London markets look to put soggy week behind them
Investors will be looking to put what was a soggy end to last week behind them today and kick off a fresh week in positive fashion.
The FTSE 100 tumbled 0.84 per cent to 7,027.07 points last Friday as markets sweated over the global economic recovery from the Covid-19 crisis stalling after Wall Street registered its worst month since March 2020.
The spectre of rising costs eating into margins, rate hikes from central banks coming down the line and inflation already roaring to a high clip weighed heavily on global markets as the week petered out.
Housebuilder Redrow starts what is an otherwise quiet week for financial announcements in London with the firm publishing its annual report today.
Perhaps the highlight in earnings updates comes from high street bellwether and sausage roll maker Greggs when it releases a trading update on Tuesday. Investors will be keen to see whether the company’s bottom line has suffered from a pull back in spending after the pandemic reopening boom recedes.
Sofa maker ScS publishes finals on Tuesday, while Tesco, the UK’s biggest supermarket, provides an interim update on Wednesday.
On the economic front, investors will be eying the latest PMIs for the UK services and construction sectors from IHS Markit on Tuesday and Wednesday respectively.
Top of the agenda will be examining whether growth has continued to slow amid ongoing shortages and rising costs.