7th Jan 2025 06:43
(Alliance News) - Stocks in London are set to open lower on Tuesday, after a decent start to the week, with eurozone and US data in focus later.
IG says futures indicate the FTSE 100 to open 44.1 points lower, 0.5%, at 8,205.56 on Tuesday. The index of London large-caps ended up 25.68 points, 0.3%, at 8,249.66 on Monday.
The pound was quoted at USD1.2539 early Tuesday, rising from USD1.2528 late Monday afternoon. The euro was largely unmoved at USD1.0398 from USD1.0397. Against the yen, the dollar rose to JPY157.80 from JPY157.22.
Tuesday's global economic diary sees eurozone inflation and unemployment prints, the ISM services sector PMI in the US and house price data in the UK.
"Traders are gearing up for key macroeconomic data releases this week, including US PMIs and jobs reports, to assess the Federal Reserve's likely stance—whether hawkish or dovish—heading into this month's FOMC meeting. Additionally, market participants will be digesting recent developments around potential policies from President-elect Trump. Notably, fresh reports and confirmations or denials from the US side regarding tariffs could influence price action," ActivTrades analyst Anderson Alves commented.
In New York on Monday, the Dow Jones Industrial Average lost 0.1%. But the S&P 500 climbed 0.6% and the Nasdaq Composite shot up 1.2%.
A barrel of Brent faded to USD76.09 early Tuesday, from USD76.65 at the time of the London equities close on Monday. Gold rose to USD2,645.41 an ounce from USD2,638.63.
The US Defense Department has added Chinese tech firm Tencent Holdings and battery manufacturer Contemporary Amperex Technology Co to a list of companies it says are affiliated with Beijing's military.
The two firms were included on a list of Chinese military companies operating in the US that is due to be published Tuesday on the US Federal Register, with copies available for download the day before.
Tencent is one of the top players in China's expansive technology sector, operating the WeChat "super-app" with other offerings across gaming, content streaming and cloud services.
CATL is also a major firm, producing more than a third of the electric vehicle batteries sold in the world.
Tencent shares fell 7.6% in Hong Kong.
The Hang Seng Index in Hong Kong was down 1.7%. The Shanghai Composite was flat, while in Tokyo, the Nikkei 225 was 2.0% higher. In Sydney, the S&P/ASX 200 added 0.3%.
Tuesday's UK corporate calendar sees a trading statement from retailer Next.
By Eric Cunha, Alliance News news editor
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