FTSE 100 preview: Index poised for slight recovery

on May 27, 2015

Britain’s blue-chip index looks set to recoup some of yesterday’s losses in early morning trade with investors shrugging off concerns over Greece’s debt crisis. The FTSE 100 slipped to a two-week closing low yesterday, weighed down by banks and commodity stocks.

CNBC reports that the Footsie is seen opening seven points higher at 6,955. While Greece’s debt woes remain in focus, Reuters yesterday reported that Athens and its creditors had sought to play down fears that Greece would default on a payment due to the International Monetary Fund next week.
US stocks closed deep into the red yesterday pressured by a strong greenback and mixed economic data. Asian stocks tracked the US lower this morning in choppy trade.
The FTSE 100 lost 82.73 points to close 1.18 percent lower at 6,948.99 yesterday, dragged down by banking stocks which fell on the back of eurozone concerns. Commodity shares also underperformed, tracking oil and metals prices lower. Fresnillo (LON:FRES) was the biggest blue-chip faller in percentage terms, shedding 3.54 percent to close at 736.00p. Royal Mail (LON:RMG) bucked the trend following an upbeat broker note, closing 3.57 percent higher at 521.50p.
Macroeconomic releases are in short supply today, with the Bank of Canada’s rate decision and statement due at 15:00 BST. At home, Queen Elizabeth will open the UK’s parliament and will set out the government’s plans for an EU membership referendum.
There are no FTSE 100 companies scheduled to update the market on their performance this morning. Investors are likely to monitor the shares of International Consolidated Airlines Group (LON:IAG) after the Irish government last night agreed to sell its stake in Aer Lingus (LON:AERL), paving the way for a formal bid for the Irish carrier by the British Airways and Iberia parent.

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