FTSE 100 set for lacklustre start to Thursday

The FTSE 100 is set to start Thursday slightly lower as lacklustre sentiments continue keep the brakes on equity market recoveries.

CFD firm IG Markets sees the London benchmark down around 17 points, making a price of 7,081 to 7,084 with just over an hour to go until the open.

Minds are focussed on inflation and what its going to mean first for stimulus and ultimately for interest rates – though Federal Reserve chairman Jerome Powell yesterday threw a boon saying the US stimulus won’t be tapered yet as the US economy has not yet progressed enough,

“Nagging concerns about inflation, transitory or otherwise have continued to dominate sentiment, while worries over the pace and persistence of rising prices, appear to be tempering optimism over the wider global recovery story,” said Michael Hewson, analyst at CMC Markets.

New York equity markets were mixed. The Dow Jones finished Wednesday up just 0.13% at 34,933 whilst the S&P 500 marked a 0.12% gain.

The Nasdaq Composite meanwhile dipped 0.22% to close at 14,644 and the small-cap focussed Russell 2000 fell 1.63% to 2,202.

In Asia, Japan’s Nikkei was down 343 points or 1.2% trading at 28,264, though Hong Kong’s Hang Seng gained 1.1% to 28,093. The Shanghai Composite index moved up 0.6% to 3,549.

Around the markets

The pound: US$1.3849, down 0.08%

Gold: US$1,827 per ounce, up 0.07%

Silver: US$26.33 per ounce, up 0.4%

Brent crude: US$74.28 per barrel, down 2.8%

WTI crude: US$72.52 per barrel, down 3.6%

Bitcoin: US$32,574, up 2.75%

Story by ProactiveInvestors