5th Mar 2025 06:54
(Alliance News) - Stocks in London are set to open in the green on Wednesday, following reports that China's business activity beat forecasts and ahead of the composite PMI readings from the UK and US.
Also, Keir Starmer has welcomed Volodymyr Zelensky's "steadfast commitment to securing peace" as the Ukrainian leader said he was "ready to work under President Trump's strong leadership" to end the war with Russia. The UK Prime Minister spoke with his Ukrainian counterpart and said that "no one wanted peace more" than Kyiv.
IG says futures indicate the FTSE 100 to open up 66.0 points, 0.8%, at 8,825.00 on Wednesday. The index of London large-caps closed down 1.3% on Tuesday.
Sterling was quoted at USD1.2790 early Wednesday, higher than USD1.2712 at the London equities close on Tuesday.
The euro traded at USD1.0629 early Wednesday, higher than USD1.0525 late Tuesday. Against the yen, the dollar was quoted higher at JPY149.69 versus JPY148.56.
In the US on Tuesday, Wall Street ended lower, with the Dow Jones Industrial Average down 1.6%, the S&P 500 down 1.2% and the Nasdaq Composite down 0.4%.
In Asia on Wednesday, the Nikkei 225 index in Tokyo was up 0.2%. In China, the Shanghai Composite was up 0.5%, while the Hang Seng index in Hong Kong was up 2.3%. The S&P/ASX 200 in Sydney closed down 0.7%.
The Caixin China general composite purchasing managers' index rose to 51.5 in February, up from 51.1 in January.
The general service PMI increased to 51.4 in February, surpassing FXStreet-cited forecast estimates of 50.8 and up from 51.0 in January.
The au Jibun Bank Japan composite purchasing managers' index, meanwhile, rose to 52.0 in February.
The services PMI grew to 53.7 in February, surpassing the FXStreet-cited consensus forecast of 53.1 and up from 53.0 in January.
Gold was quoted at USD2,917.67 an ounce early Wednesday, higher than USD2,908.04 on Tuesday.
Brent oil was trading at USD70.82 a barrel early Wednesday, higher than USD70.29 late Tuesday.
In Wednesday's corporate calendar, full-year results are released by Dowlais, Quilter and Ibstock among others.
In the economic calendar on Wednesday, there are composite PMI reads from the UK, US, eurozone and other regions, as well as UK new car sales and the US Fed's Beige Book.
By Emma Curzon, Alliance News reporter
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