Today's top story: Services sector growth boosts Bank of England hike chances
Today's leader: A new era in bank regulation will allow the City to focus on the future
On the eve of the US deadline to hit Chinese companies with tariffs on $34bn (£27.8bn) worth of imports, financial markets have remained anxious.
As a result of the continued uncertainty, European markets are expected to open slightly lower as traders take a back-seat while awaiting tomorrow's outcome. Hopes for a rate rise before the end of 2019 left the euro holding onto its gains yesterday, but fears over the impending trade war wouldn't allow for much else and the currency lowered in value slightly overnight.
The FTSE is expected to stutter this morning, falling by 0.06 per cent at 7,569, while Germany's Dax will follow suit at a drop of 0.05 per cent to 12,312. The French Cac is expected to fall by 0.06 per cent to open at 5,317, according to IG.
As Wall Street was closed for Independence Day yesterday, Asian markets were shaky overnight without the usual leads to go on.
MSCI's index of Asia-Pacific shares excluding Japan edged down by 0.1 per cent in early trading, wobbling in and out of the red and losing a total of 1.6 per cent so far this week. Japan's Nikkei was down 0.15 per cent, while Chinese shares slowed down their contiuous slide. Shanghai's composite index fell by 0.1 per cent, and Hong Kong's Hang Seng was off by 0.2 per cent.
Corporate news
- Purplebricks – is releasing its final results today, alongside British retailer Superdry
- Associated British Foods – The food processing company behind brands like Twinings, Ovaltine and Ryvita, and the owner of fast fashion chain Primark, is set to make a trading announcement
- Bovis Homes Group – It's a bumper day for property today, as housebuilding companies like Bovis Homes and Persimmon are also making trading announcements
Data
- 10.00 – Speech by Bank of England governor Mark Carney
- 14.45 – US PMI composite and services (June)
- 18.00 – US FOMC minutes
