Spreadex Market Update
FTSE subdued
Supermarket Wm Morrison barely squeaked out an increase in sales over the Christmas period, only +0.7% and remains ‘cautious’ about the consumer environment for this coming year.
Expectations for rival Tesco, Britain’s largest supermarket by market share which reports later this week, have dropped and both stocks are off over 1%, among the 5 biggest decliners on Britain’s blue chip index. Sainsbury’s is also in the red, and the only gainer above 2% is Fresnillo.
No major market-moving macro data is expected today, so downside risks will likely dominate today’s session, with 5620 providing near-term support, then 5510. Alcoa reports Q4 earnings tonight after the closing bell in New York, signalling the unofficial start to US earning season.
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