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(Alliance News) -Â London stocks nudged up at the start of trade on Thursday with investors continuing to hold back ahead of the latest eurozone interest rate decision and May US inflation data.
The FTSE 100 index was up 14.84 points, or 0.2%, at 7,095.85 early Thursday. The mid-cap FTSE 250 index was down 45.19 points, or 0.2%, 22,713.78. The AIM All-Share index was up 0.1% at 1,250.44.
The Cboe UK 100 index was up 0.2% at 706.93. The Cboe 250 was down 0.3% at 20,471.44, and the Cboe Small Companies flat at 15,178.73.
In mainland Europe, the CAC 40 in Paris was down 0.1%, while the DAX 30 in Frankfurt dipped 0.3% early Thursday.
Investor appetite is "muted", said Ipek Ozkardeskaya at Swissquote Bank, ahead of Thursday's US inflation data.
The US consumer price index for May is due at 1330 BST.
Consensus, according to FXStreet, expects the consumer price index to rise 4.7% year-on-year in May, picking up pace from 4.2% in April. A reading over 5% would spark fears that the US Federal Reserve, which meets next week, could start to mull monetary policy tightening sooner than expected.
"A stronger-than-expected inflation read would already be too strong, and should revive the Fed hawks and trigger a certain sell-off across the equity space regardless of the consensus view that today’s print should be the peak of the actual rising inflation cycle," said Ozkardeskaya. "A softer-than-expected figure, on the other hand, should strengthen the conviction, and the case for softening inflationary pressures and leave the Fed doves alone for at least another month."
The other risk event on Thursday is the European Central Bank's latest monetary policy decision, due at 1245 BST with a following press conference with President Christine Lagarde at 1330 BST.
No change in policy is expected from the central bank, with focus lying on any mention of tapering.
The euro traded at USD1.2171 early Thursday ahead of the decision, down from USD1.2186 late Wednesday.
Sterling was quoted at USD1.4113 early Thursday, lower than USD1.4120 at the London equities close on Wednesday. Against the yen, the dollar eased to JPY109.49 from JPY109.60.
In Asia on Thursday, the Japanese Nikkei 225 index ended up 0.3%. In China, the Shanghai Composite closed up 0.5%, while the Hang Seng index in Hong Kong down up 0.2% in late trade. The S&P/ASX 200 in Sydney closed up 0.4%.
Gold was quoted at USD1,886.08 an ounce early Thursday, lower than USD1,890.50 on Wednesday. Brent oil was trading at USD71.79 a barrel, lower than USD72.36 late Wednesday.
London's FTSE 100 got a boost from Auto Trader Group, which motored ahead 6.3% after the online automotive marketplace reported a fall in annual revenue and profit, though reinstated its dividend.
Revenue fell 29% to GBP262.8 million for the financial year that ended March 31, with trade revenue down 31% to GBP225.2 million following a decision to provide free advertising to retailer customers in April, May, December and February and at a discounted rate in June.
Auto Trader's pretax profit slumped 27% to GBP157.4 million.
However, the company has decided to reinstate its capital allocation policy and proposed a final dividend of 5.0 pence, versus no payout a year ago. With no interim dividend, this 5p will be the total dividend for the year, up from 2.4p the year before.
Auto Trader has started the new financial year in a strong position, it said, and expects to deliver deliver high single digit growth on the average revenue per retailer achieved in the 2020 financial year - meaning two years prior - with operating profit margins in line with 2020 levels.
Average revenue per retailer for the recently ended financial year was GBP1,324, down 32% on GBP1,949 in the 2020 financial year. The operating profit margin fell to 61% from 70%.
BT Group nudged up 1.0% after Patrick Drahi's Altice UK revealed it has taken a 12.1% stake in the telecommunications firm, a total of 1.2 billion shares.
Altice is an owner and operator of telecom and broadband networks internationally, having built and developed significant networks in the US, France, Portugal and Israel. Billionaire Drahi founded Altice in 2002.
Altice said it "holds the board and management team of BT in high regard and is supportive of their strategy." It has told the board it does not intend to make a takeover offer.
Based on BT's Wednesday closing price of 183.15p, Altice's stake is worth around GBP2.2 billion.
BT, in response, said it welcomes all investors who recognise the long-term value of the business. "We are making good progress in delivering our strategy and plan," the FTSE 100 constituent said.
Amigo Holdings rose 1.9% as it said it continues to mull all options after the UK High Court rejected its scheme to settle compensation claims.
The provider of guarantor loans confirmed that, based on the expected volumes of complaints from current and past customers, without a scheme of arrangement to deal with complaints, the value of its assets are less than the amount of its liabilities, resulting in an insolvent balance sheet.
Amigo said it continues to engage with the UK Financial Conduct Authority, which raised objections over Amigo's scheme to the court, over an "appropriate way forward". This could result in a revised scheme of arrangement or insolvency.
By Lucy Heming;Â lucyheming@alliancenews.com
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