FTSE 100 Live: Leaders meet in Davos, S&P 500 near bear market territory

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bout 2,500 business leaders, politicians and experts are gathered today in Davos, Switzerland for the start of the World Economic Forum annual meeting.

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The event, which is being held in person for the first time since January 2020, takes place against the backdrop of the pandemic, war in Ukraine and economic challenges.

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On Friday, Wall Street reflected the uncertain global outlook when the S&P 500 briefly touched bear market territory following a seventh weekly decline in a row.

Live updates

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FTSE 100 set for positive start, US futures higher

Asia markets got the new week off to a mixed start today as China’s worries over rising Covid case numbers in Beijing were offset by a stronger session for the Nikkei in Japan.

In Europe, sentiment looks to be moderately positive as CMC Markets is calling the FTSE 100 index to open 40 points higher at 7430.

US futures are also pointing to modest gains after Friday’s session saw the S&P 500 register its seventh consecutive week of declines for an 18 month low. The benchmark was in bear market territory on Friday until a rally towards the end of the session.

The tech-focused Nasdaq, meanwhile, is also on its longest losing streak since 2001. Last week’s latest poor performance came as retailers Target and Walmart revealed weaker than expected trading, adding to Wall Street’s growth fears at a time of rising interest rates.

CMC’s senior markets analyst Michael Hewson said: “While the weakness in tech stocks has led to this current weakness there is increasing evidence that a combination of rising inflation, interest rates, and concerns over a weakening US economy could see a recession by year end.

“Consequently, the sell-off that started in tech is now starting to bleed into the wider market.”

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Credit: www.standard.co.uk /

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