The FTSE 100 is expected to open modestly higher on Wednesday, with futures pointing to a gain of around 24 points, or 0.2%, after the index closed Tuesday at 10,886.16.
Investor attention is firmly on the US, where Nvidia’s half-year results and the Federal Reserve’s preferred inflation gauge, the personal consumption expenditures index, are due later in the day.
Expectations around Nvidia are particularly elevated. Analysts are looking for second-quarter revenue of roughly $92 billion, with the company’s guidance for the next quarter likely to be just as important as the headline numbers.
Middle East tensions eased slightly after Iran and Oman said they had discussed a framework for a temporary corridor through the Strait of Hormuz, alongside a mine-clearing initiative.
That helped push Brent crude sharply lower to around $85.87 a barrel, from $89.31 late Tuesday, potentially easing some inflation concerns and pressure on energy-intensive sectors.
Asian markets were broadly positive, with Japan’s Nikkei 225, China’s Shanghai Composite and Hong Kong’s Hang Seng all gaining around 0.7%.
Gold was little changed at approximately $4,639 an ounce, while sterling held near $1.3634 against the dollar.
In the UK, attention will also turn to Ofgem’s latest energy price cap announcement, while US GDP and durable goods figures are due alongside PCE inflation.
