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FTSE 100 Live: Subdued start likely ahead of Autumn Statement

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FTSE 100 Live: Subdued start likely ahead of Autumn Statement By Proactive Investors

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Published Nov 22, 2023 07:08

© Reuters. FTSE 100 Live: Subdued start likely ahead of Autumn Statement

Proactive Investors – Subdued start expected ahead of Autumn Statement.

The FTSE 100 is expected to open little changed when trading starts on Wednesday ahead of the Autumn Statement.

Spread betting companies are calling London’s lead index unchanged after closing down 14.37 points, 0.2%, at 7,481.99 on Tuesday.

The Chancellor Jeremy Hunt will give his statement around 1230 GMT and reports suggest he is likely to reduce headline rates of national insurance and make permanent a £10 billion-a-year tax break for companies that invest in new machinery and equipment.

He will promise to cut business taxes, remove planning red tape and speed up access to the national grid, reports suggest.

Elsewhere, investors will be reacting to minutes from the latest FOMC meeting and earnings from Nvidia (NASDAQ:NVDA).

Minutes from the US central bank’s meeting on October 31 to November 1, showed Fed officials indicated interest rates would need to remain high for “some time” judging it as “critical” to return “unacceptably high” inflation to its 2% target.

Officials “continued to judge that it was critical that the stance of monetary policy be kept sufficiently restrictive to return inflation to the committee’s 2% objective over time,” the minutes stated.

“There is something for everyone in the minutes of the Fed’s early November policy meeting,” said Paul Ashworth at Capital Economics.

Elsewhere, Nvidia was marked down around 2% despite another forecast-busting set of results.

The stock had hit an all-time heading into the results.

It predicted forecast-beating revenue in the current quarter, as the company said strong growth in most regions would help offset expectations that sales of its to China would “decline significantly” due to recently tightened AI chip rules.

Read more on Proactive Investors UK

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FTSE 100 Live: Subdued start likely ahead of Autumn Statement

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