Better than expected results from AstraZeneca and another good showing from the miners helped to prop up the FTSE 100 but disappointment over results from Unilever and Relx meant that the UK index struggled to make much headway.
Overall, the FTSE 100 only managed to creep ahead by 0.2% to 7,657, lagging other parts of Europe including a 0.5% gain from Germany’s Dax index.
The key event on today’s calendar is US inflation figures and these may not be pretty. The data is incredibly important to the Federal Reserve’s thinking on how fast interest rates will need to go up, and so the numbers are likely to move markets, particularly if the cost of living is going up fast.
“The market is also watching oil prices like a hawk, with the black stuff going up another 0.3% to $91.83 per barrel. High energy prices are a key factor behind rising inflation, and they are causing all sorts of problems for businesses and consumers,” said AJ Bell’s Russ Mould.