As it has done for the last fortnight or so, the FTSE basically yawned its way through the morning session, the index dipping by around 5-10 points to loiter just above the 7250 mark. Considering its only 100 points or so away from its record highs the index ain’t half dull at the moment – it is lacking a real sense of direction, with investors seemingly not confident enough in its current levels to push it on to a fresh record peak. The pound was just as dreary as the day went on, with sterling slipping 0.1% against the euro and sitting flat just under 1.245 against the dollar.
It was much the same in the Eurozone, where solid data from France wasn’t enough to counter the political worries in the region, leaving the DAX and CAC to fall 0.2% and 0.1% respectively. Everything is just a bit stagnant, investors not willing to make any major moves until Trump reveals what he has in store for the US economy.
And even that will have to wait, President Blowhard not speaking until late Tuesday evening/early Wednesday morning (dependent on when you go to bed). Instead the markets will have to make do with a few pieces of key data from the US, namely the 2nd estimate Q4 GDP reading and the CB consumer confidence figure. The former is set to be revised higher, from 1.9% to 2.1% at the annualised rate, while the latter is expected to dip to 111.3 from 111.8 month-on-month. Both will likely be viewed through the filter of March’s Federal Reserve meeting, investors on the lookout for anything that might sway the central bank towards a rate hike.