Stocks called up ahead of US CPI data

(Alliance News) - Stocks in London are set to open higher on Wednesday, ahead of a key inflation reading from the US.

IG says futures indicate the FTSE 100 to open up 43.9 points, 0.5%, at 8,472.03 on Wednesday. The index of London large-caps closed rose 13.14 points, 0.2%, at 8,428.13 on Tuesday.

Stocks in London are expected to follow New York into the green, in a sign of cautious optimism ahead of a key US inflation print.

In the US on Tuesday, Wall Street ended higher, with the Dow Jones Industrial Average up 0.3%, the S&P 500 up 0.5% and the Nasdaq Composite up 0.8%.

Eyes are firmly on Wednesday's consumer price index data at 1330 BST. This is the main focal point for investors this week.

According to FXStreet-cited consensus, consumer prices are expected to have risen 3.4% annually in April, cooling slightly from 3.5% in March.

Sterling was quoted at USD1.2594 early Wednesday, higher than USD1.2582 at the London equities close on Tuesday.

The euro traded at USD1.0823 early Wednesday, higher than USD1.0818 late Tuesday. Against the yen, the dollar was quoted at JPY156.30, down versus JPY156.41.

In Asia on Wednesday, the Nikkei 225 index in Tokyo was up 0.1%. In China, the Shanghai Composite was down 0.4%, while the Hang Seng index in Hong Kong was down 0.2%. The S&P/ASX 200 in Sydney closed up 0.4%.

Gold was quoted at USD2,357.40 an ounce early Wednesday, higher than USD2,351.24 on Tuesday.

Brent oil was trading at USD82.95 a barrel early Wednesday, higher than USD82.25 late Tuesday.

Before the US inflation data, Wednesday's economic calendar has a eurozone gross domestic product reading at 1000 BST.

The local corporate calendar has annual results from luxury retailer Burberry, and half-year numbers from contract caterer Compass.

By Sophie Rose, Alliance News senior reporter

Comments and questions to [e-mail]

Copyright 2024 Alliance News Ltd. All Rights Reserved.