It’s another opening in the red this morning for the FTSE as investors look to Thursday’s UK General Election. The UK’s major Index dropped 16 points shortly after the open with the Mining sector once again holding back proceedings. Housebuilders, Persimmon, Barratt Developments and Taylor Wimpey are leading this morning’s early risers.
Spreadex Analyst, Connor Campbell noted “With the election tomorrow, and precious little on the economic calendar, the markets may be in for another somnolent day of trading. Over in the Eurozone there was just as little to work with, the DAX and CAC both dropping 0.2%.”
Overnight, US equity markets continued to fall from their record highs as investors looked to hedge against the major event risk posed on Thursday. Accendo Markets Analyst, Mike van Dulken noted “Rallying Energy names offset Retail weakness to help the Dow Jones outperform other major US bourses, with corresponding stocks on the S&P500 continuing the trend while the tech-focused Nasdaq underperformed.”
Today is the final push by the political parties before tomorrow’s UK general election. Mike van Dulken added “Pollsters continue to give Theresa May’s Conservatives the edge over Jeremy Corbyn’s Labour, Opinium (4-6 June) giving the sitting PM a 7-point lead over the opposition yesterday, and this will be the last chance to persuade undecided voters, with security, Brexit and the NHS high on the agenda.”
