14th Apr 2025 06:54
(Alliance News) - Stocks in London are set to open higher on Monday, despite news that new US tariffs on semiconductors will be announced soon.
However, the Trump administration has exempted a raft of consumer electronics from its import tariffs – offering relief to US tech firms and partially dialling down a trade war with China.
Meanwhile in the UK, UK businesses hit by Trump's tariffs are set to receive extra support as the government announced a new export finance package worth billions of pounds. Chancellor Rachel Reeves said thousands of businesses would benefit from the move.
Also, the UK business secretary has issued as-yet unspecified instructions to British Steel, using the emergency powers approved by Parliament on Saturday to save the Scunthorpe blast furnaces after talks with its Chinese owner, Jingye, broke down.
IG says futures indicate the FTSE 100 to open up 155.0 points, 2.0%, on Monday. The index of London large-caps closed up 0.6% at 7,964.18 on Friday.
Sterling was quoted at USD1.3110 early Monday, higher than USD1.3057 at the London equities close on Friday.
The euro traded at USD1.1367 early Monday, higher than USD1.1339 late Friday. Against the yen, the dollar was quoted at lower at JPY143.08 versus JPY143.46.
In the US on Friday, Wall Street ended higher, with the Dow Jones Industrial Average up 619.05 points, 1.6%, the S&P 500 up 1.8% and the Nasdaq Composite up 2.1%.
In Asia on Monday, the Nikkei 225 index in Tokyo was up 1.7%. In China, the Shanghai Composite was up 0.6%, while the Hang Seng index in Hong Kong was up 2.0%. The S&P/ASX 200 in Sydney closed up 1.3%.
Gold was quoted at USD3,229.60 an ounce early Monday, lower than USD3,239.41 on Friday.
Brent oil was trading at USD64.67 a barrel early Monday, higher than USD63.43 late Friday.
In Monday's corporate calendar, PageGroup and Ashmore release trading statements.
The economic calendar shows US consumer inflation expectation data.
By Emma Curzon, Alliance News reporter
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