FTSE 100 preview: Footsie set for modest rally

on Jul 7, 2015

The FTSE 100 is set for a slight upturn this morning with investors remaining on edge amid uncertainty over Greece’s debt crisis. Britain’s benchmark index yesterday finished 0.76 percent lower at 6,535.68 in the aftermath of the Greek public’s rejection of creditors’ bailout proposals. This morning, the gauge will open nine points higher at 6,475, according to trading platform IG.

A first-quarter trading update from Marks & Spencer (LON:MKS) will be released today, amid speculation that the high street retailer has recently suffered setbacks in the turnaround of its clothing business. UK industrial production data is also due today.
However, at the forefront of investors’ agenda will continue to be the ongoing Greek debt saga. Following an overwhelming ‘no’ vote in Sunday’s referendum over bailout proposals put forward by creditors, the Greek public reiterated their support for the government as Athens prepares to return to the negotiating table. An emergency Eurogroup meeting is set to start at 12:00 BST, ahead of the leaders’ summit scheduled from 17:00 BST.
US stocks closed mildly lower yesterday, recovering from sharp opening losses on sell-off overseas. The Dow Jones Industrial Average closed 0.26 percent down at 17,683.58, the S&P 500 fell 0.39 percent to 2,068.76, while the Nasdaq eased 0.34 percent to settle at 4,991.94.
Chinese shares led losses in Asia today, with investors casting doubt on how effective Beijing’s fresh market rescue measures will be. By 07:02 BST, Tokyo’s Nikkei 225, which fell to a six-month low yesterday, had regained 1.45 percent to 20,402.97. Meanwhile, the MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.77 percent lower at 566.06.

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