8th Oct 2025 06:51
(Alliance News) - Stocks in London are set to open higher on Wednesday, ahead of expected comments from European Central Bank, Bank of England and Federal Reserve officials.
IG says futures indicate the FTSE 100 to open up 20.6 points, 0.2%, on Wednesday. The index of London large-caps closed 4.44 points higher at 9,483.58 on Tuesday.
Sterling was quoted at USD1.3390 early Wednesday, lower than USD1.3440 at the London equities close on Tuesday.
Keir Starmer has urged business leaders to seize the opportunity of the UK's trade deal with India, after brushing aside suggestions Britain could open up more visa routes for the country.
The UK prime minister has travelled to Mumbai with 125 business chiefs, cultural leaders and university bosses in what Downing Street has dubbed the UK's largest ever trade mission to the country.
Starmer wants businesses to use the trade deal as a "launchpad for growth", because it offers vastly reduced Indian tariffs for many UK industries.
The euro traded at USD1.1617 early Wednesday, lower than USD1.1672 late Tuesday. Against the yen, the dollar was quoted higher at JPY152.29 versus JPY151.02.
In the US on Tuesday, Wall Street ended lower, with the Dow Jones Industrial Average down 91.99 points, 0.2%, the S&P 500 down 0.4% and the Nasdaq Composite down 0.7%.
In Asia on Wednesday, the Nikkei 225 index in Tokyo was down 0.4%. In China, the Shanghai Composite was up 0.5%, while the Hang Seng index in Hong Kong was down 0.9%. The S&P/ASX 200 in Sydney closed down 0.1%.
Gold was quoted at USD4,035.83 an ounce early Wednesday, higher than USD3,985.98 on Tuesday.
"Gold has done it," commented Pepperstone's Ahmad Assiri said. "Gold has reached the long-awaited USD4,000 per ounce mark...This rally is far from a speculative surge detached from fundamentals; rather, it stems from a rare convergence of macroeconomic forces.
"The Fed's move to lower interest rates even as signs of renewed growth emerge has disrupted the typical relationship between economic expansion, inflation and monetary easing. Further supporting the yellow metal, the pronounced weakness of the dollar since the start of the year has amplified the momentum behind gold's rise."
Brent oil was trading at USD65.91 a barrel early Wednesday, higher than USD65.28 late Tuesday.
In Wednesday's corporate calendar, Unite Group releases a trading update and Dr Martens makes a dividend payment.
In the economic calendar on Wednesday, German industrial production data will be released shortly. Comments from ECB executive board member Frank Elderson follow later in the morning.
By Emma Curzon, Alliance News reporter
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