19th Nov 2024 06:54
(Alliance News) - Stocks in London are set to open higher on Tuesday, ahead of consumer price inflation data from the eurozone.
The US has pledged to increase support for Ukraine ahead of the imminent ascendency of Donald Trump to the presidency, to the chagrin of Trump's allies.
Meanwhile, vocal Federal Reserve critic Kevin Warsh is reportedly a front-runner for Trump's Treasury Secretary.
"The US dollar took a stumble overnight, weighed down by buoyant equity markets and a halt in climbing US yields," commented SPI's Stephen Innes. "Without any glaring macro data to blame, speculation is swirling through FX channels, with traders whispering about a possible December Fed rate cut and beginning to trim long-dollar positions. But the real spark? Rumours flying about President-elect Donald Trump's Treasury Secretary pick."
IG says futures indicate the FTSE 100 to open up 34.2 points, 0.4%, at 8,143.52 on Tuesday. The index of London large-caps closed up 0.6% on Monday.
Sterling was quoted at USD1.2675 early Tuesday, higher than USD1.2649 at the London equities close on Monday.
The euro traded at USD1.0592 early Tuesday, higher than USD1.0572 late Monday. Against the yen, the dollar was quoted lower at JPY154.47 versus JPY155.01.
In the US on Monday, Wall Street ended mixed, with the Dow Jones Industrial Average down 0.1%, the S&P 500 up 0.4% and the Nasdaq Composite up 0.6%.
In Asia on Tuesday, the Nikkei 225 index in Tokyo was up 0.4%. In China, the Shanghai Composite was up 0.2%, while the Hang Seng index in Hong Kong was up 0.6%. The S&P/ASX 200 in Sydney closed up 0.9%.
Gold was quoted at USD2,622.94 an ounce early Tuesday, higher than USD2,610.04 on Monday.
Brent oil was trading at USD73.35 a barrel early Tuesday, higher than USD73.08 late Monday.
In Tuesday's corporate calendar, it's a busy docket including full-year results from Imperial Brands and half-year earnings from Revolution Beauty.
In the economic calendar on Tuesday, the eurozone releases current account and CPI data.
By Emma Curzon, Alliance News reporter
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