FTSE 100 LIVE: Stocks tepid as polls suggest US election on razor's edge
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The FTSE 100 and European stocks moved cautiously in early trade on Tuesday, as the world looks to the US election for direction. Polling day begins in earnest, as US citizens vote to elect either Kamala Harris or Donald Trump to the premier spot, as final polls predict a razor finish.
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The FTSE 100 (^FTSE) was almost flat after the open, while both Germany's DAX (^GDAXI) and the CAC 40 (^FCHI) pulled 0.2% lower.
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The pan-European STOXX 600 (^STOXX) was down 0.1%.
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Asset management firm Schroeders (SDR.L) was among the top fallers in the FTSE in early trade, down 12.5% after it reported ￡2.3bn of quarterly outflows, and an expectation of ￡8bn in outflows in the current quarter as legacy mandates expire.
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Latest polling data out of the US is showing Harris and Trump neck and neck in key swing states. The data suggested small leads for Trump in Nevada, Georgia, North Carolina and Arizona, with similarly minor leads for Harris in Wisconsin and Michigan. The pair appeared to be tied in Pennsylvania.
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US stock futures were muted, with the S&P 500 (ES=F) up 0.2%, the Dow (YM=F) above the flatline and the Nasdaq (NQ=F) 0.2% higher.
Overnight in Asia
Asian stock markets headed higher on Tuesday, with the Nikkei (^N225) popping following a public holiday. The Japanese benchmark index rose more than 1.1% in the session.
The moves higher follow data that shows China's service activity has expanded at the fastest clip since July.
The Hang Seng (^HSI) was 2.1% higher in Hong Kong.
How US stock futures are faring
US stocks are relatively calm ahead of polling day.
Recap: Monday trade in the US
From our US team:
US stocks slipped during a jittery session on Monday to kick off a week of potentially huge market-moving events — the presidential election and the Federal Reserve policy decision.
The S&P 500 (^GSPC) dropped 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) fell by about the same amount. The Dow Jones Industrial Average (^DJI) led the declines, falling about 250 points, or 0.6%.
Monday's session was choppy ahead of Tuesday's election, a big risk event for markets. The new president — whether Kamala Harris or Donald Trump — will set the course for the economy in the years that follow. The neck-and-neck race has investors bracing for volatility on Election Day itself.
Weekend polls showed Harris with a shock lead in Iowa and gaining ground elsewhere — a sign the Democrat has a better chance of winning than Wall Street had calculated. The dollar dropped by the most in a month as traders recalculated bets on a Trump victory. Treasury yields also retreated, with the 10-year benchmark yield (^TNX) sliding almost 10 basis points to about 4.30%.
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