4th Sep 2025 06:58
(Alliance News) - London's FTSE 100 is set to open higher on Thursday ahead of the afternoon's ADP US labour market data.
IG says futures indicate the FTSE 100 to open up 10.9 points, 0.1%, at 9,188.89 on Thursday. The index of London large-caps closed up 61.30 points, 0.7%, at 9,177.99 on Wednesday.
Sterling was quoted at USD1.3429 early Thursday, lower than USD1.3448 at the London equities close on Wednesday.
The euro traded at USD1.1654 early Thursday, down from USD1.1679 late Wednesday. Against the yen, the dollar was quoted at JPY148.17 versus JPY147.95.
UK Chancellor Rachel Reeves on Wednesday set the date for her autumn budget at November 26.
The chancellor acknowledged the economy is "not working well enough" and promised a "tight grip" on spending in her budget, amid speculation about tax rises to plug a hole in the government's finances.
Reeves said she had asked the fiscal watchdog the Office for Budget Responsibility to prepare an independent forecast on the late November date to accompany the budget.
"The practical implication of now having a firm date is that we now have 12 weeks of Treasury trial balloons, government sources stories, jittery UK markets, and generally elevated uncertainty ahead of us. That does nobody any favours whatsoever, and is also likely to cripple both business and consumer decision-making for the next three months," commented Pepperstone analyst Michael Brown.
In the US on Wednesday, Wall Street ended mixed, with the Dow Jones Industrial Average fading 0.1%, the S&P 500 gaining 0.5% and the Nasdaq Composite advancing 1.0%.
President Donald Trump's administration asked the US Supreme Court on Wednesday for an expedited ruling preserving the tariffs that have roiled global markets, saying a lower court ruling against it has already damaged trade negotiations.
Solicitor General John Sauer urged the court in a filing to "expedite resolution of this case to the maximum extent feasible, given the enormous importance of quickly confirming the full legal standing of the President's tariffs."
The petition comes after a 7-4 ruling by the US Court of Appeals for the Federal Circuit, which found that Trump exceeded his authority in tapping emergency economic powers to impose wide-ranging duties.
The judges, however, allowed the levies to stay in place through mid-October, giving Trump time to take the fight to the Supreme Court.
In Asia on Thursday, the Nikkei 225 index in Tokyo improved 1.5%. In China, the Shanghai Composite shed 1.6%, while the Hang Seng Index in Hong Kong lost 1.1%. The S&P/ASX 200 in Sydney was up 1.0%.
Gold was quoted at USD3,533.02 an ounce early Thursday, retreating from USD3,565.82 on Wednesday.
"The yellow metal surged to a fresh record near USD3,580/oz before easing on light profit-taking. Its rally is underpinned by multiple forces, conviction in a September Fed cut, tariffs raising costs and a sense that the pain point for growth is drawing nearer," said Pepperstone's Ahmad Assiri.
"Gold has become more than a tactical tool; it is a barometer of decreasing confidence in the economic and financial outlook. Notably, flows have broadened beyond ETFs into macro funds and perhaps central banks adding depth to the move."
Brent oil was trading lower at USD67.03 a barrel early Thursday, against USD67.62 late Wednesday.
In Thursday's corporate calendar, a trading statement from electricals retailer Currys.
In the economic calendar on Thursday, there are eurozone retail sales figures at 1000 BST, US ADP private payrolls data at 1315 and weekly jobless claims figures 1330. There is also a US services sector PMI at 1445.
By Emily Parsons, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.