FTSE 100 to start flat as markets search for direction

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The FTSE 100 is expected to open mostly unchanged on Wednesday as a lack of major news left traders searching for direction.

Spread-betters IG expect the blue-chip index to start flat on Wednesday morning after ending Tuesday’s session 58 points higher at 7,080.

The prediction of a muted open followed a mixed performance for Wall Street overnight, with the Dow Jones Industrial Average closing up 0.13% at 34,575 while the S&P 500 dropped 0.05% to 4,202 and the Nasdaq fell 0.09% to 13,736.

The picture was similarly varied in Asia this morning, with Japan’s Nikkei 225 up 0.38% while Hong Kong’s Hang Seng was down 0.53%.

With little else to go on, investors will likely look ahead to Friday’s non-farm payrolls numbers from the US for more economic clarity, as well as any fresh comment from officials at the Federal Reserve later today.

On currency markets, the pound was mostly flat against the dollar at US$1.414, with little imminent macroeconomic data in the diary likely to cause significant movement.

Around the markets:

Sterling: US$1.414, unchanged

Brent crude: US$70.51 a barrel, up 0.37%

Gold: US$1,897 an ounce, down 0.07%

Bitcoin: US$36,660, down 0.8%

6.50am: Early Markets – Asia / Australia

Stocks in the Asia-Pacific region were mixed on Wednesday as Australia’s economy grew by 1.8% in the first three months of 2021 compared to the final three months of 2020.

This was ahead of a 1.5% growth that economists were expecting.

The Shanghai Composite in China dipped 0.58% and Hong Kong’s Hang Seng index fell 0.52%

In Japan, the Nikkei 225 gained 0.43% while South Korea’s Kospi rose 0.04%.

Shares in Australia lifted, with the S&P/ASX 200 trading 0.93% higher.

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Proactive Australia news:

Surefire Resources NL (ASX:SRN) (FRA:GBL) has intersected thick gold mineralisation with high-grade intervals from nine reverse circulation (RC) holes at Yidby Road prospect within Yidby Gold Project in the highly prospective southwest Murchison province of Western Australia.

Elementos Limited (ASX:ELT) (OTCMKTS:ELTLF) (FRA:9EM) continues to confirm significant zones of mineralisation in the current drilling campaign at its flagship Oropesa Tin Project in Spain.

archTIS Ltd (ASX:AR9) is set to expand deployment of its cloud technology platform for the secure collaboration of sensitive information with the Australian Department of Defence.

Rumble Resources Ltd (ASX:RTR) (FRA:20Z) has fielded new high-grade reverse circulation (RC) results pointing to a large-scale zinc-lead-silver system at the Earaheedy  Project in Western Australia.

Antipa Minerals Ltd (ASX:AZY) has welcomed a firm commitment from Netherlands-based Commodity Discovery Fund (CDF) to raise A$1 million through the issue of 23,809,524 new shares at A$0.042 per share.

Kin Mining NL (ASX:KIN) (FRA:8KM) has purchased a third-party 1.5% net smelter royalty (NSR) covering future production at its wholly-owned Cardinia Gold Project.

Azure Minerals Limited (ASX:AZS) (OTCMKTS:AZRMF) has discovered two new broad zones of nickel-copper sulphide mineralisation at its flagship Andover Nickel-Copper Project near Port Hedland in WA.

OliveX Holdings Ltd (NSX:OLX) has signed a milestone partnership with leading health and fitness brand Les Mills to stream all of the ground-breaking Les Mills-created group exercise content using OliveX’s web-player platform.

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