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Some of the problems include a lack of big tech companies - with none of the S&P 500's Magnificent Seven - and a reliance on commodity stocks.
But let's come back to the present time. The start of the year 2024 was rather subdued. The FTSE 100 was down 0.15% yesterday, and is inching up 0.1% this morning. After the euphoria seen in December, investors are worrying that the Fed interest rate cuts may not come as early as they thought.
They are eagerly awaiting the publication of the minutes of the Fed's last meeting, the one that reinforced the market's feeling that key rate cuts were fast approaching in the United States. Will investors find any new lessons there? Answer at 7.00 pm GMT. Elsewhere in the news, oil's early-week rebound has suddenly deflated. Black gold is fluctuating with tensions in the Red Sea, but the strength of US shale oil production has reduced its sensitivity to events in the Middle East.
Consumer non-cyclicals stocks are up 1%, while healthcare advance 0.3% this morning, while basic materials stocks are down 1.4%.
GSK is the top gainer in the FTSE 100 this morning, rising 2.3% after Jefferies raised the rating on the stock to "Buy" from "Hold", along with hiking its price target.
Gambling operator Entain climbed 2.1% after it appointed Ricky Sandler, founder of activist investor Eminence Capital, to its board as a non-executive director.
Things to read today:
- Tesla overtaken by China's BYD as the world's leading electric vehicle manufacturer (FT)
- Why authoritarianism and libertarianism have merged (The Conversation).
- Air transport not ready for electronic warfare (Intelligencer).
- China pressures women to have more children. Many refuse (Wall Street Journal).
- The optimistic case for the British economy (FT)
