FTSE 100 watch: Index looking up as Trump prepares to address Congress

on Feb 28, 2017

The UK benchmark index looks set to kick off the last day of the month on an upbeat note, with President Donald Trump set to address Congress later today. Investors will be looking out for details on his plans for tax reform and infrastructure spending.

IG’s opening calls suggest that the Footsie will start the day 16 points higher at 7,296. US markets closed in positive territory last night with sentiment upbeat ahead of Trump’s speech, with investors awaiting more details on the administration’s plans for tax reform and deregulation. Asian shares have tracked the US higher this morning.
“What I’m watching out for is whether his focus is on the pro-growth policies or on the populist message,” Dan Miller, director of equities at GW&K Investment Management, told CNBC. The newswire also quoted David de Garis, a director at the National Australia Bank, as commenting that “expectations of an address with some reassuring and guiding details of the fiscal stance, from tax policies, and infrastructure might have been an ambitious hope”.

The Footsie added 9.30 points to close 0.13 percent higher at 7,253.00, with investors focusing on corporate news. Bunzl (LON:BNZL) was the biggest blue-chip riser in percentage terms, closing 3.41 percent higher at 2,245.00p.
There are no macroeconomic releases out of Europe this morning. On the other side of the Atlantic, the second estimate of the US fourth-quarter gross domestic product is due out at 13:30 GMT. IG reports that growth is expected to be revised up to 2.1 percent quarter-on-quarter from a previous reading of 1.4 percent.
Today’s corporate calendar includes updates from Taylor Wimpey (LON:TW), Fresnillo (LON:FRES), St James’s Place (LON:STJ), Provident Financial (LON:PFG), GKN (LON:GKN) Babcock (LON:BAB).

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