The FTSE 100 seems to be on a road to nowhere at the moment. Fears about inflation have subsided for the time being and even some volatility in Asian markets wasn’t enough to wake the index from its slumber.
There is a relative dearth of economic data which could push markets in any particular direction in the coming days, although a second estimate of first quarter US GDP later on Thursday could renew focus on inflationary pressures, particularly if the already elevated number is revised upwards.
“Metal prices are also creeping higher again. This could put yet more focus on the risks of the global economy overheating but has at least given the UK mining sector a bit of a lift this morning,” says AJ Bell investment director Russ Mould.
“The market doesn’t seem too interested in news that HSBC is withdrawing from the US retail banking market as it continues its pivot towards Asia.
“However turning around such a large super-tanker of a business requires lots of these incremental moves and the decision could be afforded more significance over time.”