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FTSE 100 errs on side of caution ahead of EU summit

The FTSE 100 fell by 0.2% just minutes after opening, before climbing back to 6,713.14. Today marks a big day for the UK and Europe as EU leaders discuss whether to ban vaccine exports, which could have further ramifications for the UK’s relationship with the bloc. The DAX, meanwhile, fell by the same amount, as did the CAC, knocking the German and French indices below 14,600 and 5,930 respectively.

“Since the summit is set to continue into Friday, and may produce no firm answer given the reservations officials reportedly have over decision-making done via virtual meetings, the markets could be left wanting,” said financial analyst at AJ Bell, Connor Campbell.

“However, any hint as to which direction the EU will swing could have an outsized impact on the UK markets especially.”

“In anticipation of the summit, the markets were erring on the side of caution, reluctant to move too much after the bell,” Campbell concluded.

FTSE 100 Top Movers

Intertek (3.65%), Experian (2.32%) and Halma (2.29%) are the top movers on the FTSE 100 at early morning trading.

At the other end, the day’s top fallers at the time of writing are Burberry (-2.63%), British American Tobacco (-2.42%) and Glencore (-2.28%).

Cineworld

Away from the FTSE 100, Cineworld confirmed a $3bn loss for the financial year gone as the devastating impact of lockdowns on the cinema chain became clear. 

The FTSE 250 company’s revenues plummeted by over 80% to $852m, down from $4.3bn the year before. The chain also posted a pre-tax loss in 2020 of $3bn, a swing from a profit off $212m if 2019.

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