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Minimal FTSE losses this morning


The FTSE 100 opened flat this morning after testing overnight resistance.

A strong Q3 reported from the owner of Primark this morning, ABF, has kept the FTSE aloft, reports Spreadex Analyst Connor Campbell, saying “Helping to keep the UK index out of the red was Associated British Foods, which surged just shy of 4% following its third quarter trading statement.”

Sterling opened 0.1% lower against the euro and was flat against the dollar. The pound did receive a slight boost against the USD late into yesterday, as the Fed meeting minutes highlighted that some members have serious concerns over the USA’s persistently soft inflation. Yet those gains still only left cable just above $1.293, a long way from its recent $1.30-plus peak, which has, in the short term, proven to be unsustainable.

Accendo Markets Analyst, Mike van Dulken added that “In focus today will be the latest US ADP Employment Change at 1.15pm, which is widely viewed as a warm up for tomorrow’s US Non-Farm Payrolls report.”

“After yesterday’s oil price slump, and in light of the US API drawdown last night, delayed US EIA Crude Oil inventories data (4pm) will be closely watched this afternoon.”

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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