The FTSE 100 and European equities have started the week beginning Monday, September 16 2024, on the back foot, with the London index sliding around 0.25% shortly after the open. On Friday, the FTSE 100 gained approximately 0.39%, closing the week at 8,273.09.
EARNINGS RELEASES & ECONOMIC EVENTS
On the economic calendar for the UK, the main focus will be from Wednesday onwards, with inflation data reported at 7 am on the day. The consensus estimate for year-on-year inflation in August is 2.2%, in line with the previous reading. On Thursday, we then have the BoE’s interest rate decision, with the consensus estimate expecting the rate to remain on hold at 5%. Finally, on Friday, the UK will report retail sales data, which is expected to come in at 0.3% for August, below the 0.5% reading for July. In the US, retail sales data will be reported on Tuesday, while the latest Federal Reserve interest rate decision will be on Wednesdsy.
On the earnings front, the UK corporate diary shows that names such as Kingfisher, Next, and MJ Gleeson are set to report this week.
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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
FOREX & GOLD
As of 08:04 am, the GBPUSD has risen by around 0.32% to 1.3162 after closing Friday’s session down around 0.03%, at 1.3120. Similarly, the euro has rallied, currently up 0.35%, trading around the 1.1110 level. It closed last week at 1.1072 after a slight 0.02% decline.
Spot gold is currently up by around 0.21% so far on Monday, trading around the $2,584 mark after a strong rally on Thursday and Friday last week.
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