London open: Stocks fall ahead of UK jobs data, FOMC minutes

UK jobs data from the Office for National Statistics at 0930 BST is expected to show no change employment or the jobless rate in the three months to March. Average weekly earnings growth is expected to slow.

The Bank of England has said that it is reacting more cautiously to UK news and economic data ahead of the European Union referendum on 23 June.

Meanwhile, minutes of the Fed’s 26-27 April meeting will be in focus at 1900 BST. Economists will be searching for clues on whether the Fed will meet expectations to keep interest rates unchanged in June.

However, hawkish remarks from Fed officials in the past two weeks on interest rates have confused economists.

“Confused? Markets certainly are, up one minute and down the next as speculation about the US economy continues to divide opinion, along with speculation about the number of possible rate rises the Fed might decide upon over the course of the remainder of this year,” said Michael Hewson, chief market analyst at CMC Markets.

In commodities, oil prices reversed the previous day’s gains with Brent crude down 0.38% to $49.09 per barrel and West Texas Intermediate down 0.29% to $48.17 per barrel at 0906 BST.

A report from the Department of Energy on US weekly crude inventories at 1530 BST may influence prices as the market monitors the supply glut.

Elsewhere, a final estimate of April eurozone consumer price inflation is due at 1000 BST with analysts pencilling in an unchanged 0.2% year-on-year fall.

In company news, Burberry slumped after saying full year profits fell 10%, at the bottom of analysts' range of estimates, due to pressures in China.

Chilean copper miner Antofagasta slumped as it confirmed that two major development projects have been slowed to preserve cash.

Megabrewer SABMiller climbed as it reported 7% organic revenue growth at constant currencies in the year to 31 March.

Market Movers

FTSE 100 (UKX) 6,134.48 -0.54%
FTSE 250 (MCX) 16,775.58 -0.41%
techMARK (TASX) 3,058.49 -0.39%

FTSE 100 - Risers

DCC (DCC) 6,495.00p 1.72%
Persimmon (PSN) 2,035.00p 1.24%
Vodafone Group (VOD) 229.40p 1.06%
Ashtead Group (AHT) 936.50p 0.97%
easyJet (EZJ) 1,448.00p 0.77%
Taylor Wimpey (TW.) 195.00p 0.72%
Berkeley Group Holdings (The) (BKG) 3,080.00p 0.69%
Barratt Developments (BDEV) 554.50p 0.64%
SABMiller (SAB) 4,226.00p 0.38%
ARM Holdings (ARM) 931.50p 0.38%

FTSE 100 - Fallers

Anglo American (AAL) 597.40p -4.98%
Glencore (GLEN) 132.00p -3.30%
Burberry Group (BRBY) 1,111.00p -2.80%
Antofagasta (ANTO) 422.10p -2.70%
Rio Tinto (RIO) 1,979.50p -2.68%
BHP Billiton (BLT) 841.20p -2.35%
Standard Chartered (STAN) 506.10p -2.24%
TUI AG Reg Shs (DI) (TUI) 1,014.00p -1.46%
ITV (ITV) 203.70p -1.31%
Direct Line Insurance Group (DLG) 364.50p -1.22%

FTSE 250 - Risers

Booker Group (BOK) 173.90p 5.46%
Marston's (MARS) 155.30p 3.46%
Allied Minds (ALM) 325.00p 3.44%
Shawbrook Group (SHAW) 271.00p 2.50%
Ophir Energy (OPHR) 69.15p 1.92%
Greene King (GNK) 865.00p 1.59%
Playtech (PTEC) 824.50p 1.41%
SSP Group (SSPG) 303.60p 1.20%
William Hill (WMH) 305.00p 0.99%
Mitchells & Butlers (MAB) 276.60p 0.88%

FTSE 250 - Fallers

Marshalls (MSLH) 317.10p -8.59%
Acacia Mining (ACA) 332.50p -4.67%
Ocado Group (OCDO) 253.00p -4.67%
Jimmy Choo (CHOO) 113.40p -2.83%
Genus (GNS) 1,529.00p -2.61%
Millennium & Copthorne Hotels (MLC) 425.70p -2.54%
Meggitt (MGGT) 393.50p -2.53%
Kaz Minerals (KAZ) 155.60p -2.38%
Pets at Home Group (PETS) 236.80p -2.19%
DFS Furniture (DFS) 292.40p -2.14%