Falling by around 5 points the FTSE can arguably be happy with its performance this Wednesday given the size of the losses of some of its constituents. Next remained far and away the worst performer, dropping 10% following its troubling post-Christmas update; the sickly retailer was joined by sector peers Marks & Spencer and Associated British Foods, which fell 4.4% and 3.4% respectively, as well as ITV, which dropped nearly 4%.
As for the latest UK construction PMI, just like its manufacturing counterpart yesterday the positive reading, which came in at a 9 month peak of 54.2, benefited the pound more than the FTSE, with sterling jumping 0.3% against the dollar. Against the euro, however, sterling struggled, falling 0.1% thanks to the Eurozone’s own services PMI surprise and a higher than forecast region-wide inflation reading, which now sits at a 39 month high of 1.1%.
Looking ahead to the US open and there doesn’t appear to be much on the cards that could inspire a fresh wave of momentum. The Dow Jones futures are currently suggesting the index will post a barely perceptible 10 point increase after the bell, an increase that would still see the Dow stuck below 19900.