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LONDON MARKET EARLY CALL: Stocks up but firms press Reeves on tax

23rd Dec 2024 07:02

(Alliance News) - Stocks in London are set to open slightly higher on Monday, ahead of the afternoon's consumer confidence and Chicago Fed national activity data from the US.

However, a major survey by the Confederation of British Industry found firms are expected to reduce both output and hiring. Chancellor Rachel Reeves' hike to employers' national insurance, set to rake in around GBP25 billion a year, was highlighted as one of the reasons for the gloomy outlook.

Alpesh Paleja, the CBI's interim deputy chief economist, said: "There is little festive cheer in our latest surveys, which suggests that the economy is headed for the worst of all worlds – firms expect to reduce both output and hiring, and price growth expectations are getting firmer."

IG says futures indicate the FTSE 100 to open up 1.3 points on Monday. The index of London large-caps closed lower at 8,084.61 on Friday.

Sterling was quoted at USD1.2570 early Monday, higher than USD1.2549 at the London equities close on Friday.

The euro traded at USD1.0435 early Monday, higher than USD1.0399 late Friday. Against the yen, the dollar was quoted flat at JPY156.59 versus JPY156.58.

In the US on Friday, Wall Street ended higher, with the Dow Jones Industrial Average up 1.2%, the S&P 500 up 1.1% and the Nasdaq Composite up 1.0%.

In Asia on Monday, the Nikkei 225 index in Tokyo was up 1.2%. In China, the Shanghai Composite was down 0.5%, while the Hang Seng index in Hong Kong was up 0.7%. The S&P/ASX 200 in Sydney closed up 1.7%.

Gold was quoted at USD2,630.31 an ounce early Monday, higher than USD2,627.90 on Friday.

Brent oil was trading at USD73.21 a barrel early Monday, higher than USD72.71 late Friday.

In Monday's corporate calendar, no significant events are currently scheduled.

In the economic calendar on Monday, Spain releases its GDP read and Canada has inflation data.

By Emma Curzon, Alliance News reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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