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Summary
- FTSE 100 set to open higher on Monday, 15 March, bucking a mixed trend among Asian peers
- Global investors are awaiting a key US monetary policy announcement set for later this week
- The FTSE 100 March futures were trading higher by 0.51 per cent
- The ongoing earnings results and an upcoming interest rate decision by the BoE are expected to impact London markets
London’s key index FTSE 100 is expected to open on a positive note on Monday, 15 March, following higher FTSE 100 March futures even as Asian equities were mixed ahead of US Federal Reserve’s meeting later this week.
The index last closed at 6,761.47, up by 0.36 per cent due to better than expected GDP data announced on Friday. The UK economy contracted by 2.9 per cent in January compared to a predicted 4.9 per cent contraction.
Asian markets mixed
Asian equities were mixed on Monday ahead of the US Federal Reserve meeting. Japan’s key index Nikkei 225, was slightly up by 0.08 per cent, while China’s Shanghai Composite Index was down by 1.22 per cent. Hong Kong’s key index Hang Seng was also trading in the red, down by 0.13 per cent, while South Korea’s Kospi composite index fell by 0.17 per cent.
India’s Nifty 50 dropped by 1.44 per cent and, Australia’s ASX 200 ended higher by 0.09 per cent earlier today.
The March futures linked to the FTSE 100 were trading 0.51 per cent higher as of 15 March at 0512 AM GMT, indicating a positive start to the London markets.
The Dow Jones Industrial Average last closed up by 0.90 per cent, while the S&P 500 index ended 0.10 per cent higher on Friday, while the Nasdaq Composite closed down by 0.59 per cent.
GBP slightly up against USD
The Great Britain pound (GBP) was slightly stronger against the United States dollar (USD) on Monday. At around 0514 AM GMT, the GBP/USD currency pair was marginally up by 0.0072 per cent, trading at 1.3924.
The GBP/USD pair has traded in a range of 1.3915 and a high of 1.3950, respectively, at the interbank foreign exchange market, during the session so far. The Bank of England had fixed a reference spot exchange rate of 1.3969 USD and 1.1681 EUR against a unit of pound sterling on 11 March.
Upcoming cues
On the international front, The US is expected to release their current account data later today. Investors are also awaiting cues from the upcoming US interest rate meeting set for March 16 and 17.
Domestically, the London markets is expecting final results from companies such as Diaceutics Plc, HG Capital Trust plc, and Transglobe Energy Corp to be announced today. The markets are also awaiting cues from the Bank of England’s interest rate data slated to be announced on 18 March.
