FTSE weak before Bank of England announcement

FTSE weak before Bank of England announcement

The FTSE 100 is weak this morning as the city prepares for a slew of announcements by Mark Carney at midday today.

Today is being named ‘Super Thursday’ as the Bank of England will announce their interest rate decision and the minutes from the meeting together for the first time, prompting caution in the markets. US non farm payrolls are also due to be released tomorrow.

Mike McCudden, Head of Derivatives at Interactive Investor, said to ThisIsMoney: “As we enter ‘Super Thursday’ investors are treading very cautiously with the prospect of rate hikes sinking in.

“Furthermore, with a mixed bag of corporate earnings and a strong dollar impacting commodities, expect equity indices to be under pressure throughout the session.

“The focus will soon switch back to US employment data so those without the stomach for volatility will be well advised to stay away in the short term.”

Rio Tinto (LON:RIO) rose 0.5% this morning despite reporting a sharp drop in second-quarter profits.

Aviva (LON:AV) rose 1.2% after it reported half-year operating profits of £1.17bn, up from £1.07bn last year.

RSA (LON:RSA) insurance group beat analysts expectations by disclosing pre-tax profits of £288 million. RSA are currently in the midst of takeover talks with rival Zurich Insurance.