FTSE 100 preview: Index looking up after selloff

RBS to follow Lloyds and Barclays with interims

FTSE 100 preview: Index looking up after selloff

The UK benchmark index looks set to start the last trading day of the week on the front foot, clawing back some of the previous session’s losses, following an upbeat lead from the US. Royal Bank of Scotland Group (LON:RBS) is set to follow FTSE 100 peers Lloyds (LON:LLOY) and Barclays (LON:BARC) with its interims.

FTSE 100 to open higher

IG’s opening calls suggest that the Footsie will start trading 0.52 percent higher at 7,615 points. The blue-chip index is likely to take cues from the US where the S&P and the Nasdaq rose last night, while Apple became the first US publicly traded company in history to reach $1 trillion in market value.

“It’s good for confidence in the market to the extent that it’s a widely owned stock,” said Marc Chaikin, CEO of Chaikin Analytics, as quoted by CNBC. “A lot of market-cap weighted ETFs are getting a boost from this.” Asian shares meanwhile have climbed higher this morning. Gains, however, have been capped by persisting worries over a trade war between the US and China.

In the UK, posted another hefty loss, giving up 76.98 points to end the session 1.01 percent lower at 7,575.93, as the Bank of England moved to hike interest rates.

Friday’s releases

Today’s macroeconomic statements include the eurozone’s retail sales data for June, due out at 10:00 BST. In the US, the nation’s non-farm payrolls for July will be announced at 13:30 BST, to be followed by the nation’s ISM non-manufacturing purchasing managers’ index for July at 15:00 BST.

On the corporate front, RBS is scheduled to post its results which are expected to include a charge for the group’s mortgage settlement with the US Department of Justice. British Airways parent International Consolidated Airlines (LON:IAG) also reports today.

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