FTSE 100 preview: Index seen steady as investors eye data

on May 16, 2017
Updated: Mar 11, 2020

Britain’s blue-chip index looks set to open marginally higher this morning, following mixed leads and ahead of UK inflation data. On the corporate front, investors will look out for results by Vodafone (LON:VOD) and easyJet (LON:EZJ).

IG’s opening calls suggest that the FTSE 100 will start the day 0.03 percent higher at 7,456 points. Asian shares have been mixed this morning, despite higher oil prices.
“We are approaching a short-term resistance as the breadth of this rise is very unhealthy and the market momentum looks tired,” said Alex Wong, a fund manager at Ample Capital Ltd in Hong Kong, as quoted by Reuters. US shares meanwhile rose last night, lifted by crude prices and demand for tech stocks.

At home, the FTSE 100 closed in positive, adding 18.98 points to end the session 0.26 percent higher at 7,454.37, finding support in mining shares.
On the macroeconomic front, the UK consumer price index for April is due out at 09:30 BST and IG reports that inflation is expected to have to climbed 0.3 percent month-on-month and 2.4 percent year-on-year, from 0.4 percent and 2.3 percent, respectively. The second estimate of the eurozone’s first-quarter gross domestic product is set to be announced at 10:00 BST, to be followed by Germany’s economic sentiment ZEW index for May. In the US, the nation’s housing starts and building permits for April are due out at 13:30 BST.

Today’s company calendar includes Vodafone’s full year results, with the telco forecast to report a wider net loss.