29th Apr 2015 05:59
LONDON (Alliance News) - UK stocks are set to open higher on Wednesday, rebounding from heavy losses on Tuesday, with focus on the US Federal Reserve interest rate decision due after the London close.
IG says futures indicate the FTSE 100 to open 13 points higher at 7,043.5, rebounding slightly from Tuesday when it fell 1.0% to 7,030.53, reversing the gains made in the previous three sessions, as an equities sell-off in the US on Monday fed through into the European session.
Wall Street ended largely higher on Tuesday, with the DJIA closing up 0.4%, the S&P 500 ending up 0.3%, but the Nasdaq Composite closing down 0.1%.
In Asia on Wednesday, the Hang Seng is down 0.3%, while the Shanghai Composite is trading up 0.3%. The Japanese Nikkei is closed for Showa Day.
In another busy UK corporate calendar, there are first-quarter interim management statements from Next, British American Tobacco, Weir Group, Barclays, London Stock Exchange Group and TSB Banking Group. Home Retail Group issues full-year results as does online fashion retailer N Brown, while Redefine International and Spirit Pub Company report half year results. Standard Life issues a trading statement and Antofagasta releases a first quarter production report. GlaxoSmithKline reports first quarter results at 1200 BST.
In the economic calendar, the eurozone economic bulletin is released at 1000 BST along with business and economic sentiment survey results. The German consumer price index reading is at 1300 BST, before US GDP at 1330 BST and pending home sales at 1500 BST. After the close of London stock markets, the US Federal Reserve will announce its interest decision at 1900 BST.
By Neil Thakrar; [email protected]; @NeilThakrar1
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