2nd Jun 2025 06:59
(Alliance News) - Stocks in London are set to open somewhat higher on Monday, despite the mood being dampened by renewed trade tensions between the US, the EU and China.
US President Donald Trump said Friday that he would double steel and aluminium import tariffs to 50% from next week. The EU responded on Saturday that it was ready to take countermeasures, which could happen earlier than July 14 when previously announced counter-tariffs are set to become effective.
Also, Trump claimed on Friday that Beijing had "TOTALLY VIOLATED ITS AGREEMENT" with the US to de-escalate tariffs. China said Monday it "firmly rejects" the allegations.
IG says futures indicate the FTSE 100 to open up 4.9 points, 0.1%, on Monday. The index of London large-caps closed 0.6% higher at 8,772.38 on Friday.
Sterling was quoted at USD1.3499 early Monday, higher than USD1.3476 at the London equities close on Friday.
The euro traded at USD1.1378 early Monday, higher than USD1.1348 late Friday. Against the yen, the dollar was quoted lower at JPY143.38 versus JPY144.23.
In the US on Friday, Wall Street ended lower, with the Dow Jones Industrial Average down 0.1%, the S&P 500 down less than 0.1% and the Nasdaq Composite down 0.3%.
In Asia on Monday, the Nikkei 225 index in Tokyo was down 1.3%. In China, financial markets in Shanghai are closed for the Dragon Boat Festival, while the Hang Seng index in Hong Kong was down 1.8%. The S&P/ASX 200 in Sydney closed down 0.3%.
Gold was quoted at USD3.323.65 an ounce early Monday, higher than USD3,286.33 on Friday.
Brent oil was trading at USD64.25 a barrel early Monday, higher than USD62.53 late Friday.
Saudi Arabia, Russia and six other key Opec+ members announced on Saturday a huge increase in crude production for July.
They will produce an additional 411,000 barrels a day, which is more than three times greater than the group had previously planned.
In Monday's corporate calendar, Sirius Real Estate publishes full-year results.
In the economic calendar on Monday, the UK, US, the eurozone and other regions have manufacturing PMI data.
By Emma Curzon, Alliance News reporter
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