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FTSE 100 Live: Stocks called lower as investors await new catalysts

Published 08/11/2023, 06:59
Updated 08/11/2023, 07:10
© Reuters.  FTSE 100 Live: Stocks called lower as investors await new catalysts
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Proactive Investors - The FTSE 100 is expected to open lower despite gains in the US which saw the Nasdaq extend its winning run to eight day.

Spread betting companies are calling London’s lead index down by around 23 points after closing down 7.72 points at 7,410.04 on Tuesday.

"In the space of a week, we've gone from higher for longer back to rate cuts in 2024, and this time the push back from central bankers isn't anywhere near as aggressive," said CMC Markets' Michael Hewson.

"Given the challenges facing the UK economy in the coming months however it's not too much of a stretch to suggest that a lack of demand might do the [Bank of England]'s job for it," he added.

A number of Federal Reserve officials highlighted the possibility that interest rates could be raised further on Tuesday, but they failed to spook markets.

The Dow Jones Industrial Average closed up 0.2%, the S&P 500 rose 0.3%, its seventh winning day in a row, and the Nasdaq Composite climbed 0.9%, an eighth day of gains, its best run since November 2021.

Back in London, and the early focus will be updates from Marks & Spencer (LON:MKS), JD Wetherspoon (LON:JDW) and ITV (LON:ITV).

Read more on Proactive Investors UK

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