27th Nov 2024 06:55
(Alliance News) - Stocks in London are set to tread water on Wednesday, amid a hangover from a US tariff threat which sent equities lower on Tuesday,
IG says futures indicate the FTSE 100 to open just 1.6 points higher at 8,260.21 points on Wednesday. The index of London large-caps closed down 33.07 points, 0.4%, at 8,258.61 on Tuesday.
In New York, the Dow Jones Industrial Average ended up 0.3% on Tuesday. The S&P 500 and the Nasdaq Composite added 0.6%.
In Tokyo on Wednesday, the Nikkei 225 was down 0.8%. The Shanghai Composite was up 1.3%, however, while the Hang Seng in Hong Kong rose 1.4%.
"Following yesterday's tariff threats from the Trump administration, Asia-Pacific markets awoke unsettled, still feeling the aftershocks on Wednesday. Despite Wall Street's rally, during which the S&P 500 and Dow Jones soared to record-breaking heights, local markets showed mixed results. This hesitance highlights the region's sensitivity to the volatile US trade policy landscape. Like we said earlier, you want to skate to where the puck is heading," SPI Asset Management analyst Stephen Innes commented.
The pound was quoted at USD1.2572 early Wednesday, rising from USD1.2548 late Tuesday. The euro stood at USD1.0481, up from USD1.0475. Against the yen, the dollar was trading at JPY152.29, fading from JPY153.52.
Brent oil was quoted at USD72.31 a barrel, weakening from USD73.42. Gold climbed to USD2,643.43 an ounce, up from USD2,629.43.
Hamas is ready to reach a ceasefire in the Gaza, a senior official in the Palestinian group said, hailing the ceasefire that took hold in Lebanon.
"We have informed mediators in Egypt, Qatar and Turkey that Hamas is ready for a ceasefire agreement and a serious deal to exchange prisoners," the official told AFP, however accusing Israel of obstructing an agreement.
Wednesday's global economic diary sees US GDP, durable goods orders and personal consumption expenditure figures at 1330 GMT.
The local corporate calendar has half-year results from Pennon and Johnson Matthey plus full-year numbers from easyJet and Mitchells & Butlers.
Overnight, an update from index operator FTSE Russell showed retailer B&M and Frasers and housebuilder Vistry face relegation from the FTSE 100.
According to indicative index changes from FTSE Russell, new investing titan Alliance Trust, miniature wargames maker Games Workshop and wealth manager St James's Place are the trio primed to replace them.
Those set to exit the FTSE 250 are clean energy technology developer Ceres Power, bank, broker and asset manager Close Brothers, Carex owner PZ Cussons and oilfield and engineering services provider Wood Group.
Replacing them are food delivery firm Deliveroo, US-focused natural gas producer Diversified Energy, transport operator Mobico and DNA and RNA sequencing specialist Oxford Nanopore Technologies.
Final index change results are to be announced after the close of play next week Wednesday. They will be based on data as of the market close a day prior.
By Eric Cunha, Alliance News news editor
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