The UK benchmark index looks set to open marginally lower this morning, pressured by lacklustre leads in the US and Asia. On the corporate front, Vodafone (LON:VOD) is scheduled to update investors on its half-year performance.
Downbeat start on the cards
IG’s opening calls suggest that the FTSE 100 will start Tuesday’s session 0.06 percent lower at 7,410 points. In the US, stocks closed marginally higher, pressured by a decline in GE, as well as ongoing concerns over the tax reform.
“As the tax debate intensifies, investors are becoming more sceptical” that lower corporate taxes will arrive this year, Peter Cardillo, chief market economist at First Standard Financial, told CNBC. “I think the market is caught in a reality check right now.”
Asian shares meanwhile have been subdued following the lacklustre US lead and downbeat economic data out of China.
In the UK, the Footsie was subdued yesterday, pressured by political uncertainty. The blue-chip index shed 17.81 points to end the session 0.24 percent lower at 7,415.18.
Investors have a lot to look out for on the macroeconomic front this morning, with German’s flash third-quarter gross domestic product estimate due out at 07:00 GMT, to be followed by the UK’s consumer price index for October at 09:30 GMT. The second estimate for the eurozone’s third-quarter GDP is scheduled to be released at 10:00 GMT, alongside Germany’s ZEW economic sentiment index for November. In the US, the nation’s producer price index for October is out at 13:30 GMT.
Today’s corporate calendar includes Vodafone’s interims, which will come after the telco inked a deal yesterday to sell its tower business in India. ITV (LON:ITV) and Land Securities (LON:LAND) are also scheduled to post results this morning.