FTSE 100 preview: Downbeat start ahead as Greece deadlock continues

on Apr 27, 2015

Britain’s blue-chip index looks set to open marginally lower this morning, with investors staying cautious amid the continuing impasse over Greece’s debt crisis. On the corporate front, Centrica (LON:CNA) is scheduled to issue an interim management statement.

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CNBC reports that the FTSE 100 is seen opening five points lower at 7,065. Market sentiment is likely to be subdued after last week’s discussions between Greece and its eurozone partners failed to produce a deal.
US stocks surged on Friday, finding support in encouraging earnings reports, with the Nasdaq closing at a record for a second consecutive session. The Dow Jones and the S&P 500 also closed in positive territory.
“It looks to me like the bloodless verdict of the market is earnings are acceptable,” Maris Ogg, president of Tower Bridge Advisors, told CNBC. Asia-Pacific stocks were mixed this morning amid caution ahead of upcoming central bank meetings.
The Footsie gained ground on Friday, adding 17.03 points to close 0.24 percent higher at 7,070.70. The blue-chip index found support in miners, whose shares were in demand on the back of strong industrial metals prices. Glencore (LON:GLEN) posted the biggest gains in the sector, closing 2.60 percent higher at 311.20p. Heavyweight HSBC Holdings Plc (LON:HSBA) also helped the FTSE 100 close in positive territory, with investors welcoming news that the lender is considering moving its headquarters out of the UK. HSBC’s shares added 2.86 percent to 629.70p.
Macroeconomic releases are in short supply today, with the preliminary US services Purchasing Managers’ Index for April due out at 14:45 BST. Later during the week, attention will focus on the US Federal Reserve policy meeting which will be eyed for clues about the timing of the first US interest rate hike since the financial crisis.
British Gas owner Centrica is the only blue-chip company scheduled to update investors on its recent performance this morning. The statement will come after earlier this month the blue-chip group hired Mark Hodges, an executive from the insurance industry, to manage its British Gas division.


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