London’s FTSE-100 is nudging a shade higher in early trade, although there’s little in the way of overall direction playing out.
Hopes that we’ll see a softer than planned Brexit after it transpired that MPs would get a vote on any deal to leave the EU has leant a degree of support, with stocks like IAG and easyJet drifting higher – both have been under pressure of late owing to the risks associated with the UK’s departure from the trading bloc. House builders are also finding support, again with this being a sector that is likely to benefit from any softening of the Brexit rhetoric.
We’ve got a relatively quiet day ahead in terms of economic data, at least on the domestic agenda. Tonight’s release of the FOMC meeting minutes from the US could change the tempo a little – we have seen something of a shadow being cast over equities on a global basis as the spectre of a US rate hike mounts, so this remains one to watch, but downside pressures here may well be overshadowed by that ongoing story of weakness of the pound, making all UK assets look cheap to overseas investors.
