FTSE slides on Asia, Wall Street cues

The FTSE has started the day in negative territory taking its cue from a weakening in Asian markets and a subdued close on Wall Street yesterday. BAE Systems is among the lead fallers as the company struggles to push through its plans to build a new production site in Cheshire but Unilever is pulling higher following a report showing a growth in sales. The volumes are thinner than usual as traders prepare for a four-day Easter weekend which will see markets reopen on Tuesday.

Farage’s Brexit party in the lead for European elections

In a development that must have European leaders eating their hats Nigel Farage’s Brexit party has surged in the polls as the clear leader to win in European elections. The party which was only formed in January has overtaken Labour, the Conservatives and UKIP as the likely winner. Whether related or not the pound, which has been the barometer of all things Brexit, is nudging lower against the dollar this morning, heading for the $1.300 line.

The currency markets have been quieter than usual because Parliament is in recess until after Easter and domestic economic data is providing news but no surprises. UK February house prices rose at their slowest pace in over six years mainly after London prices dropped by almost 4% thanks to Brexit uncertainty. UK consumer inflation held at just under 2%, which is the Bank of England’s official target.

Pinterest IPOs at $19 a share  

April has seen a burst of new IPO activity on both sides of the pond with social media site Pinterest the latest to join the fray. Showing that investors’ appetite for tech stocks is not abating the social media site went from proposing a pricing range between $15 and $17 per share to actually placing the shares at $19, valuing the company at $10 billion. The site, which operates mainly based on picture postings, has managed to raise $1.43 billion in its IPO offering and will start trading on the New York Stock Exchange later Thursday.