Proactive Investors - Traders are taking an even dimmer view of the FTSE 100's prospects, with the index now down 40 points on spread-betting platforms.
Does the Currys news suggest that the hype about UK companies being cheap is not enough to cut the mustard for buyers, especially while markets remain unertain.
Market analyst Kathleen Brooks at XTB said "the sustainability of the rally in stock markets is facing a tough test this week", with volatility having stepped up on Friday, with even stock market darling Nvidia (NASDAQ:NVDA) dropping by more than 5%.
"Added to this, US CPI and retail sales data will be released this week, and they could show a slow retreat for prices and a strong consumer, a mix that is likely to keep the Federal Reserve cautious about the timing of rate cuts."
After the retreat in US stocks at the end of last, the pullback in risk sentiment has impacted the Asian session at the start of this week, she notes.
The recently record-setting Nikkei is down more than 2%, while India's Nifty indices are also in the red.
Looking ahead at this week, Brooks says she thinks "event risk could stymie any attempt for stocks to recover".
Currys suitor walks away
Currys PLC (LSE:LON:CURY) shares are likely to fizzle lower when trading starts this morning after US suitor Elliott Advisors said it now "does not intend to make an offer".
It said this was because the Currys' board rejected its "multiple attempts to engage" and have a look at the books, and so is "not in an informed position to make an improved offer for Currys on the basis of the public information available to it".
The second and most recent offer was worth 67p a share at the end of last month, against 62p in its original approach.
That valued Currys at just over £750 million.
FTSE 100 to start lower
The FTSE 100 is being tipped to continue its losses from the end of last week, with this week bringing some important macro data.
London’s blue-chip share index was down 28 points on spread-betting platforms on Monday, having last ended at 7,659.74, down 0.3% over the prior five days.
The major US equity indices also finished last week in the red, led by tech stocks.
After the London Stock Exchange last Friday, we saw a mixed US jobs report, showing significantly more new jobs that had been pencilled in by economists but flat wages.
Gold also notched another record high, hitting $$2179 per oz, with analysts saying this was the market's way of taking comfort in the idea that the US Federal Reserve will cut rates in June.
This morning we have had some UK jobs data, with the KPMG and REC UK report on jobs, which has shown staff placements fell again last month, with starting salaries and temp wages both increasing at slower rates.
Vacancies data showed that overall demand for workers declined at the quickest rate since the start of 2021.
Official UK unemployment numbers are due tomorrow, tipped to show people in work holding up well given the mixed economic backdrop.
Wednesday sees UK GDP numbers, with the economy tipped to grow slightly by 0.2% having tipped into a technical recession in the three months to December.
The big macro news this week will be US inflation at the consumer level tomorrow and also at the factory gate on Thursday.