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(Alliance News) - Stocks in London are set to open slightly lower on Tuesday, with a series of purchasing managers' index readings set to provide an update on economic conditions in Europe and the US.
IG says futures indicate the FTSE 100 index of large-caps to open down 12.0 points, 0.2%, at 8,002.31 on Tuesday. It closed up 9.95 points, or 0.1%, at 8,014.31 on Monday.
New York markets were closed for a public holiday on Monday.
"In the absence of US markets for President's Day yesterday European markets underwent a quiet and subdued session, with little in the way of direction. The FTSE 100 managed to eke out a modest gain above 8,000 with resilience in the mining sector helping to buoy the London market," said CMC Markets' Michael Hewson.
Earnings season continues this week. Already out early Tuesday, lender HSBC said it is considering a special payout to shareholders from the proceeds of a disposal, while miner BHP plans to sell two coal mines.
In the economic calendar on Tuesday, there are UK government borrowing figures at 0700 GMT.
"As we look towards today's January numbers, we can probably expect to see a modest improvement in tax receipts to help boost the tax take, as companies and individuals settle their final year tax bills, but not by enough to push the sum into surplus territory," CMC's Hewson said.
There also are flash PMI prints from the EU and the UK at 0900 GMT and 0930 GMT, respectively, followed by the same for the US at 1445 GMT.
In Asia on Tuesday, the Nikkei 225 index was down 0.2%, as data showed growth in Japan's private sector steadied in February.
The au Jibun Bank flash composite purchasing managers' index was unchanged from January at 50.7. At above the 50.0 no-change mark, it shows the private sector as a whole saw marginal growth in February.
A boost to activity in the services sector was offset by a decline in manufacturing, which saw a sharp drop in new orders and production.
In China, the Shanghai Composite was up 0.2%, while the Hang Seng index in Hong Kong was down 1.5%. The S&P/ASX 200 in Sydney closed down 0.2%. HSBC was down 1.5% in Hong Kong, while BHP closed down 0.3% in Sydney.
Gold was quoted at USD1,838.59 an ounce early Tuesday, lower than USD1,843.50 on Monday. Brent oil was trading at USD83.05 a barrel, edging lower from USD83.29.
Sterling was quoted at USD1.2026 early Tuesday, soft on USD1.2034 at the London equities close on Monday. The euro traded at USD1.0671, lower than USD1.0687. Against the yen, the dollar was quoted at JPY134.42, up versus JPY134.07.
Still ahead in Tuesday's UK corporate calendar, InterContinental Hotels and miner Antofagasta will publish full-year results.
Asia-focused lender HSBC said net interest income rose to USD32.61 billion from USD26.49 billion a year before. Net fee income fell to USD11.45 billion from USD13.10 billion. Net insurance premium income rose to USD12.83 billion from USD10.87 billion.
Net operating income - before credit losses and impairment charges - improved to USD51.73 billion from USD49.55 billion. This was slightly ahead of company-compiled consensus of USD51.41 billion.
Pretax profit fell 7.3% to USD17.53 billion from USD18.91 billion. This was also slightly better than company-compiled market consensus of USD17.49 billion.
In relation to the USD10 billion sale of its Canadian banking business, HSBC said that as a "priority use" of the sale proceeds, the board will consider a special dividend of USD0.21 per share. HSBC declared a second interim dividend of USD0.23 per share for 2022, bringing the annual total to USD0.32. This is up from the total of USD0.25 in 2021.
BHP reported a sharp drop in interim profit, mostly due to falling prices for iron ore and copper, as it put two Queensland coal mines up for sale. In its half year to December 31, the Australian mining company said revenue fell 16% to USD25.71 billion from USD30.53 billion a year before. The decline was mostly the result of lower realised prices for iron ore and copper, BHP said.
Attributable profit dropped 32% to USD6.46 billion from USD9.44 billion, while basic earnings per share came in at 127.5 cents, down sharply from 186.6 cents. Pretax profit fell 30% to USD10.18 billion from USD14.49 billion.
By Elizabeth Winter, Alliance News senior markets reporter
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