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FTSE lower ahead of US midterms

by LLB Reporter
8th Nov 22 10:09 am

The FTSE 100 started Tuesday on the back foot as the latest in a seemingly regular dose of political turmoil looms on the horizon in the form of US midterm elections.

The Republicans are widely expected to make sweeping gains and should they control both houses of Congress then Democratic president Joe Biden would essentially be in office but not in power given the divisive nature of politics across the pond.

AJ Bell investment director Russ Mould says: “This could be a mixed blessing for markets as gridlock in Washington would at least prevent any legislation being introduced which could damage businesses.

“The latest data from the British Retail Consortium paints a bleak picture for the retail sector ahead of the Black Friday sales event and the festive period.

“Mild weather is also not helping the sales of higher margin products like winter coats and footwear, sending a chill through sellers of clothing in particular.”

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