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LONDON (Alliance News) - UK shares are set to open higher Tuesday, with the focus on an update from HSBC Holdings due at 0915 BST, returning from a long weekend after gains were made by European and US markets on Monday.
"The FTSE 100 looks set to climb back above the 7,000 level this morning after some slightly underwhelming manufacturing PMI data yesterday from Germany, France, Italy and Spain," says CMC senior markets analyst Michael Hewson.
IG says futures indicate the FTSE 100 to open 41 points higher at 7,026.3. The index closed higher on Friday, supported by a recovery in US stocks as Wall Street started to recovery from its sell-off late last week.
The DJIA and the S&P 500 ended up 0.3% Monday, while the Nasdaq Composite closed up 0.2%. Wall Street closed higher partly reflecting a positive reaction to the latest batch of US earnings news, with shares of Tyson Foods moving notably higher after the meat producer reported first quarter earnings that came in above analyst estimates.
In Asia on Tuesday, the Japanese Nikkei 225 is not trading until Thursday due to a holiday. Meanwhile, the Hang Seng trades down 1.3%, and the Shanghai Composite is trading down 2.7%.
In the economic calendar Tuesday, eurozone producer prices are due at 1000 BST and the US Markit services PMI is due at 1445 BST.
In the corporate calendar Tuesday, HSBC Holdings issues a first quarter interim management statement, while Aberdeen Asset Management provides half-year results. Glencore issues a first quarter production report and Greene King issues a trading statement.
By Daniel Ruiz; danielruiz@alliancenews.com
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