UK confirms negative Q4 GDP- FTSE 100 futures point to a higher opening

Data released a short while ago from the UK confirmed the economy shrank by 0.3% in the final quarter of 2023. That was entirely expected and not really of any consequence for the Pound, but it might be for the FTSE 100. Yesterday the FTSE 100 failed to make any progress at all. The index closed just 1 single point higher, at 7,931.98. That said, it did replicate the price action seen the day before, with a later session rebound off the lows seen earlier in the day. However, the FTSE 100 futures are outperforming this morning and currently pricing a higher opening above 7,960. The confirmation of the weak UK growth data will only hand a stronger argument for the UK to move sooner than was previously envisaged to lower interest rates. The shift in that outlook across the markets has been the driving force behind the recent gains in the index and cementing the rise above 7,700. So, right now, ahead of the Easter weekend, that 8k level for the FTSE 100 has come closer on the radar this morning.