FTSE 100 called to open lower on start of busy week for results

A week ago London’s blue chip index saw a sell-off amid virus concerns, but the FTSE 100 went on to improve for much of the following days.

CMC Markets UK’s chief market analyst Michael Hewson says: “One key takeaway from last week’s volatility is that while we’ve seen US markets rebound strongly from last Monday’s lows, individual markets here in Europe have underperformed, with the FTSE100 a particular laggard.”

But he added: “That might change this week when we get the latest numbers from the likes of Rio Tinto, Glencore, Royal Dutch Shell and the banks, Barclays, Lloyds and NatWest.”

CMC Markets traders expect the FTSE 100 to open 27 points lower at 7,000.

Updates due to today include from Ryanair and sausages maker Cranswick.

In the US this week numbers are due to be published from tech giants including Apple, Amazon and Facebook.

In some positive news, a report just out from forecasting group EY Item Club says with Covid restrictions lifting and the vaccines roll-out continuing to make progress, it predicts the economy is now expected to grow 7.6% this year – the fastest rate of growth since 1941 – rather than the 6.8% predicted in its April’s spring forecast.