There’s a hell of a lot going on this Wednesday, from a bumper-selection of FTSE earnings, to the first glimpse at the UK’s second quarter GDP and, later on, the Fed’s July meeting.
So far it all seems to be working in the FTSE’s favour. The index jumped another 25 points after the bell, meaning it has recovered all of Monday’s losses and then some. Of those companies that updated this Wednesday, a hiked dividend from ITV (LON:ITV) compensated for a 16% drop in first half profit, leading the media firm nearly 3.5% higher, while catering stock Compass Group (LON:CPG) climbed 1.7% following a 3.9% rise in Q3 revenue. At the other end of the spectrum, Antofagasta (LON:ANTO) joined the rest of the miners in the red despite its first half production jumping 7.1%, while Sage Group (LON:SGE) and GKN (LON:GKN) were down around 3.3% a piece.
Sterling was less enthused at the start of the session, dropping 0.2% against the dollar and sitting flat against the euro. The currency’s reticence may be related to the impending GDP reading, with analysts expecting an improved (but still weak) 0.3%, and, a bit further ahead, Janet Yellen’s latest statement.
In the eurozone the DAX and CAC were fairly quiet, rising 0.1% and 0.2% respectively. There isn’t much on the region’s agenda this Wednesday, meaning the indices may be at the mercy of the euro – currently down 0.1% against the dollar – and how it behaves in the run-up to this evening’s Fed meeting.
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