Snapshot at 8.20
All but a dozen of the blue-chips index’s constituents are in the red, early doors.
Defensive favourites such as gold miner Randgold Resources Limited (LON:RRS), consumer goods giant Unilever PLC (LON:ULVR) and utilities provider United Utilities PLC (LON:UU.) are among the few to defy the trend.
The FTSE 100 was down 29 points (0.5%) at 6,086, with banking giant Barclays PLC (LON:BARC) the biggest faller.
Preview
The FTSE 100 looks set to fall on open amid fears over Britain’s imminent departure from the European Union.
The latest polls have the leave campaign maintaining its lead, which has sent world stock markets into something of a funk.
The index of UK blue-chip shares is expected to fall around 40 points on open at 6,075.76.
Asia, meanwhile, had a Brexit-induced bout of the wobble as investors totted up the potential economic carnage of a vote to exit the EU.
The pain was increased for the Nikkei 225, which lost more than 3% as the Yen strengthened, putting the kibosh on Japan’s exporters.
Reuters also identified a worrying longer-term trend among disgruntled international investors, who have withdrawn around US$42bn from cash equities in the last five months.
Elsewhere in Asia the mood was downbeat as China issued what could best be described as tepid economic data.
Growth in industrial production was unchanged at 6%, while consumer spending increased by around 10%.
Looking ahead, it is a big week for the central bankers.
It may also be a no-news week with the US Federal Reserve, Bank of England and Bank of Japan expected to keep their powder dry so far as interest rates are concerned.
Back in the UK, the major scheduled news for the week comes from the house builder Berkeley, rival Crest Nicholson and rail and bus company, Firstgroup.
- Brent Crude down 37 cents at US$50.17 a barrel.
- Gold US$3.80 higher at US$1,277 per ounce.
- Market Rumour: LafargeHolcim, the Franco-Swiss cement group created by a €41 billion merger last year, is stepping up its post-deal disposal programme with planned asset sales in another nine countries.
City Pages
- Retail tycoon Mike Ashley has opened a new front in the war of words surrounding the fate of BHS, claiming there is still time to save thousands of jobs as he made a third approach for the collapsed department store chain once owned by rival billionaire Sir Philip Green – FT.
- Goldman Sachs’s most senior British executive is refusing to appear before a parliamentary investigation into the collapse of BHS – Times.
- Britain is set to double the amount of electricity it imports from France under plans to construct a new £1.1bn sub-sea power cable – Times.