(Alliance News) - Stocks in London are set to open down slightly on Monday, as investors nervously await a UK budget announcement later this week.
IG says futures indicate the FTSE 100 to open down 18.1 points, 0.2%, at 7,664.4 on Monday. The index of London large-caps closed up 52.48 points, 0.7%, at 7,682.50 on Friday.
Moscow, Riyadh and several other OPEC+ members on Sunday announced extensions to oil production cuts first announced in 2023 as part of an agreement among oil producers to boost prices following economic uncertainty.
The plan to extend cuts to mid-2024 comes on top of previous cuts to both oil output and exports as some of the world's largest energy producers drive to push up market rates.
Saudi Arabia's energy ministry said it would cut its production by one million barrels per day from April to June, while Russia announced 471,000 bpd of cuts in the same period.
Brent oil was trading at USD83.60 a barrel early Monday, lower than USD84.08 late Friday.
Sterling was quoted at USD1.2664 early Monday, higher than USD1.2641 at the London equities close on Friday. The euro traded at USD1.0845 early Monday, higher than USD1.0827 late Friday. Against the yen, the dollar was quoted at JPY150.37, up versus JPY150.25.
In China, the Shanghai Composite was up 0.4%, while the Hang Seng index in Hong Kong was down 0.4%.
A spokesperson for China's political advisory body said the economy, especially youth employment, was of "great concern" to its delegates on the eve of annual legislative meetings in Beijing.
Thousands of delegates from across the country will convene in Beijing on Monday for the start of the ruling Communist Party's yearly conclave, known as the "Two Sessions".
The meetings come as the world's second-largest economy battles a range of challenges from a protracted property crisis to flagging domestic consumption and persistently high youth unemployment.
In Tokyo on Monday, the Nikkei 225 index in Tokyo was up 0.5%. The S&P/ASX 200 in Sydney closed down 0.1%.
In the US on Friday, Wall Street ended higher, with the Dow Jones Industrial Average up 0.2%, the S&P 500 up 0.8% and the Nasdaq Composite up 1.1%.
Gold was quoted at USD2,081.33 an ounce early Monday, higher than USD2,075.33 on Friday.
Monday's economic calendar is quiet, but the week picks up pace with the UK's budget announcement on Wednesday.
UK Prime Minister Rishi Sunak hinted at a cut to national insurance in next week's spring budget as he spoke to journalists at the Scottish Tory conference.
The prime minister initially refused to be drawn on potential tax cuts to be announced by Chancellor Jeremy Hunt, but stressed his dislike for high national insurance.
Monday's local corporate calendar has annual results from shipping services firm Clarkson.
By Sophie Rose, Alliance News senior reporter
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