22nd Jul 2025 06:50
(Alliance News) - London stocks are set to open lower on Tuesday, ahead of UK public sector borrowing data and as leadership of the US central bank becomes the focus of public scrutiny.
IG says futures indicate the FTSE 100 to open down 22.1 points, 0.3%, at 8,990.89 on Tuesday. The index of London large-caps closed up 20.87 points, 0.2%, at 9,012.99 on Monday, ending a day above the 9,000 points threshold for the first time.
Sterling was quoted at USD1.3475 early Tuesday, down from USD1.3506 at the London equities close on Monday.
The euro traded lower at USD1.1689 early Tuesday, from USD1.1711 late Monday. Against the yen, the dollar was quoted up at JPY147.72 versus JPY147.29.
In the US on Monday, Wall Street ended mixed, with the Dow Jones Industrial Average slightly lower, the S&P 500 up 0.1% and the Nasdaq Composite rising 0.4%.
US Treasury Secretary Scott Bessent said that the institution of the Federal Reserve – and whether it has been successful – must be examined, as President Donald Trump escalates pressure on the independent central bank.
While Jerome Powell's term as Fed chief ends in May 2026, Trump has recently zoomed in on the Fed's USD2.5 billion renovation project as a possible avenue for his ousting.
The fresh attacks came after months of criticism aimed at Powell as the central bank held interest rates steady this year, holding off cuts while policymakers monitored the effects of Trump's tariffs.
The next round of US-China talks could include Chinese purchases of Russian and Iranian oil, Bessent added, a move that would shift the focus of trade negotiations into national security issues.
"I think trade is in a good place," Bessent told CNBC in an interview. "And I think now we can start talking about other things."
Brent oil was trading at USD68.58 a barrel early Tuesday, lower than USD68.72 late Monday.
The yield on the US 10-year Treasury was quoted at 4.38%, widening from 4.36%. The yield on the US 30-year Treasury was quoted at 4.94%, stretching from 4.92%.
AstraZeneca on Monday announced plans to invest billions of dollars into its US medicines manufacturing and research and development capabilities.
The Cambridge, England-based pharmaceutical company intends to invest USD50 billion in the US by 2030, with the focus of the investment being a proposed drug substance manufacturing centre in Virginia.
Other investments will support research and development capabilities in Maryland and Massachusetts, along with manufacturing capabilities in California, Indiana, Maryland, and Texas.
"Collectively, these investments will help deliver AstraZeneca's ambition of reaching USD80 billion in total revenue by 2030, of which we expect 50% would be generated in the US," the company said.
In Asia on Tuesday, the Nikkei 225 index in Tokyo shed 0.4%. In China, the Shanghai Composite improved 0.7%, while the Hang Seng index in Hong Kong gained 0.3%. The S&P/ASX 200 in Sydney was marginally lower.
Gold was quoted down at USD3,387.80 an ounce early Tuesday, against USD3,397.12 on Monday.
In Tuesday's corporate calendar, third quarter numbers from contract caterer Compass.
In the economic calendar on Tuesday, UK public sector net borrowing data at 0700 BST.
By Emily Parsons, Alliance News reporter
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