The FTSE 100 looks set to open higher this Wednesday, building on the previous session’s gains, and advancing despite mixed leads from the US and Asia. In company developments, National Grid (LON:NG) is likely to get some attention today as it called for a review of back-up power capacity.
FTSE 100 seen higher
IG’s opening calls suggest that the Footsie is likely to open 0.34 percent higher at 7,293 points. In the US, shares were little changed last night, pressured by a decline in tech shares. Asian shares meanwhile have been mixed this morning, with investors staying on the sidelines ahead of tomorrow’s policy decision by the European Central Bank.
“The European Central Bank Governing Council is likely to cement a dovish path until at least the end of 2020, when they meet on Thursday,” analysts from DBS Group Research wrote in a note, as quoted by CNBC. “Markets have run ahead of themselves. Any sign that the ECB has fallen short of expectations might result in short-term unwinding in positions.”
At home, the FTSE 100 rose in the previous session, adding 32.14 points to end trading 0.44 percent higher at 7,267.95 points, finding support in JD Sports (LON:JD), whose shares rallied on the back of an upbeat results statement.
There are no major macroeconomic releases out of Europe to guide the market further this morning. In the US, the nation’s producer price index for August will be released at 13:30 BST. There are no FTSE 100 companies scheduled to update investors on their performance this morning. In other news, The Times reports that National Grid has called for a review of security standards to assess whether it should hold more back-up power plants and said that work to prevent small power plants failing may need to be accelerated.