FTSE 100 index poised to open slightly lower on Friday
IG’s FTSE 100 futures estimates show that the index is trading just under Thursday's closing price.
UK blue-chip equity barometer FTSE 100 is mixed in overnight trading, IG data show.
IG's live FTSE 100 futures price estimates showed the index moving sideways along a median price level of 6170 as at 07:00 GMT on Friday 29 May 2020.
This represents a slight dip from the previous day’s peak of 6240, when Footsie futures rose roughly 0.33% just after the regular market had closed.
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European markets rally in anticipation of recovery
The FTSE rallied over 8% just this week alone, as investors braced themselves for the reopening and recovery of economies across the continent.
Thursday’s gains come a day after the European Commission – the executive branch of the European Union (EU) – put forward a proposal for what it called a ‘major recovery plan’ to help EU member nations repair their economies in the aftermath of Covid-19.
Called Next Generation EU, the recovery instrument will be worth 750 billion euros if approved, with over 300 million euros going towards Italy and Spain – the two worst hit countries during Covid-19.
The Covid-19 recovery package, which will be in addition to the long-term EU budget for 2021-2027, will bring the total value of the EU budget to €1.85 trillion.
FTSE’s top gainers and losers
Top performing FTSE 100 constituents on Thursday were: Burberry Group (+7%), Evraz (+6.56%), M&G (+6.3%), Melrose Industries (+5.78%) and Informa (+5.05%).
The biggest losers on the day were: Rolls-Royce (-7.5%), Centrica (-3.98%), HSBC (-2.76%), D S Smith (-2.5%) and Auto Trader Group (-2.21%).
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