FTSE 100 index forecast ahead of Abrdn, Entain, Flutter, IHG, Glencore earnings

on Aug 4, 2023
  • The FTSE 100 index has drifted downwards in the past few days.
  • Several companies like Haleon, HSBC, and BP published mixed earnings.
  • Firms like Entain, Abrdn, Glencore, and IHG will publish next week.

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The FTSE 100 index drifted downwards this week as a somber mood engulfed the market after Fitch downgraded America’s credit rating. The index retreated to a low of £7,440 from last week’s high of £7,715. It also reacted to important earnings from companies like Haleon, HSBC, Wizz Air, and WPP. 

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Entain, Flutter, Abrdn earnings ahead

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The FTSE 100 index was in the spotlight after many companies published mixed financial results. BP, the giant energy company, published joined other energy companies in publishing weak financial results.

Haleon, a leading consumer health company that was spun off from GSK, published mixed results as it boosted its revenue guidance. This growth happened as the company boosted its pricing.

HSBC, the biggest bank in Europe, published strong financial results and boosted its share buybacks. Man Group, a leading hedge fund, on the other hand, reported weak results even as its assets under management jumped to a record high. Other top FTSE 100 and FTSE 250 companies that published results are Greggs, Fresnillo, and Robert Walters.

The FTSE 100 index will be in focus next week as several more companies publish their financial results. Abrdn, a leading asset manager, will publish its interim results on Tuesday. Analysts have low expectations, especially after the weak St James Place results last week.

Glencore, one of the biggest miners, is also expected to publish relatively weak financial results as commodity prices dropped. Most mining companies like Anglo American and BHP published weak results.

InterContinental Hotels Group will likely publish strong results as business and leisure travel bounced back. Other companies that will release their results are Coca-Cola, Flutter Entertainment, TUI, Antofagasta, Persimmon, and Beazley.

The FTSE 100 index will also react to the ongoing worries about US credit rating issues. My view is that these worries will subside with time since the US is not about to default on its debt obligations. The index will also be impacted by earnings by American companies like KKR, Lucid, Paramount Global, Rivian, UPS, Disney, and Roblox.

FTSE 100 index forecast

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The FTSE 100 index has been under pressure in the past few days. After rising to £7,718 last week, the index has dropped by more than 2%. It has remained below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has pointed downwards.

The index has formed what looks like an inverted head and shoulders pattern. Therefore, the index will likely have a bullish breakout next week as buyers target the resistance point at £7,691. 


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