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Summary
- FTSE 100 index is likely to open tad lower due to mixed trading in Asian peers
- The UK market is awaiting cues from ongoing results and retail sales data to be announced on Friday
The FTSE 100 is expected to open on a bit softer note on Thursday 25 March, tracking lower FTSE 100 March futures contract and mixed Asian equities. The index last closed at 6,712.89, up by 13.70 points or 0.20 per cent on Wednesday.
(Source: EODHD/Others, Thomson Reuters)
The FTSE 100 March futures contract was down by 0.12 per cent as of 25 March at 04520 AM GMT, indicating a lower start to the London markets.
Asian markets mixed
Asian equities were mixed on Thursday as traders were assessing the economic recovery from the ongoing pandemic.
Japan’s key index Nikkei 225 was trading lower by 1.13 per cent, while China’s SSE Composite Index was down by 0.09 per cent after dual listed Chinese stocks such as Tencent Holdings and Alibaba Group faced removal threats from US stock exchanges.
Hong Kong’s key index Hang Seng was down by 0.25 per cent, India’s Nifty 50 was down by 1.38 per cent, while South Korea’s Kospi Composite index rose by 0.42 per cent. Australia’s ASX 200 ended up by 0.17 per cent earlier today.
Oil
Oil pared gains from its recent rally after a container vessel blocked the Suez Canal, leading to a shipping disruption. West Texas Intermediate crude oil was at USD 59.88 per barrel, down by 2.12 per cent.
US Markets
US futures rose with the Dow Jones Futures’ US 30 Contract was up by 0.27 per cent and the S&P 500’s US 500 Contract was up by 0.21 per cent on Thursday.
Moreover, the markets are awaiting US’ GDP data set to be released later today.
US markets ended in the red on Wednesday as technology, consumer services and consumer goods stocks slid. The Dow Jones Industrial Average index closed down by 0.01 per cent on Wednesday, while the S&P 500 index ended lower by 0.55 per cent and the tech heavy Nasdaq Composite index closed down by 2.01 per cent.
GBP strengthens against USD
The GBP/USD currency pair was up by 0.073 per cent, trading at 1.3696 at around 0546 AM GMT. The pair’s previous close stood at 1.3697.
The GBP/USD pair’s trading range was between a low of 1.3677 and a high of 1.3707, respectively, at the interbank foreign exchange market, during the session so far.
Meanwhile, the GBP/EUR currency pair was down by 0.0518 per cent, trading at 1.1579 at around 0549 AM GMT.
The Bank of England’s reference spot exchange rate on 23 March was fixed at 1.379 USD and 1.1618 EUR against 1 GBP.
(Source: EODHD/Others, Thomson Reuters)
Upcoming cues
The London markets is expecting a flurry of earning results today, such as International Public Partnerships, Lamprell Plc, Learning Technologies Group plc, Regional REIT and several others. The UK is also expected to announce the latest retail sales data on Friday, 26 March.
On the international front, the US is set to announce key macro data such as the country’s GDP, initial jobless claims and personal consumption expenditures figures later today.
