16th Jun 2025 06:57
(Alliance News) - Stocks in London are set to open slightly higher on Monday, after unexpectedly fast Chinese retail sales growth and as the conflict between Israel and Iran casts a shadow over the planned G7 summit in Canada.
UK Prime Minister Keir Starmer said that the G7 meeting in Alberta would provide an opportunity for allies to make the case for de-escalation in the "fast moving" situation in the Middle East. US President Donald Trump is among those set to attend.
IG says futures indicate the FTSE 100 to open 1.6 points higher on Monday. The index of London large-caps closed down 0.4% at 8,850.63 on Friday.
Sterling was quoted at USD1.3571 early Monday, lower than USD1.3591 at the London equities close on Friday.
The euro traded at USD1.1559 early Monday, slightly lower than USD1.1560 late Friday. Against the yen, the dollar was quoted slightly lower at JPY143.99 versus JPY144.01.
In the US on Friday, Wall Street ended lower, with the Dow Jones Industrial Average down 1.8%, the S&P 500 down 1.1% and the Nasdaq Composite down 1.3%.
The yield on the 10-year US Treasury widened to 4.43% from 4.42%. The 30-year yield widened to 4.92% from 4.90%.
In Asia on Monday, the Nikkei 225 index in Tokyo was up 1.2%. In China, the Shanghai Composite was up 0.1%, while the Hang Seng index in Hong Kong was up 0.2%. The S&P/ASX 200 in Sydney was flat.
Retail sales in China grew faster than expected in May, while industrial production growth softened slightly, data from the National Bureau of Statistics of China showed Monday.
In May, total retail sales rose 6.4% year-on-year, accelerating from a 5.1% increase in April and surpassing the FXStreet-cited consensus forecast of a 5.0% increase. Industrial production expanded 5.8%, easing from a 6.1% increase and coming in just below the forecast of 5.9%.
Gold was quoted at USD3,423.55 an ounce early Monday, lower than USD3,427.50 on Friday.
Brent oil was trading at USD74.55 a barrel early Monday, higher than USD73.61 late Friday.
In Monday's corporate calendar, Lion Finance holds its annual general meeting and NextEnergy Solar Fund releases full-year results.
In the economic calendar on Monday, the relatively quiet schedule includes eurozone labour costs and German wholesale prices.
By Emma Curzon, Alliance News reporter
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