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FTSE 100 futures eye an opening below 8,200 as UK budget looms
It will not be long now until the most eagerly awaited UK budget in well over a decade will be announced. Ahead of this the UK stock market seems to be braced for bad news. The cocktail of a newly announced rise in the minimum wage yesterday and the prospect of higher employment costs for employers is also weighing on the markets. As noted here yesterday, the FTSE handed back all its gains and more and later closed more than 100 points from the session high into the close. This time the index ended the day below its 100 day moving average (8,243), at 8,219 and it is currently set to reopen closer to 8,175 this morning. The vista could change in the next couple of hours, but it could deteriorate too. As to where it ends today will entirely depend on that budget announcement, due at 12.30pm GMT.
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