30th Sep 2024 07:01
(Alliance News) - Stocks in London are set to open lower on Monday, in a busy day for both economic and company news in the UK.
IG says futures indicate the FTSE 100 to open 10.5 points, or 0.1% lower, at 8,312.00. The index of London large-caps closed up 35.85 points, 0.4%, at 8,320.76 on Friday.
Sterling was quoted at USD1.3392 early Monday, lower than USD1.3399 at the London equities close on Friday.
The euro traded at USD1.1167 early Monday, higher than USD1.1166 late Friday. Against the yen, the dollar was quoted at JPY141.80, down versus JPY142.81.
In the US on Friday, Wall Street ended predominantly lower, with the Dow Jones Industrial Average up 0.3%, but the S&P 500 down 0.1% and the Nasdaq Composite down 0.4%.
Tens of thousands of US dockworkers plan to strike this week if there is no breakthrough on contract talks, just a month before November's closely contested presidential election.
A walkout affecting 14 large ports on the East and Gulf Coast could start at midnight on Tuesday, posing a potentially significant headwind to the US economy.
Negotiations on a new contract began in May but have stalled in recent weeks.
Elsewhere, rescuers struggled over the weekend with washed-out bridges and debris-strewn roads in the search for survivors of devastating Storm Helene, which killed at least 63 people across five US states and caused massive power outages.
Helene slammed into Florida on Thursday as a Category 4 hurricane and surged north, gradually weakening but leaving in its wake toppled trees, downed power lines and mudslide-wrecked homes.
In Asia on Monday, the Nikkei 225 index in Tokyo was down 4.8%. In China, the Shanghai Composite was up 7.6%, while the Hang Seng index in Hong Kong was up 3.9%. The S&P/ASX 200 in Sydney closed up 0.5%.
US Secretary of State Antony Blinken on Friday questioned China's sincerity in seeking peace in Ukraine as he directly pressed his counterpart, Chinese Foreign Minister Wang Yi, over exports that boost Russia's military.
While crediting the diplomacy with bringing progress, Blinken warned that the US would not back down on concerns over China's exports to Russia and made clear that Washington could impose more sanctions. Blinken said that China is fueling the "war machine" of Russian President Vladimir Putin.
Meanwhile, Chinese naval and air forces conducted patrols around a flashpoint reef in the South China Sea on Saturday, after a slew of tense encounters with the Philippines in the disputed waterway in recent months.
The patrols coincided with joint exercises carried out by the US, Australia, Japan, New Zealand and the Philippines in Manila's exclusive economic zone and within the South China Sea.
Gold was quoted at USD2,654.61 an ounce early Monday, higher than USD2,653.93 on Friday.
Brent oil was trading at USD71.87 a barrel early Monday, higher than USD71.20 late Friday.
On Monday's corporate calendar, there are half-year results from a handful of firms, including Bango, Digital 9, Flowtech Fluidpower, Frenkel Toppings, Gresham House, Fund, HICL Infrastructure, Huddled Group, Playech, Spectra, and US Solar Fund.
In the economic calendar on Monday, there is a slew of data from the UK, including a current account print, GDP, business investment, and money supply, all out since 0700 BST. Later in the day, there is a speech from US Federal Reserve Governor Michelle Bowman, followed by Chicago PMI and the Dallas Fed manufacturing index.
By Holly Beveridge, Alliance News senior reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.