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Name | Symbol | Market | Type |
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FTSE 100 Index | FTSE:UKX | FTSE Indices | Index |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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-2.90 | -0.04% | 8,144.13 | 8,199.95 | 8,138.14 | 8,147.03 | 0 | 16:35:30 |
By Sara Sjolin, MarketWatch
Pound moves slightly higher
U.K. stocks struggled for direction early on Tuesday, a day after scoring an all-time closing high, as traders waited for fresh catalysts to give the market a kick.
One of those catalysts may come this morning, when several Bank of England members -- including Governor Mark Carney -- are due to speak before lawmakers on inflation and monetary policy.
What are markets doing?
The U.K.'s FTSE 100 index was marginally higher at 7,862.77, but was swinging between small gains and losses.
The pound rose to $1.3443, from $1.3426 late Monday in New York.
What is driving the market?
Trading was subdued on Tuesday, as investors paused after pushing the London benchmark to a fresh record in the prior session. A major factor in the recent stock rally was the weakening pound, which slumped on the back of a rising dollar and fears over government infighting over Brexit.
The cabinet remains divided over whether the U.K. should remain in something similar to a customs union with the European Union to avoid a "hard" border in Ireland. The bitter row has spurred some Conservative MPs to reportedly push for an out-of-cycle election in the U.K. to break the negotiation deadlock and potentially oust Prime Minister Theresa May
However, Foreign Secretary Boris Johnson late Monday spoke out against holding a "snap" general election and said he stands by May. Johnson has been very vocal in his opposition to a customs union, whereas May has indicated her willingness to compromise to avoid a hard border in Ireland.
What is on Tuesday's agenda?
Carney and three other BOE members are due appear at a Treasury Select Committee hearing at 10 a.m. London time, or 5 a.m. Eastern Time.
The central bank policy makers will discuss the recent inflation report, in which the BOE slashed its economic growth outlook and gave a somewhat confusing forecast for monetary policy.
What are strategists saying?
"We suspect that [the BOE hearing] will not bring any major new revelations about the monetary policy outlook in the U.K., with Carney likely to reiterate that some degree of policy tightening -- about three [interest rate] hikes of 25bps apiece over the coming three years -- will be required if the economy performs in line with their expectations," analysts at Daiwa Capital Markets said in a note.
Stock movers
Shares of National Grid PLC (NG.LN) fell 0.6% after the U.K. energy regulator Ofgem said it has opened an investigation (http://www.marketwatch.com/story/ofgem-to-probe-national-grid-unit-over-forecasts-2018-05-22) into the company's forecasting on the electricity market.
(END) Dow Jones Newswires
May 22, 2018 04:28 ET (08:28 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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