London: Stocks push lower as investors review Italy vote
Stocks in London pushed lower in early trade as investors reviewed the implications of the Italian referendum and Prime Minister Renzi’s resignation amid a lack of fresh catalysts.
At 0820 GMT, London’s FTSE 100 was down 0.2% to 6,731.94. Meanwhile, oil prices were a little weaker, with West Texas Intermediate down 0.7% to $51.45 (£40.31) a barrel and Brent crude 0.4% lower at $54.70 (£42.85).
Spreadex’s Connor Campbell said: “The index is currently trapped below the 6750 mark, immediately dropping half a per cent after the bell. The FTSE is lacking any macro-momentum bar the continued, and exhausting, Brexit-brouhaha that have been a constant presence since June, meaning it is struggling to significantly break through the levels it has been stuck around for the last few months.
There are no major UK data releases due, but in the US, trade balance and non-farm productivity are at 1330 GMT, while factory orders and durable goods orders are at 1500 GMT.
In corporate news, plumbing and heating products distributor Wolseley fell as it reported a rise in first-quarter revenue, including increased revenue from the US, but said markets in the UK and the Nordic region were challenging.