FTSE 100 preview: Index seen steady despite Brexit uncertainties

RBS in focus amid top finance job speculation

FTSE 100 preview: Index seen steady despite Brexit uncertainties

The UK benchmark index looks set to start the last trading day of the week in positive territory, holding steady despite resignations from Prime Minister Theresa May’s government. Royal Bank of Scotland Group (LON:RBS) will be in focus today amid news that a top City banker has dropped out of the race for the top finance job at the bailed-out lender.

Index seen higher

IG’s opening calls suggest that the Footsie will start trading 0.32 percent higher at 7,060 points. Brexit is likely to stay firmly in focus as Reuters reported that Theresa May had vowed to fight for her draft divorce deal with the European Union despite the multiple resignations in her cabinet. The newswire reports that analysts from Citi had said that Britain was now likely either to stay in the EU or leave without a deal.

On the other side of the Atlantic, shares rose last night, ending losing streaks, finding support in corporate news and US-China trade hopes. Asian shares, however, have been mixed this morning with the Brexit uncertainties weighing on sentiment. In the UK, the Footsie had added 4.22 points to close 0.06 percent higher at 7,038.01, following the resignation of Brexit Secretary Dominic Raab and other ministers.

Friday’s agenda

Today’s macroeconomic releases include the eurozone’s consumer price index for October, due out at 10:00 GMT. With the earnings season winding down, there are no blue-chips scheduled to update investors on their performance this morning.

In company developments, Sky News reports that William Chalmers, the co-head of Morgan Stanley's global financial institutions group, has withdrawn his name from a list of possible successors to RBS CFO Ewen Stevenson, who quit during the summer to join HSBC (LON:HSBA).

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