FTSE 100 Tilts Lower Ahead Of U.K. Budget

This is source I found from another site, main source you can find in last paragraph

By Carla Mozee, MarketWatch

Miners rise after China surprises by posting a trade deficit

U.K. stocks eased back slightly Wednesday, with investors waiting to learn the British government's plans for spending and taxes as it works to exit the European Union.

The FTSE 100 was off 0.1% at 7,335.85. The index on Tuesday fell 0.2% , a fourth straight loss. Last week, it logged its highest record close, at 7,382.90.

Budget: U.K. Treasury chief Philip Hammond is set to outline the government's financial plans, the last time a spring budget will be presented. He's already said the country is borrowing too much and that he's aiming to maintain fiscal discipline as the country prepares to leave EU. U.K. Prime Minister Theresa May wants to trigger the start of the Brexit process at the end of this month.

"There are two areas where spending is expected to rise: a GBP1 billion boost to social care and GBP300 million for shops and pubs to offset the rise in business rates. That is expected to be financed by an increase in taxes on the self-employed and possible increase in duties on alcohol," wrote RBC Capital Markets.

The gross domestic product outlook for 2017 is widely expected to be raised from 1.4% by the Office for Budget Responsibility. Meanwhile, the government is expected to take on less debt by cutting its gilt issuance, with RBC projecting gross issuance of 104 billion pounds ($127 billion) in 2017--2018, down from GBP146 billion in 2016--2017.

The budget announcement is due at 12:30 p.m. London time, or 7:30 a.m. Eastern Time.

Ahead of that, the pound fetched $1.2183, down from $1.2200 late Tuesday in New York. The yield on the 10-year gilt was up 2 basis points at 1.19%.

Miners' China boost: Most mining shares moved higher after China posted an unexpected trade deficit in February. The deficit, the first since 2014, was driven by a surge in imports after the Lunar New Year Holiday .

The "recent strength of import growth appears to largely reflect a boost to import values from a jump in commodity price inflation," Capital Economics economist Julian Evans-Pritchard noted Wednesday.

Among miners, Glencore PLC (>> Glencore PLC) gained 1.8%, Antofagasta PLC (>> Antofagasta plc) tacked on 1.3%, and Rio Tinto PLC (>> Rio Tinto plc) (>> Rio Tinto plc) (>> Rio Tinto plc) picked up 1.2%.

Other movers: Admiral PLC shares (>> Admiral Group plc) fell 1.2% after the auto insurer said its pretax profit in 2016 fell 24% due to a change in the discount rate used to calculate personal injury damages awards.

Legal & General Group PLC (>> Legal & General Group Plc) raised its dividend and said operating profit rose 7%. But shares of the company, which provides insurance, savings and investment services, turned lower to trade down by 1%.

Stocks mentioned in the article : Glencore PLC, Rio Tinto plc, Legal & General Group Plc, Admiral Group plc, Antofagasta plc

This is source I found from another site, main source you can find in last paragraph

Source : http://www.4-traders.com/FTSE-100-7392/news/LONDON-MARKETS-FTSE-100-Tilts-Lower-Ahead-Of-U-K-Budget-24003325/



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