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(Alliance News) – London stocks are expected to open higher on Tuesday following strength in Asia overnight as the pound rallied on UK job pressures.
« When we look at today’s European opening, which should be positive after a decent rise in Asia, the focus today is expected to be on the latest UK unemployment figures, particularly whether the employment component is the level has picked up again, « said Michael Hewson, Chief Market Analyst at CMC Markets.
According to FXStreet, the UK unemployment rate is expected to remain constant at 4.9% for the three months to March at 7:00 am CET. </ Sterling rose ahead of job pressures, trading at $ 1.4172 early Tuesday, compared to $ 1.4119 on London stocks closing on Monday.
According to IG, futures indicate the FTSE 100 index for large caps will rise 59.35 points or 0.8% to 7,092.20 on Tuesday. The FTSE 100 closed at 7,032.85 on Monday, up 10.76 points or 0.2%.
The higher start in Europe comes after a cautious session on Wall Street, but a better mood in Asia overnight.
In the US, the Dow Jones Industrial Average fell 0.2% on Monday, the S&P 500 0.3% and the Nasdaq Composite 0.4%.
In Asia, the Japanese Nikkei 225 rose Index on Tuesday by 2.3%. In China, the Shanghai Composite rose 0.2%, while the Hang Seng Index in Hong Kong rose 1.3%. The S&P / ASX 200 in Sydney gained 0.7%.
« Asia’s performance should prepare Europe for a positive start later today. With the worst performers in Asia today being the best on a country mile, the lesson here is that there is still an ocean of money on the sidelines waiting for stocks buying Covid-19 is doomed, « said Jeffery Halley, senior market analyst at Oanda.
In Tuesday’s economic data, Japan’s economy contracted 1.3% in the three months to March after the government reinstated coronavirus restrictions in major cities as infections increased.
The decrease from The previous quarter was recorded after the world’s third largest economy had grown by two quarters by December. However, expansion was halted by a surge in coronavirus cases over the winter.
The government imposed new virus emergency states in January, telling people to stay home and demanding that restaurants close earlier. The economic downturn was largely in line with economists’ expectations.
The Japanese yen was higher according to the numbers. Against the yen, the dollar fell to JPY 109.17 early Tuesday versus JPY 109.20 late Monday.
Gold was trading at USD 1,869.86 an ounce early Tuesday, higher than USD 1,865.60 on Monday. Brent oil traded at $ 69.72 a barrel, up from $ 69.24 late Monday.
Tuesday’s economic calendar includes jobs in the UK, employment in the euro zone and GDP at 1000 BST , and US housing starts at 1330 BST.
On the corporate calendar for London, telecommunications provider Vodafone will publish full-year results, with tobacco company Imperial Brands publishing half-year results and Domino’s franchisor DP Eurasia making a trade statement.
Amazon.com is in talks to acquire the MGM film studio for approximately $ 9 billion, the Financial Times reported Tuesday, citing « people familiar with the matter. » MGM’s largest shareholder is the hedge fund Anchorage Capital, according to the newspaper. Anchorage began buying the studio’s debt in 2010.
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