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The FTSE 100, the UK's leading stock index, had a quiet start to the week as investors prepared for a week filled with important data and statements from policymakers that could provide insight into the future of interest rates. The index remained subdued down 0.24% during the session. Market participants are eagerly awaiting comments from Bank of England Governor Andrew Bailey, as well as upcoming inflation data from both the UK and the US, in hopes of gaining clarity on the timing of potential interest rate adjustments. Analysts at Citigroup expressed confidence that the data this week will likely show that any secondary effects of increased costs are diminishing. The market is currently pricing in a high probability of a 25 basis points cut from the Bank of England in August. Despite the S&P 500 reaching a milestone by closing above 5,000 for the first time on Friday, investors remain focused on the upcoming economic data, particularly the US inflation figures scheduled for release on Tuesday.

On the negative side of the ledger, the pharmaceutical sector saw a decline of 1.6%, with AstraZeneca dropping 2.4% after Barclays lowered its price target for the stock. AstraZeneca's shares fell 2.1% to 9,547p, making it the top percentage loser on the FTSE 100 index. Barclays reduced its earnings estimates for the near term and lowered the target price to 12,500p from 13,500p. The forecast for AstraZeneca's FY24 EPS is now down by 2%. The company's share performance was at a 52-week low after posting FY23 results, which was not the reaction Barclays expected. The management indicated that investing in unforeseen growth opportunities could impact margin progression. AstraZeneca's shares fell 6% in 2023.

On the positive side of the ledger Frasers Group, a UK retailer, saw a 2.4% rise in its shares to 802.5 pence, making it one of the top gainers on the FTSE 100 index. The company plans to start a new share buyback program with Deutsche Numis, with a maximum value of 80 million pounds (approximately $101 million). Frasers Group intends to buy back up to 10 million ordinary shares under this program. The stock has experienced a decrease of about 1.3% over the last 12 months, as of the most recent closing.

FTSE Bias: Bullish Above Bearish below 7530

• Below 7530 opens 7420
• Primary support at 7382
• Primary objective 7827
• 5 Day VWAP bearish
• 20 Day VWAP bearsih

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