London’s FTSE-100 has taken another lurch lower at the open, returning to levels not seen in over six weeks.
By Tony Cross, Monk Communications
There’s a whole raft of concerns in play here, ranging from the outcome of next week’s US Presidential election through to the appreciation of the pound unwinding some of the gains seen in London equities over the last few months. It’s not all bad news – Paddy Power Betfair is putting in a strong performance in early trade after it upped profit forecasts, whilst Rolls Royce is also in favour off the back of a broker upgrade. At the other end of the spectrum we have Hikma, off almost 8% as it is caught in the wake of a US Department of Justice investigation that has highlighted concerns over price collusion in the industry, with many sector players struggling.
The economic highlight on the day ahead will be the US non farm payroll figure as a bumper reading here will add weight to the idea that the Federal Reserve is in a position to hike interest rates before the year is out, although with this essentially priced in – and with the Presidential election to account for too – the impact for markets on this side of the Atlantic may not be all that long lived.
