FTSE 100 preview: Index seen lower as Greece fails to reach deal on reforms

on Apr 1, 2015
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The FTSE 100 Index is expected to open lower today, with Greece concerns again poised to dampen investor sentiment in Europe. Yesterday the country failed to reach an initial deal on reforms with the European Union and the IMF after the creditors dismissed Athens’ proposals as being more of a list of ideas. Striking a deal on reforms is crucial to unlocking much needed financial aid for the country.

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The UK benchmark equity index yesterday closed down 1.72 percent, or 118.39 points, at 6,773.04. According to data from spread bettor IG, the Footsie will open around 37 points lower in today’s trading.
US markets fell significantly yesterday, erasing most of the gains seen in the previous trading session. The decline was due to a combination of mixed economic data releases, low oil prices and caution ahead of the start of the first-quarter earnings season.
“The market is realizing that the general economic conditions are challenging,” said Robert Pavlik, chief market strategist at Boston Private Wealth, as quoted by CNBC. “It’s mainly the domestic data and you’re seeing activity in the Treasury market with yields moving lower.”
The Dow Jones Industrial Average closed 1.11 percent lower at 17,776.12 points yesterday, the S&P 500 fell 0.88 percent to 2,067.89 while the Nasdaq Composite Index declined 0.94 percent to 4,900.88.
Asian equity markets have been mostly down in today’s session, with Chinese stocks bucking the downtrend, boosted by renewed hopes for further stimulus measures by the government. The Shanghai Composite Index had added 0.92 percent to 3,782.25 points as of 06:47 BST. Japan’s Nikkei 225 benchmark closed down 0.9 percent at 19,034.84 points.
Back in Europe, today’s highlights from the economic calendar include releases of March manufacturing PMI data for Italy, France, Germany, the UK and the eurozone as a whole. In terms of corporate reports, there are no FTSE 100 companies scheduled to update the market.

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