23rd Mar 2015 07:00
LONDON (Alliance News) - UK shares are set to open higher Monday, starting a week in which the market focus will be on UK and US economic data, as Greek Prime Minister Alexis Tsipras visits Berlin on Monday to meet German Chancellor Angela Merkel for the first time.
"Given the gyrations in currency markets caused by the more dovish stance of the Federal Reserve; the numerous US economic reports will be of particular import this week. Since deflationary risks were highlighted by the FOMC in its pared back forecasts, US consumer price inflation data on Tuesday will be closely watched," says CMC Markets analyst Jasper Lawler.
"It should prove to be another decisive week for Greece as Greek Prime Minister Tsipras is set to meet German Chancellor Merkel. Athens is hoping to improve relations with its biggest EU creditor before announcing a more detailed set of reforms required to unlock the next instalment of aid," Lawler writes.
IG futures indicate the FTSE 100 to open 9 points higher at 7,031.5 . After setting a new record intraday high of 7,024.21, the FTSE 100 closed up 0.9% at 7,022.51 on Friday, its fifth successive day of gains, led higher by its heavily weighted resource sector amid a wider equity rally in Europe and the US.
Wall Street also ended higher Friday. The DJIA closed up 0.9%, the S&P 500 ended up 0.9% and the Nasdaq Composite closed up 0.7%.
In Asia on Monday, the Japanese Nikkei 225 closed up 1.0%, and the Hang Seng trades up 0.3%. The Shanghai Composite is trading up 1.6%.
Brent crude is quoted at around USD54.69 a barrel Monday, and US benchmark West Texas Intermediate is quoted at USD45.89 a barrel. Gold is quoted early Monday at USD1,183.77 an ounce.
In the economic calendar Monday there are US existing home sales for February at 1400 GMT and eurozone consumer confidence is at 1500 GMT.
In the UK corporate calendar, gold miner Centamin reports full-year results, as does private equity investor SVG Capital amongst others.
Changes from the latest FTSE quarterly index review are implemented on Monday. Joining the FTSE 100 is Hikma Pharmaceuticals, replacing Tullow Oil.
By Daniel Ruiz; [email protected]
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Related Shares:
Tullow OilHikma PharmaceuticalsCentamin PLC