FTSE 100 preview: Index set to claw back some losses

The FTSE 100 looks poised to start the new week on the front foot, finding support in a weaker pound, and with investors set to shrug off global growth worries which have weighed on market sentiment. In company news, Old Mutual (LON:OML) is kicking off the new earnings week which will also see reports from Standard Life Aberdeen (LON:SLA) and Wm Morrison Supermarkets (LON:MRW).

Index looking up

Reuters reports that the Footsie is set to open 51 points higher at 7,155. Investors are set to shrug off a downbeat lead from the US where shares fell on Friday after the nation’s jobs report came in well below expectations.

“February’s anaemic 20,000 new jobs will inevitably exacerbate widespread fears of slowing economic growth, making it harder to be optimistic about corporate earnings,” said Alec Young, managing director of global market research at FTSE Russell, as quoted by CNBC. “All in all, there’s little in this report to excite investors.” Asian shares meanwhile have been mixed this morning. Reuters meanwhile reports that the pound has come under pressure with  parliament expected to reject Prime Minister Theresa May’s deal in a vote tomorrow.

In the UK, the Footsie  shed 53.74 points to close 0.74 percent lower at 7,104.31, pressured by global growth worries following the European Central Bank’s move to flag more stimulus and following the US jobs report.

Today’s calendar

Monday’s releases include Germany’s trade balance for January, due out at 07:00 GMT, to be followed by US retail sales data at 12:30 GMT. On the corporate front, Old Mutual is set to continue the earnings season this morning. In mid-cap news, The Telegraph reports that short-sellers have doubled their bets against Royal Mail Group (LON:RMG) in just over a month.