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FTSE 100 set to succumb to mild profit-taking

The blue-chip index is slated to open down 21 points at 6,178.
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Trading in Asia overnight was mixed.

The FTSE 100 is set open its weekly account in negative territory, according to the spread betters, with investors expected to book some profits after three successive week of gains.

The blue-chip index is slated to open down 21 points at 6,178.

In Asia overnight the markets were subdued as they digested the Friday’s US jobs data and a reset of growth targets by China, which is expected to expand at 6.5-7% compared with last year’s 6.9%.

The Shanghai Composite was up just over 0.5%, the Hang Seng was flat, while the Japan’s Nikkei 225 index gave up the gains it made on Friday with a 0.6% fall.

Here in the UK it remains to be seen whether the momentum seen over the last 21 days can be maintained this week.

Cash is starting to “drip feed” back into the market, according to Michael Hewson, analyst at CMC Markets.

However, a good gauge of the underlying caution of investors is the gold price, a haven in times of turmoil.

So far this year it has advanced 18%, though it was off around US$9.50 in early trade at US$1,261.

It is expected to be a quiet week for corporate news with Argos owner Home Retail, insurer Prudential and challenger bank Aldermore set to post results.

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