FTSE 100 preview: Index looking up after US GDP data

The FTSE 100 looks set to open higher in London this morning after Friday’s growth data in the US which has helped improve sentiment around the world. Lenders will remain in focus today amid news about Barclays (LON:BARC) and Royal Bank of Scotland Group (LON:RBS) both of which posted results last week.

Footsie seen steady

IG’s opening calls suggest that the Footsie will start trading 0.14 percent higher at 7,439 points. The blue-chip index is likely to take cues from the US where shares rose on Friday as the nation’s gross domestic product for the first quarter topped analyst estimates.

“The economic expansion will set new records for longevity in July and it looks like there is no stopping this economy,” said Chris Rupkey, chief financial economist at MUFG, in a note, as quoted by CNBC. Asian shares have rebounded this morning, tracking the US higher, and finding further support in industrial data out of China.

At home, the FTSE 100 closed little changed on Friday, giving up 5.94 points to end trading 0.08 percent lower at 7,428.19, as investors focused on a string of corporate updates.

Monday’s agenda

Today’s macroeconomic statements include the EU’s business climate and economic sentiment indicator, due out at 10:00 BST, to be followed by consumer confidence data at 11:00 BST. In the US, the nation’s personal income and personal spending numbers will be announced at 13:30 BST.

In company releases, Croda International (LON:CRDA) and Evraz (LON:EVR) are reporting today. In other corporate developments, Sky News reports that the Investor Forum has written to Barclays to outline concerns ahead of its highly-awaited annual general meeting this week. The Telegraph meanwhile has revealed that RBS outgoing chief executive Ross McEwan risks losing almost £2 million in unvested bonuses if he joins a rival after his pending departure from the London-listed lender.