The Footsie remained weak at lunchtime, weighed by falls from heavyweight commodity stocks as oil prices fell on caution ahead of tomorrow’s key Opec meeting in Vienna, with banks also lower ahead of UK stress test results.
Around mid session, the FTSE 100 index was down 41.0 points, or 0.6 per cent at 6,758.4, just off the day’s low of 6,745.41, and well below an early peak of 6,800.91.
US stock index futures pointed to little change at the open today in New York as traders suggested that the post-presidential election rally could have run its course, with uncertainty ahead of the Opec meeting a depressant.
Oil prices were lower today, reversing some of yesterday’s afternoon rally as doubts remain that the producer cartel will be able to hammer out a meaningful output cut agreement, which is aimed at reining in a global supply overhang and propping up prices. Brent crude fell 1.3 per cent to $47.60 a barrel.
US investors will also have a raft of economic data to digest today, including another reading for US GDP growth, as well as speeches from a number of Federal Reserve officials.
asper Lawler, Market Analyst at CMC Markets, said: ‘Later on data is expected to show US GDP grew at 3.0 per cent y/y in Q3, up from 2.9 per cent in the prior reading.
‘The US economy has had a stop-start year, but the most recent Q3 data showed signs of an upswing. This next revision should provide confirmation, adding fuel to the belief that US rates could rise next year.’
European markets, however, managed to tick higher, with Germany’s Dax 30 index up 0.1 per cent, and France’s CAC 40 index ahead 0.6 per cent.
Meanwhile Italy’s MIB rallied 1.0per cent higher after sharp falls yesterday, thanks to some bargain hunting, as sentiment around next weekend’s crucial constitutional referendum in the country ebbed and flowed.
Jasper Lawler, Market Analyst at CMC Markets, said: ‘Later on data is expected to show US GDP grew at 3.0 per cent y/y in Q3, up from 2.9 per cent in the prior reading.
‘The US economy has had a stop-start year, but the most recent Q3 data showed signs of an upswing. This next revision should provide confirmation, adding fuel to the belief that US rates could rise next year.’
European markets, however, managed to tick higher, with Germany’s Dax 30 index up 0.1 per cent, and France’s CAC 40 index ahead 0.6 per cent.
Meanwhile Italy’s MIB rallied 1.0per cent higher after sharp falls yesterday, thanks to some bargain hunting, as sentiment around next weekend’s crucial constitutional referendum in the country ebbed and flowed.
On currency markets, the pound pushed higher at lunchtime, adding 0.6 per cent against the dollar at $1.2482, and also gaining 0.6 per cent versus the euro at €1.1776.
Today’s UK data proved fairly upbeat, with Bank of England lending numbers showing mortgage approvals and total levels of consumer credit rose more than expected in October.
Meanwhile a report released overnight showed that British consumer morale edged up this month, bolstered by a strong labour market, despite rising concern about household finances.
Among equities, falls by commodity stocks remained the main drag on the FTSE 100 as oil and metal prices retreated after a rally yesterday, with silver miner Fresnillo dropping 2.9 per cent, or 37p at 1,241p, and copper miner Antofagasta losing 2.9 per cent, or 21.0p to 707.5p, while energy giant BP shed 1.6 per cent, or 7.1p at 445.2p.
Banking stocks were also struggling again ahead of UK stress test results tomorrow and amid concerns over Italy's referendum vote on constitutional reforms which could precipitate a collapse in the Italian banking sector.
Around mid session, the FTSE 100 index was down 41.0 points, or 0.6 per cent at 6,758.4, just off the day’s low of 6,745.41, and well below an early peak of 6,800.91.
US stock index futures pointed to little change at the open today in New York as traders suggested that the post-presidential election rally could have run its course, with uncertainty ahead of the Opec meeting a depressant.
Oil prices were lower today, reversing some of yesterday’s afternoon rally as doubts remain that the producer cartel will be able to hammer out a meaningful output cut agreement, which is aimed at reining in a global supply overhang and propping up prices. Brent crude fell 1.3 per cent to $47.60 a barrel.
US investors will also have a raft of economic data to digest today, including another reading for US GDP growth, as well as speeches from a number of Federal Reserve officials.
asper Lawler, Market Analyst at CMC Markets, said: ‘Later on data is expected to show US GDP grew at 3.0 per cent y/y in Q3, up from 2.9 per cent in the prior reading.
‘The US economy has had a stop-start year, but the most recent Q3 data showed signs of an upswing. This next revision should provide confirmation, adding fuel to the belief that US rates could rise next year.’
European markets, however, managed to tick higher, with Germany’s Dax 30 index up 0.1 per cent, and France’s CAC 40 index ahead 0.6 per cent.
Meanwhile Italy’s MIB rallied 1.0per cent higher after sharp falls yesterday, thanks to some bargain hunting, as sentiment around next weekend’s crucial constitutional referendum in the country ebbed and flowed.
Jasper Lawler, Market Analyst at CMC Markets, said: ‘Later on data is expected to show US GDP grew at 3.0 per cent y/y in Q3, up from 2.9 per cent in the prior reading.
‘The US economy has had a stop-start year, but the most recent Q3 data showed signs of an upswing. This next revision should provide confirmation, adding fuel to the belief that US rates could rise next year.’
European markets, however, managed to tick higher, with Germany’s Dax 30 index up 0.1 per cent, and France’s CAC 40 index ahead 0.6 per cent.
Meanwhile Italy’s MIB rallied 1.0per cent higher after sharp falls yesterday, thanks to some bargain hunting, as sentiment around next weekend’s crucial constitutional referendum in the country ebbed and flowed.
On currency markets, the pound pushed higher at lunchtime, adding 0.6 per cent against the dollar at $1.2482, and also gaining 0.6 per cent versus the euro at €1.1776.
Today’s UK data proved fairly upbeat, with Bank of England lending numbers showing mortgage approvals and total levels of consumer credit rose more than expected in October.
Meanwhile a report released overnight showed that British consumer morale edged up this month, bolstered by a strong labour market, despite rising concern about household finances.
Among equities, falls by commodity stocks remained the main drag on the FTSE 100 as oil and metal prices retreated after a rally yesterday, with silver miner Fresnillo dropping 2.9 per cent, or 37p at 1,241p, and copper miner Antofagasta losing 2.9 per cent, or 21.0p to 707.5p, while energy giant BP shed 1.6 per cent, or 7.1p at 445.2p.
Banking stocks were also struggling again ahead of UK stress test results tomorrow and amid concerns over Italy's referendum vote on constitutional reforms which could precipitate a collapse in the Italian banking sector.
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