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LONDON (Alliance News) - Stock prices in London are seen opening in the red on Monday, tracking Asian markets lower, amid persisting fear of a global trade war and weak macroeconomic data from China and Japan.
Trade worries resurfaced after White House trade adviser Peter Navarro said the Trump administration would raise tariff rates on China if the two countries fail to resolve their issues during the 90-day truce period.
IG futures indicate the FTSE 100 index is to open down 50.41 points at 6,727.70. The blue chip index closed up 74.06 points, or 1.1%, at 6,778.11 on Friday.
The Japanese Nikkei 225 index closed down 2.1%. In China, the Shanghai Composite index is down 0.6%, while the Hang Seng index in Hong Kong is down 1.3%.
China's foreign trade slowed in November, as the world's second-largest economy languishes amid a trade war with the US, data released Saturday showed. Exports grew 5.4% year-on-year to USD227.4 billion, considerably slower than the 16% growth in October. Meanwhile, imports rose 3% - the slowest rate in at least a year - to USD182.7 billion. In October, China's imports had shown a robust 21% year-on-year growth.
The weaker-than-expected data is the latest sign of the trade war's growing impact on the Chinese economy. The US has imposed tariffs on USD250 billion worth of Chinese goods, roughly half of all of the country's exports to the US.
China's consumer price index rose 2.2% year-on-year in November, official data showed Sunday. Consumer inflation slowed from 2.5% in October. Food prices rose 2.5% year-on-year last month, while prices for health care climbed 2.6%, the National Bureau of Statistics said.
China summoned the Canadian ambassador over the detainment in Vancouver of Huawei executive Meng Wanzhou, which it called "vile in nature", state media reported Sunday. Chinese Vice Foreign Minister Le Yucheng summoned Canadian Ambassador to China John McCallum on Saturday to protest Meng's detention by Canadian authorities, Xinhua news agency said.
Meng was arrested in Vancouver the previous Saturday at the request of US authorities while she was transiting from Hong Kong en route to Mexico. The US alleges she breached US sanctions on Iran and is seeking her extradition. China urged Canada to free Meng and protect her rights, or face "grave consequences," Le said.
Japan's economy contracted between July and September more than initial data showed, the government said Monday. Gross domestic product shrank at an annualized rate of 2.5% and not the 1.2% as initially reported, according to government figures. The revised data confirmed the world's third-largest economy was weighed down by a string of natural disasters in the third quarter, putting it at risk of falling into a recession.
In the US on Friday, Wall Street ended sharply lower, with the Dow Jones Industrial Average down 2.2%, S&P 500 down 2.3% and Nasdaq Composite down 3.1%.
The sell off on Wall Street came after the Labor Department's closely watched monthly jobs report showed US employment increased by much less than expected in the month of November.
The pound was marginally lower quoted at USD1.2737 from USD1.2750 at the London equities close Friday.
UK Prime Minister Theresa May faces a make or break week, with the crunch vote in Parliament on the Brexit deal she negotiated with the EU set for Tuesday.
The European Court of Justice is due Monday to issue a decision on whether the UK could reverse its plan to leave the EU, in a closely-watched case coming a day before British lawmakers vote on the Brexit deal.
Three outcomes are broadly possible: The court could decide that the UK can unilaterally halt the Brexit process; that other member states would have a say; or it could decide to reject the case after the British government argued that the question is hypothetical.
Italian oil major Eni on Monday said the Egyptian government has approved a sale of stake in a offshore permit to BP. Eni is selling a 25% interest in the Nour North Sinai offshore concession in the country to BP, as well as a 20% stake to Mubadala Petroleum. Following the deal, BP will own 25% of the asset and Eni 40%.
Interserve on Sunday said it continues to trade in line with its expectations for 2018 and intends to publish its finalised deleveraging plan in early 2019. The outsourcing firm said it noted the recent press reports regarding plans to reduce debt on its balance sheet.
On Saturday, The Financial Times said Interserve's shareholders could lose everything under the terms of a rescue finance plan being discussed between Interserve and creditors. Under the terms of the proposed refinancing plan, banks and other debt holders would take a significant loss as part of a debt-for-equity swap, while public shareholders would be virtually wiped out, the newspaper said.
The UK corporate calendar on Monday has full-year results from ten-pin bowling operator Hollywood Bowl Group and half year results from photo booth company Photo-Me International.
The economic events calendar on Monday has Germany trade figures at 0700 GMT and UK industrial and manufacturing production and month GDP numbers at 09030 GMT.
