and Nasdaq Composite terminating in a largely similar fashion. Nasdaq Composite gained 1.55 per cent and S&P 500 soared 1.95 per cent after solid jobs data.
GBP extends loss
The Great Britain pound (GBP) extended losses against the United States dollar (USD) on Monday as the greenback restored some of the lost strength on the upbeat jobs report. At around 0634 GMT, the GBP vs USD pair was trading at 1.3824, down 0.12 per cent from the previous close of 1.3841.
During the session so far, the currency pair has shuttled between a low and high of 1.3810 and 1.3866, respectively, at the interbank foreign exchange market. The BoE had fixed a reference spot exchange rate of 1.3991 USD and 1.1620 EUR against a unit of pound sterling on 4 March.
Upcoming cues
At the domestic front, investors are awaiting the cues from the upcoming macro data as the Office for National Statistics (ONS) is set to unveil balance of trade for January, alongside the metrics for industrial production, manufacturing production, and construction output for the month of January on Friday, 12 March. Bank of England (BoE) Governor Andrew Bailey is scheduled to deliver a speech later today.
Among the major companies, Pearson, Direct Line Insurance, RHI Magnesita, Savills, Cineworld, Bodycote and Blackrock World Mining are due to announce their respective Q4 and FY20 results.
Meanwhile, the government has announced the facility of free lateral flow tests for businesses of all sizes as the country gears up to reopen in line with the exit roadmap set out by the authorities. Under the phase reopening plan, businesses including those with less than 50 employees can register to order free lateral flow tests for their employees.
