The FTSE 100 is set to break its winning streak today and head lower at the open following a mixed showing in the US and ahead of a speech by Federal Reserve chairman, Jerome Powell, at a banking conference in Stockholm.
Spread betting companies are calling the lead index down by around 40 points.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank noted “US equity futures are in the negative this morning, as the King of market disappointment, the Fed chair Jerome Powell, will be speaking at an event in Stockholm today, and he will probably not pop the champagne just because the wages grew less than expected last month, especially when you think that the US economy added a near record 4.5 million jobs last year, and that the unemployment rate fell to 3.5%.”
At the close on Monday in the US, the Dow Jones Industrial Average was down 113 points, or 0.33%, to 33,518, the S&P 500 fell 3 points, or 0.08%, to 3,892 but the Nasdaq Composite jumped 66 points, or 0.63%, to 10,636.
Back in London and there was also a warning on UK inflation. The Bank of England’s chief economist on Monday said that a “distinctive context” within the UK creates the potential for rampant prices to prove “persistent”.
Today, shoe retailer Shoe Zone PLC (AIM:SHOE) and wargame miniatrures manufacturer Games Workshop Group PLC (LSE:GAW) are set to report results whilst a trading update is due from recruiter, Robert Walters PLC (LSE:RWA).