FTSE 100 preview: Upbeat start ahead as US stocks continue rebound

BT and Sky pay less for Premiere League games

FTSE 100 preview: Upbeat start ahead as US stocks continue rebound

Britain’s blue-chip index looks set to rise this morning, taking cues from the US where stocks continued their recovery in the wake of last week’s hefty selloff. BT Group (LON:BT.A) and Sky (LON:SKY) will be in focus today amid the Premiere League rights auction.

Index looking up

IG’s opening calls suggest that the FTSE 100 will start the session 0.53 percent higher at 7,206 points. In the US, shares continued their recovery last night, with the main indices closing higher for a third day in a row.

“The market was trading with some reservation to the downside,” said Robert Pavlik, chief investment strategist at SlateStone Wealth, as quoted by CNBC, noting the indexes quickly bounced off their session lows. “There wasn’t much follow-through down.” Asian shares meanwhile have been mixed this morning, ahead of the US inflation report later today.

In the UK, the FTSE 100 closed little changed yesterday, shedding 9.05 points to end the session 0.13 percent lower at 7,168.01, with investors digesting the latest inflation data, which lent support to the pound.

Wednesday’s calendar

Today’s macroeconomic releases include a flash estimate of Germany’s fourth-quarter gross domestic product (GDP), due out at 07:00 GMT, to be followed by a second estimate for the eurozone’s fourth-quarter GDP at 10:00 GMT. In the US, the nation’s consumer price index and retail sales data for January are scheduled to be released at 13:30 GMT.

On the corporate front, Shire (LON:SHP), which traditionally reports results at noon, is expected to reveal a rise in full-year earnings. In other news, the BBC reports that Sky and BT Sport have agreed to pay £4.464 billion to broadcast Premier League football games for three seasons from 2019-20.

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