The UK benchmark index looks set to start the last trading day of the week on the front foot, following an upbeat close in the US and a positive lead from Asia. Barclays (LON:BARC) will be in focus following yesterday’s discussions between bankers and the UK government.
Steady start on the cards
CNBC reports that according to IG, the FTSE 100 is seen opening three points higher at 7,764. In the US, shares rose yesterday, with the Dow and the Nasdaq surging to record highs, following the previous session’s declines.
“Ever since last summer, we’ve really struggled to have a meaningful pullback,” said Andy Kapyrin, director of research at RegentAtlantic, as quoted by CNBC, adding that was optimism about the global synchronous economic recovery and the upcoming earnings season.
In the UK, the FTSE 100 rose in the previous session, adding 14.43 points to close 0.19 percent higher at 7,762.94, despite a selloff in Tesco (LON:TSCO) and Marks & Spencer (LON:MKS), whose results disappointed investors.
“Thursday’s batch of updates does not alleviate renewed investor concerns that the retail sector could relapse into the malaise of a few years back”, Ken Odeluga, a market analyst at City Index commented, as quoted by Reuters. Asian shares have also steadied this morning, taking cues from the US.
There are no major macroeconomic releases out of Europe to provide direction to the market this morning. On the other side of the Atlantic, the US consumer price index and retail sales data for December are scheduled to be released at 13:30 GMT. In other news, Bloomberg reports that Barclays’ chief executive had called on Prime Minister Theresa May to cut taxes and relax regulations on British banks after Brexit.