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LONDON MARKET EARLY CALL: Stocks red with pre-PMI jitters

5th Nov 2024 06:57

(Alliance News) - Stocks in London are set to open lower on Tuesday, ahead of composite PMI reads from the US and UK - as well as comments from the Bank of England's Andrew Bailey.

Rabobank analysts kept their eyes firmly on the US presidential election early Tuesday, saying: "Allegations of funny business in the polling aside...the race looks extremely tight and we could be headed for a 2000-style scenario where there is no clear winner for quite some time."

They continued: "If [the above scenario] were to transpire it would probably be kryptonite for financial markets, which typically abhor uncertainty (just ask the UK chancellor)."

IG says futures indicate the FTSE 100 to open down 10.4 points, 0.1%, at 8,173.84 on Tuesday. The index of London large-caps closed at 8,184.24 on Monday.

Sterling was quoted at USD1.2964 early Tuesday, lower than USD1.2972 at the London equities close on Monday.

The euro traded at USD1.0879 early Tuesday, lower than USD1.0889 late Monday. Against the yen, the dollar was quoted higher at JPY152.40 versus JPY151.94.

In the US on Monday, Wall Street ended lower, with the Dow Jones Industrial Average down 0.6%, the S&P 500 down 0.3% and the Nasdaq Composite down 0.3%.

In Asia late on Tuesday, the Nikkei 225 index in Tokyo was up 1.1%. In China, the Shanghai Composite was up 2.2%, while the Hang Seng index in Hong Kong was up 1.5%. The S&P/ASX 200 in Sydney closed down 0.4%.

Gold was quoted at USD2,738.24 an ounce early Tuesday, higher than USD2,735.26 on Monday.

Brent oil was trading at USD74.89 a barrel early Tuesday, up against USD74.70 late Monday.

In Tuesday's corporate calendar, several firms release full-year results including Asos and AB Foods.

In the economic calendar on Tuesday, as well as the PMI read there are US trade balance and Redbook index releases.

By Emma, Alliance News reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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