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Summary
- FTSE 100 to likely open on a muted note on Tuesday, 9 March, following mixed trading by Asian equities.
- The futures linked to the FTSE 100 were trading 0.18 per cent lower.
- The markets are awaiting cues from upcoming macroeconomic data and ongoing FY 2020 and Q4 earnings results.
The broader index FTSE 100 is expected to open on a muted note on Tuesday, 9 March, following mixed trading activity in most of its Asian peers. The index last closed at 6,719.13, up by 1.34 per cent supported by some upbeat earnings results on Monday, 8 March.
Asian markets a mixed bag
Among the Asian markets, Japan’s Nikkei 225 was trading up by 0.83 per cent Hong Kong’s Hang Seng gained 1.01 per cent, and India’s Nifty 50 was trading up by 0.69 per cent, while, China’s Shanghai Composite fell 0.12 per cent and South Korea’s Kospi slipped 0.61 per cent. Moreover, Australia’s ASX 200 closed 0.47 per cent higher.
The futures linked to the FTSE 100 were trading 0.18 per cent lower, indicating a bit soft start to the London equities. Also, while the Dow Industrial Average closed 0.97 per cent higher, on the other hand both the S&P 500 and Nasdaq Composite ended in the red overnight on Wall Street. The S&P 500 index ended 0.54 per cent lower while Nasdaq Composite snapped the session down by 2.41 per cent due to the correction in technology shares.
GBP gains against USD
The Great Britain pound (GBP) gained against the United States dollar (USD) on Tuesday following Nasdaq’s correction. At around 0552 AM GMT, the GBP vs USD pair was trading at 1.3840, up by 0.15 per cent from the previous close of 1.3854.
During the session so far, the currency pair has shuttled between a low and high of 1.3804 and 1.3850, 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
Several FTSE100 and FTSE 250 companies are set to announce their Q4 2020 and FY 2020 results today, including Cairn Energy, Deutsche Post, Domino’s Pizza Group, ITV, Standard Life Aberdeen, and others.
The market is also awaiting cues from upcoming macro data as the Office for National Statistics (ONS) is set to announce the January balance of trade. Additionally, the January industrial production, manufacturing production and construction output data are slated to be released on Friday, 12 March.
