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FTSE 100 dips, but still beating European markets
London is edging out the European markets today.
In Frankfurt, DAX opened 0.75% lower while Paris opened 0.4% lower.
“A more hawkish outlook from the ECB next week has turned sentiment bearish with traders eyeing further rate hikes near-term,” noted James Harte at Tickmill.
He continued: “The DAX has also come under pressure after shares in German chemical maker Lanxess (LON:0H7I) tanked following the lowering of the group’s profit outlook for the second quarter.
“However, there is some good news today with German PPI seen falling to its lowest level since early 2021, in a sign that inflation is moderating further.”
On the macroeconomic front, construction output in the Euro Area rose by 0.2% in April compared to the same period last year, following a downwardly revised 0.7% contraction in March.
After a bullish morning, the FTSE 100 has dipped into the red at 7,586.
Heathrow hullabaloo
A bit of thunder and lightning has sent Heathrow into a state of havoc, with thousands of would-be passengers facing delays and cancellations.
Sir traffic controllers have cut down flights by 40%, according to The Telegraph, which reported that passengers on short-haul flights have been stranded on the tarmac as they await news.
Back to City news, FTSE 100 has retraced from morning highs of 7,600 back close to Monday’s closing price of 7,592.
Ont the forex market, Cable is around 10 pips lower at 1.278, while the EUR/GBP pair jumped 0.14% to 85.49p.