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The FTSE 100 made a subdued start ahead of today's GDP figures and with little in the way of inspiration coming out of the US or Asia overnight as markets remain cautious in the run up to the Federal Reserve's interest rate decision, due later this evening.
“Standard Chartered’s march to the top of the blue chip index yesterday was echoed by Barclays in early trading,” says AJ Bell Investment Director Russ Mould.
“Barclays, as with Standard Chartered, saw first quarter profits fall but the underlying results were ahead of forecasts. Barclays has seen good early progress on its cost cutting and restructuring strategy but increases in its core business are still being eclipsed by losses in the non-core divisions and tackling these issues remains a top priority.
“London-focused estate agency Foxtons had a good first quarter thanks to a surge in buy-to-let deals to beat Chancellor George Osborne’s stamp duty surcharge. But investors are wary as the overall outlook for the first half is not so encouraging with a reduced sales pipeline in the second quarter due to uncertainty around the European referendum.
“Antofagasta shares edged higher as investors seemed to share its cautious optimism that the copper market is beginning to stabilise. Antofagasta is benefiting from a cost cutting programme and with price growth likely to remain subdued in the near term, its focus will continue to be on operating safely, efficiently and profitably."
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