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(Alliance News) - Stocks in London are set to edge higher at Tuesday's market open, with sentiment seeing a slight lift from a rally among New York's tech stocks.
IG says futures indicate the FTSE 100 to open up 3.5 points at 7,261.32 on Tuesday. The index of London large-caps closed down 4.61 points, or 0.1% at 7,257.82 on Monday.
"The retreat from the intraday highs appeared to be driven by a rise in yields with both UK and German yields seeing strong gains towards their highs of last week," said CMC Markets' Michael Hewson.
The dollar was weaker in early exchanges in Europe.
Sterling was quoted at USD1.2773 early Tuesday, higher than USD1.2732 at the London equities close on Monday. The euro traded at USD1.0913, higher than USD1.0887. Against the yen, the dollar was quoted at JPY145.94, down versus JPY146.31.
"The move higher in yields also saw US 10-year and 30-year yields hit their highest levels since 2007, but unlike in Europe the rise in yields didn't act as a brake on US markets, which managed solid gains led by the Nasdaq 100."
Wall Street ended mixed on Monday, with the Dow Jones Industrial Average down 0.1%, the S&P 500 up 0.7% and the tech-heavy Nasdaq Composite up 1.6%.
Nvidia, one of the biggest winners in this year's artificial intelligence tech stock rally, rose 8.5%. It will release its interim results on Wednesday.
There is also a new entrant looking to capitalise on the excitement around AI.
Late Monday, Arm, a computer chip company and unit of Japan's SoftBank, filed preliminary papers for a public stock listing in New York, without releasing details on the size of the offering.
Arm plans a public offering of American depository shares, while the number of shares and the price range for the proposed offering have yet to be determined, the company said in a press release.
Arm has been seen as a potentially significant player in artificial intelligence, highlighting the hot technology in its prospectus.
"As the world moves increasingly towards artificial intelligence and machine learning-enabled computing, Arm will be central to this transition," said the filing.
SoftBank shares were up 1.4% in Tokyo, while the wider Nikkei 225 index was up 0.9%.
In China, the Shanghai Composite was down 0.3%, while the Hang Seng index in Hong Kong was up 0.2%.
The S&P/ASX 200 in Sydney was marginally lower, with shares in BHP down 1.4%.
The diversified mining group said its annual earnings fell sharply, amid lower revenue and inflationary pressures. In the financial year ended June 30, the Melbourne-based firm said revenue fell 17% year-on-year to USD53.82 billion from USD65.10 billion.
The decline was mostly due to "significantly" lower prices across iron ore, metallurgical coal, and copper. BHP said attributable profit from total operations plunged 58% to USD12.9 billion from USD30.90 billion.
BHP announced a final dividend of 80 US cents, bringing the total payout for the financial year to 170 cents. This was down sharply from the 325 cents the year before.
Gold was quoted at USD1,895.63 an ounce early Tuesday, higher than USD1,888.81 on Monday.
Brent oil was trading at USD84.28 a barrel, edging down from USD84.98.
In Tuesday's UK corporate calendar, there are half-year results from engineering and consulting firm John Wood and car dealership chain Lookers.
The economic calendar has UK public sector borrowing at 0700 BST, and US existing homes sales data at 1500 BST.
By Elizabeth Winter, Alliance News senior markets reporter
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