FTSE 100 preview: Index to start last day of October on front foot

StanChart wraps up banking reporting season

FTSE 100 preview: Index to start last day of October on front foot

The FTSE 100 looks set to open higher this Halloween, following strong leads from the US and Asia. On the corporate front, Asia-focused Standard Chartered (LON:STAN) has posted its third-quarter results today.

Index looking up

IG’s opening calls suggest that the Footsie will open 0.89 percent higher at 7,099 points. In the US, shares rallied last night, following a volatile start to the week.

“Obviously we're in a correction phase of the stock market and I think investors have to realise that,” said Bruce Bittles, chief investment strategist at Baird, as quoted by CNBC. “The monetary environment has changed. As you can see, even with a 10 percent change in the stock markets, interest rates have barely moved lower.”

In Asia, shares have also advanced this morning, heading for an upbeat start to a difficult month. Ichikawa at Sumitomo Mitsui Asset Management told Reuters that the outlook for markets was still cloudy, adding that the US.-China trade row will “likely to remain a factor of concern beyond the US midterm elections”.

At home, the Footsie rose marginally in the previous session, adding 9.53 points to close 0.14 percent higher at 7,035.85, as investors digested company news.

Wednesday’s agenda

Investors have a lot to look out for on the macroeconomic front this Wednesday, starting with the eurozone’s flash consumer price index for October, due out at 10:00 GMT, alongside the euro area’s unemployment rate for September. In the US, the nation’s ADP employment report for October will be announced at 12:15 GMT, to be followed by the Chicago purchasing managers’ index for the same month at 13:45 GMT.

In company releases, StanChart is the last FTSE 100 posting results this reporting season. Blue-chip retailer Next (LON:NXT) also reports today.

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