(Alliance News) – Stocks in London are set to open higher on Tuesday, ahead of a busy day of results for some of London’s largest companies.
IG says futures indicate the FTSE 100 to open 23.7 points higher, 0.3%, at 9,105.14. The index of London large-caps closed down 38.87 points, 0.4%, at 9,081.44 on Monday.
Sterling was quoted at USD1.3350 early Tuesday, lower than USD1.3403 at the London equities close on Monday.
The euro traded lower at USD1.1523 early Tuesday, from USD1.1620 late Monday. Against the yen, the dollar was quoted at JPY148.24 versus JPY148.45.
The yield on the 10-year US Treasury narrowed to 4.40% from 4.42%. The yield on the 30-year slimmed to 4.95% from 4.96%.
Shop prices in the UK continued their upward trajectory in July, with prices rising faster than a month earlier, a survey showed.
According to the BRC-Nielsen Shop Price Monitor, shop price inflation was 0.7% in July, compared to the same month a year earlier, picking up the pace from 0.4% growth in June. Non-food remained in deflation, down 1.0% on July last year, but with deflation slowing from 1.2% a month earlier.
By contrast, food remained in inflationary territory, increasing to 4.0% in July on-year, compared to growth seen in June of 3.7%.
BRC Chief Executive Helen Dickinson commented: “Families will have seen their food bills increase as food price inflation rose for the sixth consecutive month. Staples such as meat and tea were hit the hardest as wholesale prices for both categories have been hit by tighter global supplies. This has helped push up overall shop prices. There were a few bright spots, with discounts in fashion and furniture offering consumers a chance to refresh their wardrobe and homes.”
Meanwhile, rents in the UK outside London have reached a fresh record of GBP1,365 per calendar month, Rightmove said on Tuesday, but growth is slowing as more properties come to market and tenant demand eases.
The property portal said the average monthly rent has increased by 44% since 2020, with new tenants now paying over GBP400 more than five years ago. In comparison, average earnings rose 36% over the same period.
In the US on Monday, Wall Street ended mixed, with the Dow Jones Industrial Average down 0.1% while the S&P 500 closed 1.13 points lower. The Nasdaq Composite finished up 0.3%.
On Tuesday’s calendar, there is mortgage approvals data for the UK at 0930 BST, before the US house price index at 1400 and a Conference Board consumer confidence report. The meeting of the Federal Open Market Committee also gets under way later.
On Tuesday’s UK corporate calendar, there are a swathe of half year results as earnings season continues including AstraZeneca, Barclays and Greggs.
And on the global corporate calendar there are results from Boeing, Kering, UnitedHealth and Visa among others.
Looking ahead to this week’s swathe of market news, Pepperstone analyst Michael Brown said: “We might need to move past this week’s plethora of event risk, before the slow but steady upwards drift in the equity complex can resume with a bit more conviction.”
In Asia on Tuesday, the Nikkei 225 index in Tokyo was down 1.0%. In China, the Shanghai Composite was marginally lower, while the Hang Seng index in Hong Kong fell 1.0%. The S&P/ASX 200 in Sydney closed 0.1% higher.
Gold was higher at USD3,317.90 an ounce early Tuesday from USD3,314.26 at Monday’s close. Brent oil was trading at USD69.27 a barrel, down slightly from USD69.95.
By Michael Hennessey, Alliance News reporter
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