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Dow Jones and FTSE 100 Forecast for the Week Ahead

Dow Jones and FTSE 100 Forecast for the Week Ahead

2019-11-03 10:00:00
Justin McQueen, Analyst
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Dow Jones 2-Hour Price Chart

Equity Analysis and News

  • Dow Jones | Fed on Pause, Will Non-Manufacturing PMI Continue to Weaken?
  • FTSE 100 | BoE in Focus, Election Polls Highlight Commanding Conservative Lead

Equity Index Performance Chart

Source: Thomson Reuters, DailyFX

Dow Jones | Fed on Pause, Will Non-Manufacturing PMI Continue to Weaken?

The economic calendar will be relatively light next week with only a handful of notable data points. Following the weaker than expected ISM Manufacturing survey, focus is on the ISM Non-Manufacturing, which has been tracking the manufacturing sector lower in recent months. As such, a miss on expectations may point to greater concerns for the US economy and signal that the Federal Reserves pause in rate cuts may be somewhat premature.

ISM Manufacturing PMI vs ISM Non-Manufacturing PMI

Dow Jones Price Chart: Daily Time Frame (Nov 18 – Nov 19)

Dow Jones Price Chart Daily

FTSE 100 | BoE in Focus, Election Polls Highlight Commanding Conservative Lead

Following the largely weekly gain in 9-months for the FTSE 100, the index has seen a marginal pullback to be among the underperforming indices this week. A slight recovery in the Pound curbed further gains for the index as focus turns towards the UK general election. Majority of opinion polls have shown the conservatives with a commanding lead ahead of the labour party, raising the possibility that Boris Johnson may gain a majority in parliament.However, we are of cognizant of the fact that polling data has been somewhat inaccurate in recent times (2015 and 2017 the most obvious examples) therefore the outcome is uncertain.

Party Support Chart UK General Election

BBC

Looking ahead to next week, much of the focus will center around the Bank of England Monetary Policy report, which is likely to see the central bank reiterate a slightly dovish bias amid the ongoing political uncertainty, while there is also a risk of a more explicit dovish signal.

FTSE 100 Price Chart: Daily Time Frame (Oct 2018 – Nov 2019)

FTSE 100 Daily Price Chart

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--- Written by Justin McQueen, Market Analyst

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