Stock Market News

FTSE 100 called down; mixed US, Asia trade

May 29, 2024 at 01:54 am EDT

(Alliance News) - Stocks in London are set to open lower on Wednesday, following mixed trade in Asia and the US.

IG says futures indicate the FTSE 100 to open down 27.3 points, 0.3%, at 8,226.88 on Wednesday. The index of London large-caps closed down 63.41 points, or 0.8%, at 8,254.18 on Tuesday.

The S&P/ASX 200 in Sydney closed down 1.2%.

Australian consumer price inflation accelerated for the second month in a row in April, official data on Wednesday showed.

According to the Australian Bureau of Statistics, consumer prices rose 3.6% annually in April. This was higher than FXStreet-cited market consensus of 3.4%.

Annual inflation stood at 3.5% in March, and 3.4% in February.

In China, the Shanghai Composite was up 0.1%, while the Hang Seng index in Hong Kong was down 1.8%.

The International Monetary Fund on Wednesday raised its yearly growth forecast for China, but warned that Beijing's industrial policy risks a "misallocation" of resources and could harm trade.

The world's number-two economy has been battered in recent years, but there are some signs of recovery: growth beat forecasts in the first quarter of the year, which Beijing described as a "good start".

In Japan on Wednesday, the Nikkei 225 index in Tokyo was down 0.6%.

In the US on Tuesday, Wall Street ended mixed, with the Dow Jones Industrial Average down 0.6%, the S&P 500 up marginally and the Nasdaq Composite up 0.6%.

Sterling was quoted at USD1.2753 early Wednesday, lower than USD1.2780 at the London equities close on Tuesday. The euro traded at USD1.0847 early Wednesday, lower than USD1.0875 late Tuesday. Against the yen, the dollar was quoted at JPY157.25, up versus JPY156.94.

Gold was quoted at USD2,360.00 an ounce early Wednesday, higher than USD2,359.03 on Tuesday.

Brent oil was trading at USD84.13 a barrel early Wednesday, higher than USD83.65 late Tuesday.

Wednesday's economic calendar has a German inflation reading at 1300 BST.

In the local corporate calendar, pet care retailer Pets At Home Group reports annual results.

By Sophie Rose, Alliance News senior reporter

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