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FTSE 100 set for modest early gains

Financial spread bet firms see the London blue chip index opening around fifteen points higher
Asian markets fell on oil uncertainty

Modest gains are predicted for the FTSE 100 after a strong performance in the US was tempered by more heavy falls in Asia.

Financial spread bet firms see the London blue chip index opening around fifteen points higher to add to a decent performance Tuesday.

FTSE 100, though, was the only European index to make headway on a day dominated again by oil.

Early hopes of some stability after an agreement to freeze output by Russia and Saudi Arabia, the world’s largest producers, and other members of OPEC had dissipated by the close of US trading.

Goldman Sachs said  a freeze at the January production rates would still leave a surplus in the first half of 2016, while Iran is unlikely to agree anyway.

Light crude prices dipped back to just above US$29 per barrel.

The Dow Jones Industrial Average closed 222 points higher nonetheless though Japan and Hong Kong both gave ground.

The Nikkei in Tokyo had shed almost 1.5% near the close and the Hang Seng 1%.

News today will be dominated lasted by the minutes of the last US Federal reserve meeting.

And after the market volatility caused by Fed chair Janet Yellen’s testimony last week, these will be scrutinised in detail to determine if there is a change in mood at the US central bank.

Spread betting firm Plus500 is one the few corporate updates scheduled.


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