UK weather leads to inactive FTSE

In mid-morning trade the FTSE 100 is up around ten points, staying within a tight range as extreme UK weather keeps traders from the City. 

It has been an unsurprisingly quiet session so far today with the FTSE 100 barely able to muster a 20-point range. The pre-emptive action taken by various train companies ahead of the expected stormy weather has meant a somewhat deserted City of London this morning, and this is being reflected in volumes so far. 

Aggreko is a significant blue-chip gainer, up around 3% following news that third-quarter numbers are slightly ahead of last year. It’s a strong move but it still leaves shares trading down around 8% for the year to date. The slide this year has been punctuated by the odd rally, but these have ended up being dead-cat bounces. It remains to be seen whether these numbers are enough to signal a sea change in investor confidence. 

Overall market sentiment remains positive – fresh all-time highs for the S&P 500 once more last week are proof enough of that. When the UK last had a major storm, back in 1987, stock indices fell around 20% a few days later. Famous last words, but there is very little sign of negativity in markets at the moment and the appetite remains to be a buyer on dips.

Looking ahead to the US open, at the moment we are expecting the Dow Jones to start up 30 points at 15,600. 

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