Proactive Investors - The FTSE 100 is predicted to extend its losses on Wednesday morning, the day of its 40th anniversary, after a big session of falls for US tech giants overnight.
London’s blue-chip index is heading for a fall of around 10 points, according to spread-betting platforms.
Yesterday the Footsie closed in the red on the first trading day of the year, down 11.72 points, 0.2%, at 7,721.52.
The mid caps of the FTSE 250 fell 177.83 points, 0.9%, to 19,511.80.
Last night was mostly worse on Wall Street, with the Nasdaq tumbling 1.6% and S&P 500 falling 0.6% as all of the ‘Magnificent Seven’ tech megacaps declined, led by a 2.2% fall for Nvidia and 1.5% slide for Meta Platforms. The Dow Jones meanwhile inched up 0.07%, led by big pharma, health companies and banks.
Later this morning we will get some data on UK grocery prices and sales for the past month.
The last UK grocery report before Christmas revealed food price inflation fell again in November, with annual grocery inflation slowing to 9.1%, while take-home supermarket sales from the likes of Tesco PLC (LON:TSCO), J Sainsbury PLC (LON:SBRY) and their rivals were predicted by Kantar will surpass £13 billion for the first time ever during the month.
But the day’s macreconomic focus is mostly the US, with minutes from the last Federal Reserve policy meeting, plus a raft of data, including MBA mortgage applications, ISM manufacturing PMI, ISM prices, Redbook index, crude oil inventories and JOLTS job quits.