The FTSE 100 started Monday firmly on the back foot as investors started to display a bit of nervousness ahead of two big central bank announcements.
For the most part 2023 has been smooth sailing for stocks but two icebergs lurk in the waters this week in the form of the Federal Reserve and Bank of England interest rate decisions.
AJ Bell investment director Russ Mould said: “How far might they dial back rate hikes and the hints they might drop about the future trajectory of their policy decisions are the two things which will be keeping investors up at night.
“Musical chairs in Britain’s boardrooms dominated the news agenda with Unilever appointing a new boss, 888’s CEO leaving under a cloud and Legal & General’s longstanding chief Roger Wilson waving goodbye after a decade in charge.
“The market reaction suggests Wilson will be missed. The shares have made progress under his tenure as he has quietly got on with the job of creating a more coherent business.
“Ryanair’s latest update maintained the positive tenor which has emerged from the industry so far this year with the company reporting record results for the final quarter of 2022 and pointing to strong demand as US and Asian travellers return to Europe this summer.”