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LONDON (Alliance News) - UK equities are set for yet another negative start Wednesday as investors await a raft of macro-economic data from the UK, the US, and Europe and despite a higher close on Wall Street overnight.
Meanwhile, some London-based traders may be struggling to get to their desks Wednesday as unions commence a 48-hour stoppage on the London Underground. While there will be a limited service starting later and finishing earlier, many stations will remain closed for the duration.
Both IG and CMC Markets indicate the FTSE 100 to open lower at approximately 6,425 points, having closed down for a fifth consecutive day at 6,449.27 Tuesday. In NY, the DJIA ended Tuesday up 0.5% at 15,445.24.
"Following Monday?s mixed manufacturing PMI/ISM readings for January, attention will be focussed on Wednesday?s corresponding service sector figures which should give a clearer picture of the first quarter growth outlooks for the euro area, UK, and US," says Jonathan Thomas, senior economist at Lloyds Bank.
The UK reading, scheduled to be released at 0928 GMT, is expected to show a modest increase to 59.0 in January, from 58.8 in December.
In Europe, the readings are expected to largely mirror the manufacturing sector prints released earlier in the week. The German and EU reading, released at 0853 GMT and 0858 GMT respectively, are expected to show modest improvements. Economists expect the German number to rise to 53.6 in January, from 53.5 in the previous month, with the wider eurozone area's figure increasing to 51.9 from 51.0.
While the French and Italian numbers are expected to record a modest increase in the first month of 2014, they are also expected to remain below 50.0, representing contraction within the sector.
In the US, with non-farm payrolls released on Friday, particular attention will be paid to the ADP report released at 1315 GMT, ahead of the Markit services PMI reading due at 1358 GMT.
The Institute for Supply Management releases its non-manufacturing PMI report at 1500 GMT. The reading is expected to rise to 53.7 in January, up from December's 53.0 figure.
"Traditionally, the US non-manufacturing series is not seen as important as the manufacturing ISM, but the market will be looking for any indications that the surprise slump in the latter in January was an isolated case rather than representing a broader slowdown; a further downside surprise here would certainly suggest a further cold front for financial markets," says Rabobank analyst Michael Every.
Finally, there are three more Fed-speakers Wednesday. Daniel Tarullo, member of the Board of Governors of the US Federal Reserve Board, gives a speech at 1500 GMT, ahead of Philadelphia Fed President Charles Plosser at 1730 GMT and Atlanta Fed Chief Dennis Lockhart at 1840 GMT.
In the corporate calendar, blue-chip Hargreaves Lansdown has provided half-year results. FTSE 250-listed Homeserve and ICAP, amongst others, have released interim management statements.
Pharmaceuticals major GlaxoSmithKline is due to release its 2013 fourth-quarter results at 1200 GMT.
By James Kemp; jameskemp@alliancenews.com; @jamespkemp
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