The FTSE 100 looks set to open marginally lower in London this morning, following mixed leads from the US and Asia. Royal Bank of Scotland Group (LON:RBS) will be in focus on the corporate front as its investors okayed a move to speed up the lender’s privatisation.
Index seen subdued
Reuters reports that the Footsie is seen opening eight points lower at 7,165, according to financial bookmakers. The blue-chip index is likely to take cues from the US, where stocks retreated last night on the back of mixed corporate earnings.
“We’re at right about half time for this earnings season and the picture is anything but clear,” said Mike Loewengart, vice president of investment strategy at E-Trade, as quoted by CNBC. “We’ve enjoyed a heck of a rally so far this year, but that can easily be disrupted if more companies miss the mark on earnings.” Asian shares meanwhile have inched marginally higher this morning.
In the UK, the Footsie closed little changed yesterday, ending its winning streak, and giving up 4.28 points to end trading 0.06 percent lower at 7,173.09.
There are no major macroeconomic releases out of Europe to guide the market further this morning. The Bank of England rate decision is due at 12:00 GMT. In corporate releases, Smith & Nephew (LON:SN) and Compass (LON:CPG) will post results. In other news, RBS said that its shareholders had approved a resolution allowing the group to buy shares back from the British government.
The Sage Group is the only FTSE 100 company, whose shares will be trading without the attraction of their latest dividend in today’s session. Reuters’ calculations suggest that ex-divs will knock 0.45 points off the benchmark index.