9th Oct 2024 06:52
(Alliance News) - Stocks in London are set to open higher on Wednesday, as shares in China came off session lows after trading deeper in the red amid stimulus disappointment.
IG says futures indicate the FTSE 100 to open 21.1 points higher, 0.3%, at 8,211.71 on Wednesday. The index of London large-caps closed down 113.01 points, 1.4%, to 8,190.61 on Tuesday.
In Tokyo, the Nikkei 225 was up 1.0%, while Sydney's S&P/ASX 200 added 0.1%. In China, the Shanghai Composite was down 3.6%, though the Hang Seng in Hong Kong recovered from a morning slump to trade 1.0% higher. The Shanghai Composite had been down more than 5% earlier on Wednesday, however.
"As China returned from Golden Week holidays, 'Mr Market' had hoped that another stimulus bazooka could well be unleashed. Instead, the planner held a press conference simply to confirm the measures that had already been announced, and stress 'full confidence' in achieving this year's economic goals," Pepperstone analyst Michael Brown commented.
Wednesday's economic calendar sees the minutes of the last Federal Open Market Committee meeting.
Brown added: "Minutes from the September FOMC meeting may be of interest, though are naturally somewhat stale given the stronger than expected September jobs report which dropped on Friday. Any pertinent comments from one, or more, of today's 6 FOMC speakers is likely to have much more of a lasting impact on price action."
In New York, the Dow Jones Industrial Average closed up 0.3% on Tuesday. The S&P 500 rose 1.0%, while the Nasdaq Composite surged 1.5%.
The pound was quoted at USD1.3095 early Wednesday, rising from USD1.3084 at the time of the London equities close on Tuesday. The euro climbed to USD1.0970 from USD1.0963. Against the yen, the dollar was trading at JPY148.49, up from JPY148.32.
A barrel of Brent rose to USD77.77 on Wednesday, from USD77.20 on Tuesday. Gold climbed to USD2,624.10 an ounce from USD2,608.13.
In the local corporate calendar, metal processing company Jubilee Metals reports annual results.
By Eric Cunha, Alliance News news editor
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