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(Alliance News) - Stocks in London are set to open higher on Wednesday as UK markets returned to business following the Christmas break.
Financial markets in France, Germany, and the US had resumed trading on Tuesday.
The CAC 40 in Paris ended 0.7% higher on Tuesday, while the DAX 40 in Frankfurt rose 0.4%. Wall Street closed mixed.
The monster storm that killed dozens in the US over the Christmas weekend continued to inflict misery on New York state and air travellers nationwide Tuesday, as stories emerged of families trapped for days during the 'blizzard of the century'.
The US is considering Covid entry restrictions for travellers from China, US officials said, after Beijing dramatically loosened hardline containment measures this month.
Infections have surged across China as key pillars of its containment policy have been dismantled, prompting US officials to express concern at the potential for new variants to be unleashed.
Here is what you need to know ahead of the London market open:
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MARKETS
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FTSE 100: called up 32.49 points, or 0.4%, at 7,505.50
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Hang Seng: up 1.4% at 19,874.81
Nikkei 225: closed down 0.4% at 26,340.50
S&P/ASX 200: closed down 0.3% at 7,086.40
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DJIA: closed up 37.63 points, 0.1%, at 33,241.56
S&P 500: closed down 0.4% at 3,829.25
Nasdaq Composite: closed down 1.4% at 10,353.23
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EUR: higher at USD1.0652 (USD1.0641)
GBP: higher at USD1.2045 (USD1.2027)
USD: higher at JPY133.87 (JPY133.54)
Gold: lower at USD1,809.62 per ounce (USD1,812.04)
(Brent): lower at USD84.43 a barrel (USD84.89)
(changes since previous London equities close)
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ECONOMICS
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Wednesday's key economic events still to come:
10:00 EST US Richmond Fed business activity survey
16:30 EST US API weekly statistical bulletin
08:55 EST US Johnson Redbook retail sales index
10:00 EST US pending home sales index
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Travel disruption is expected across railways in the UK again on Wednesday, with many commuters returning to work following the Christmas break, as industrial action by rail workers continues. Members of the Transport Salaried Staffs' Association at Great Western Railway will walk out from noon to 11.59am on Thursday, and at West Midlands Trains for 24 hours from noon until the same time on Thursday. Meanwhile, unions are looking at ways to stage further strikes by splitting ballots by job titles rather than holding a single vote, according to reports. It comes after a day of travel chaos despite a rail strike by the Rail, Maritime and Transport Workers' Union coming to an end, with crowds of people left waiting at major train stations across London and many journeys delayed due to the late handover of engineering works.
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The Irish taoiseach has said he is "not hung up" on the introduction of a 30% tax band to help squeezed middle earners. Leo Varadkar said he is "determined" to make policy changes to ensure people can earn up to EUR50,000 a year without having to pay the highest rate of income tax. He added that whether that comes about by increasing the standard rate cut-off point or by the introduction of a middle tax rate of 30% will have to be decided at Cabinet. Varadkar proposed the introduction of a new middle rate tax band last March as a way of helping middle income earners.
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US President Joe Biden departed Tuesday for the US Virgin Islands, exchanging a deadly snowstorm for a Caribbean vacation – and an expected New Year's resolution to seek re-election in 2024. He took flack from early morning Fox News hosts for being "ready to go have a good time" while Americans confront the blizzard. However, Biden headed to the island of St Croix with a successful 2022 behind him and momentum building for him to declare, at the unprecedented age of 80, that he wants another four years in the White House. Whatever gets decided in the Caribbean will initially remain a closely held secret. However, Chief of Staff Ron Klain says that the announcement is only a matter of time. "The president will make that decision, I expect, shortly after the holidays," Klain said this month. "I expect the decision will be to do it."
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BROKER RATING CHANGES
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Goldman Sachs cuts Diageo price target to 4,700 (4,800) pence - 'buy'
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Barclays raises Drax price target to 1,100 (1,000) pence - 'overweight'
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COMPANIES - FTSE 100
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Miner Fresnillo confirmed the final testing of the downstream power distribution and control systems at the Juanicipio project in Mexico is now complete. This concludes the additional testing requesting by Mexico's state-owned power company, CFE. As a result, Fresnillo said the entire system has now been energised, and commissioning of the project has formally begun. It added that ramp up will now be conducted "at pace", with the objective of reaching full nameplate capacity in the second quarter of 2023. "Once commissioning is concluded, ore will be processed at the Juanicipio plant and could also continue to be processed at our nearby Saucito and Fresnillo operations if required," the company said.
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Pharmaceutical firm AstraZeneca announced the approval of a number of treatments in Japan. It said its immunotherapies Imfinxi and Imjudo have been approved in Japan for advanced liver, biliary tract and lung cancer, while its selective Bruton's tyrosine kinase inhibitor Calquence has been approved in the country for the treatment of adults with treatment-naive chronic lymphocytic leukaemia. AstraZeneca said the approvals were based on positive clinical trials.
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COMPANIES - FTSE 250
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IMI completed its acquisition of smart thermostatic control manufacturer Heatmiser UK. The acquisition was first announced at the beginning of November for an enterprise value of GBP110 million. IMI added at the time that a further GBP8 million could be paid based on Heatmiser's future financial performance. Heatmiser will become part of IMI Hydronic. Chief Executive Roy Twite said: "With Heatmiser's expertise in connected controls, we have created a significant opportunity to accelerate our growth in smart buildings."
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OTHER COMPANIES
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Impact Healthcare REIT said it has agreed to an increase in the size of its existing revolving credit facility with Clydesdale Bank, which trades as Virgin Money. The healthcare real estate investor also agreed to an extension to the term and a reduction in the margin of the facility. The revised facility has been increased to GBP50 million from GBP25 million and extends the maturity to December 2029, from March 2024. The revised facility has an improved margin of 200 basis points over the sterling overnight index average, down from 225 basis points on the original facility. This takes the group's total debt facilities to GBP241 million from GBP216 million.
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By Heather Rydings, Alliance News senior economics reporter
Comments and questions to newsroom@alliancenews.com
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