What you need to know before the open
With the situation in Ukraine deteriorating, global markets are finding it difficult to push higher.
The improvement in economic data from Europe yesterday was paired with the OECD slashing its forecast for the Russian economy.
And that’s been followed this morning with some less-than-impressive services data for China, which makes it look less likely the economy will hit its 7.5 per cent GDP target for this year.
The main focus today will be on Janet Yellen’s testimony to the US’s joint economic committee, with particular emphasis on her response to the drop in the unemployment rate.
Corporate data
Sainsbury’s has reported a rise in profits that beat expectations, despite growth slowing significantly. As he prepared to leave in July, CEO Justin King says he's more than confident about what the store's got to offer.
Meanwhile, Lord Myners has warned that Co-op faces a “decline into irrelevance” if it fails to implement his reforming proposals, saying that members of the board sometimes don't even know the difference between credits and debits.
ITV is paying $360m for Leftfield, an independent reality TV programmes producer.
And Alstom’s reported a 28 per cent plunge in full year net earnings. €556m was well below estimates of €696m. The statement revealed little further regarding the GE deal.
Data in focus
- 7.45am: France March trade balance
- 12.00pm: US MBA mortgage applications
- 1.30pm: US first quarter non farm productivity
- 3.00pm: US Fed’s Yellen speech
- 8.00pm: US March consumer credit change
- Halifax UK house price index