FTSE 100 opens flat ahead of the ECB decision as Currys reports 7% sales growth, Fevertree posts higher revenue and Brent remains in focus.
Market Overview
The FTSE 100 opened broadly unchanged at 10,669.90 as investors awaited the European Central Bank’s interest-rate decision, with elevated oil prices and continued US-Iran tensions keeping the wider backdrop cautious. The Euronext 100 was also broadly unchanged at 1,896.63, while Germany’s DAX gained 0.11 per cent to 25,603.96. In the US, the Nasdaq closed lower at 26,253.34 and the S&P 500 fell to 7,636.36.
Commodity markets were mixed, with copper, gold and Brent crude moving lower while natural gas rose. Brent remained in focus as attacks on shipping and continued disruption around the Strait of Hormuz sustained concerns over global energy supplies. Against sterling, the US dollar and euro weakened marginally, while the Swiss franc, Japanese yen and Australian dollar strengthened slightly. Bitcoin was down. Markets are also focused on the ECB’s policy guidance and upcoming US inflation data.
Market Numbers
FTSE 100: Down (-0.001%), 10,669.90
Euronext 100: Down (-0.001%), 1,896.63
DAX: Up (+0.11%), 25,603.96
NASDAQ: Down, 26,253.34
S&P 500: Down, 7,636.36
In the Headlines
Sales growth – Currys (LSE:CURY)
The consumer technology retailer reported a 7% increase in group like-for-like revenue for the first 17 weeks, with UK & Ireland revenue up 6% and the Nordics up 9%. Currys maintained its full-year guidance and said year-end net cash is expected to remain well above its £100 million target.
Revenue and EBITDA growth – Fevertree Drinks (LSE:FEVR)
The drinks group reported an 8% constant-currency increase in first-half Fever-Tree brand revenue to £183.6 million, while adjusted EBITDA rose 9% to £20.1 million. Fevertree maintained its full-year guidance and announced a new £60 million share buyback programme.
Currencies (vs GBP)
USD: Down (-0.01%), $1.355
CHF: Up (+0.00%), Fr.1.0975
EUR: Down (-0.00%), €1.1647
JPY: Up (+0.03%), ¥208.058
AUD: Up (+0.01%), $1.8762
Bitcoin (BTC/GBP): Down, £57,532.33
Commodities
Copper: Down
Gold: Down
Brent Crude: Down
Natural Gas: Up
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