FTSE 100 preview: Brexit concerns to pressure index

HSBC in focus after Libor fine

FTSE 100 preview: Brexit concerns to pressure index

The UK benchmark index looks set to start this Friday 13th on the back foot, pressured by concerns over the ongoing Brexit negotiations. HSBC Holdings (LON:HSBA) will stay in focus today after a fine in the US.

FTSE 100 to open lower

IG’s opening calls suggest that the Footsie will start the session 0.18 percent lower at 7,543 points. Sentiment is likely to be subdued today, amid a stalemate following the latest round of Brexit negotiations. In the US, stocks slipped from record highs, with investors focusing on the earnings season.

Bruce McCain, chief investment strategist at Key Private Bank, told CNBC that this earnings season was off to a good start.

“There’s kind of a general feeling that things are better than they have been, and that’s being reflected in the earnings season,” he pointed out. Asian shares meanwhile have tracked the US higher this morning.

At home, the Footsie rose in yesterday’s session, adding 22.43 points to close 0.30 percent higher at 7,556.24, with investors digesting the minutes from the Federal Reserve’s latest policy meeting which pointed to a rate hike in December.

Friday’s agenda

Today’s macroeconomic calendar includes a string of releases from the US, with the nation’s consumer price index and retail sales data for September due out at 13:30 BST, to be followed by the preliminary Michigan consumer confidence index for October at 15:00 BST.

In company news, Reuters reports that HSBC, which yesterday confirmed John Flint as its new chief executive, had agreed alongside Citigroup and Deutsche Bank to pay a combined $132 million to settle a US class action brought by futures traders accusing them of manipulating the Libor benchmark interest rate. GKN (LON:GKN) meanwhile has issued a trading statement, while Aviva (LON:AV) has announced plans to exit Taiwan. 

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