25th Nov 2024 06:49
(Alliance News) - Stocks in London are set to open higher on Monday, building on last week's gains, while the euro and pound recovered some lost ground on the dollar, after tumbling following weak data on Friday.
IG says futures indicate the FTSE 100 to open 10.2 points higher, 0.1%, at 8,272.28 on Monday. The index of London large-caps jumped 112.81 points, 1.4%, at 8,262.08 on Friday. It added 2.5% last week.
In a quiet economic diary on Monday, Bank of England Deputy Governor Clare Lombardelli and fellow Monetary Policy Committee member Swati Dhingra speak at the BoE Watchers' Conference at 0900 GMT and 1030 GMT.
In China on Monday, the Shanghai Composite was down 0.5% in late trade. The Hang Seng Index in Hong Kong was 0.3% lower. In Tokyo, the Nikkei 225 was 1.3% higher, while the S&P/ASX 200 in Sydney was up 0.3%.
US President-elect Donald Trump on Friday named billionaire Scott Bessent as his Treasury secretary, choosing the hedge fund manager to help execute an agenda promising tax cuts and tariffs.
Bessent, who is chief executive officer of Key Square Group, has called for an extension of tax cuts from Trump's first term, wants to reassert American energy dominance, and believes it is necessary to deal with the budget deficit.
"Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists," Trump said in a statement.
The pound, euro and yen gained on the dollar following the appointment.
Analysts at ING commented: "The moves are being interpreted as reflecting President-elect Trump's more measured pick of Scott Bessent as Treasury secretary."
The pound was quoted at USD1.2600 on Monday morning, shooting up from USD1.2511 at the time of the London equities close on Friday. The euro climbed to USD1.0486 from USD1.0394. Against the yen, the dollar was trading at JPY154.40, down from JPY154.87.
Brent oil was quoted at USD74.64 a barrel early Monday, rising from USD74.46. Gold faded to USD2,668.36 an ounce from USD2,703.04.
In New York on Friday, the Dow Jones Industrial Average added 1.0%, the S&P 500 rose 0.3% and the Nasdaq Composite added 0.2%.
The local corporate calendar has a trading statement from DIY retailer Kingfisher.
By Eric Cunha, Alliance News news editor
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