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FTSE lower as corporate results show declining sales

A set of weaker company results hit the FTSE this morning with further pressure added by airline shares. Investors have been unforgiving towards British Airways parent IAG, down 4%, after the company decided to buy 200 new Boeing planes.

Trading is slightly more restrained than usual ahead of the key Federal Reserve meeting which will set the tone for the rest of the day’s trading. The Fed is widely expected to keep rates unchanged but to opt for a cut at its next meeting in July.  The tone of the meeting will be crucial given that the domestic US economic data has been showing more weakness of late.

Euro in focus after Draghi comments and Trump on the attack

The European Central Bank is about to change tack on interest rates and potentially re-start quantitative easing, but the move, which was resolved to prop up the region’s ailing economy, has provoked the ire of the US President. A series of Trump tweets have left investors wondering if they will be looking at currency wars this summer in addition to trade disputes.

The euro weakened against the dollar and the pound in the aftermath of Draghi’s comments but this morning the common currency has recovered all of the lost ground, trading up 0.11% against the greenback and flat against the pound.

Sterling is marginally higher against the dollar but still relatively weak at $1.2576, suspended in the lower range while the Tory party leadership contest is in full cry.

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