London’s FTSE-100 is essentially flat in early trade with limited overall direction on offer. We may see a degree of caution ahead of the MPC verdict that’s due at midday and although there’s little expectation that we’ll see any change here, the accompanying narrative will as always be worth watching.
In terms of kick starting the nation’s economy however, the onus is now on the Autumn statement. WM Morrison is topping the board shortly after the open with a well-received trading update showing profits rising despite a minor drop in revenues. This is resulting in some positive read across to sector peers, but this could prove to be short lived – the supermarket industry as a whole remains in a state of flux as the economic implications of the Brexit vote are still far from being understood.
Hargreaves Lansdown is at the foot of the table although the fact the stockbroker has gone ex-div accounting for the vast majority of the fall here. Marks and Spencer and Next are also struggling, with UK retail sales figures this morning expected to show a decline. Anything looking better than expected however could be expected to initiate something of a reversion.
