It was a calmer day for markets as investors waited for the Bank of England to confirm how and when it might start reducing stimulus measures. Fixed income markets will be watching very closely as a shift in policy could see this active buyer of bonds turn into a seller.
“The FTSE 100 was unmoved at 7,118 with strength in utilities and real estate being offset by weakness in miners and consumer non-cyclicals, ” comments Russ Mould, investment director at AJ Bell.
“WPP was the biggest riser on the FTSE thanks a resurgence in global marketing spend. Companies have been quick to ramp up advertising activity, either to remind consumers or businesses about their goods and services post-lockdowns, or because economic recovery has provided a tailwind to invest in new growth initiatives.
“On the US markets last night, everyone was talking about Robinhood whose shares soared just days after a disappointing start to life on the stock market. The stock ended 50% higher after a very volatile session, but pre-market indicative prices for Thursday would suggest it won’t have another day of gains.”