Stocks continued to push higher at the start of the week but market leadership centred on defensive issues ahead of a week full of economic events.
Key among those would be the Chancellor Autumn Statement, on Thursday, which some analysts in the City said would underscore the grim economic outlook.
Investors were also waiting on the September employment report, on Tuesday, which would be followed by a reading on consumer prices in October, on Wednesday, and retail sales data covering the same month on Friday.
On that note, IG chief market analyst, Chris Beauchamp, told clients: “Sterling-watchers have their work cut out for them this week.
“Normally unemployment data, inflation figures and retail sales would be enough to keep track of, but the fiscal statement this week adds spice to the pound’s outlook. Barring some remarkable surprises, this week is not likely to be overflowing with good news for the UK economy.”
In the background, the pound was seeing some profit taking and as of 1632 GMT was 0.89% lower at 1.1725.
Aerospace and Defence issues were bouncing back alongside amid what appeared to be waning hopes for diplomatic contacts between Kyiv and Moscow in the near-term.
Top performing sectors so far today
Tobacco 35,443.25 +2.57%
Aerospace and Defence 4,582.27 +2.39%
Personal Care, Drug and Grocery Stores 4,066.53 +2.38%
Pharmaceuticals & Biotechnology 20,129.22 +2.38%
Non-life Insurance 3,171.96 +1.81%
Bottom performing sectors so far today
Automobiles & Parts 1,470.93 -6.26%
Investment Banking and Brokerage Services 12,757.08 -2.01%
Real Estate Investment Trusts 2,376.89 -1.51%
Household Goods & Home Construction 10,328.86 -1.00%
Industrial Support Services 10,240.87 -0.84%
