FTSE 100 preview: Index to start May higher

BP to post rise in profits

FTSE 100 preview: Index to start May higher

The UK benchmark index looks set to start the new month in positive territory, building on the previous session’s gains. In company releases, BP (LON:BP) is scheduled to update investors on its quarterly performance.

FTSE 100 open higher

Reuters reports that according to financial bookmakers, the Footsie is seen opening four points higher this morning. Most European markets are closed today for Labour Day holiday. In the US, stocks ended April on a downbeat note. The major indices, however, recorded gains for the month.

“People became a little too complacent last week,” said Ilya Feygin, managing director and senior strategist at WallachBeth Capital, as quoted by CNBC. “The global economy has downshifted in the last few months and it’s disappointed high expectations.” Shares in Australia and Japan have advanced this morning while most Asia-Pacific markets remain closed for a public holiday.

At home, the Footsie closed little changed yesterday, adding 7.09 points to end the session 0.09 percent higher at 7,509.30. J Sainsbury (LON:SBRY) was the biggest gainer in percentage terms, adding 14.53 percent, after announcing a tie-up deal with Walmart’s Asda.

Tuesday’s calendar

Today’s releases include the UK manufacturing purchasing managers’ index (PMI) for April, scheduled to be released at 09:30 BST. IG reports that the index is expected to have climbed from 55.1 to 56.2. In the US, the ISM manufacturing PMI for April is due out at 15:00 BST.

On the corporate front, BP is expected to unveil a rise in profits when it updates investors on its first-quarter performance this morning, having benefitted from stronger oil prices. Just Eat (LON:JE) also reports today. In other news, CNBC reports that the Competition and Markets Authority is due to release its opinion on the 21st Century Fox’s attempt to acquire Sky (LON:SKY).

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