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(Alliance News) - Stocks in London are set to open a touch higher on Tuesday, ahead of a UK unemployment reading and US inflation data later.
London's FTSE 100 has struggled to find its feet so far in 2024, so a favourable reading for both sets of data could offer it some relief.
IG says futures indicate the FTSE 100 to open 10.1 points higher, 0.1%, at 7,583.79 on Tuesday. The index of London large-caps closed up just 1.11 points at 7,573.69 on Monday. It is down 2.1% so far this year.
UK unemployment data is reported at 0700 GMT. According to FXStreet cited consensus, the jobless rate is to fall to 4.0% for the three months to December, from 4.2% where it sits currently.
The average earnings growth reading will also be in focus. Including bonuses, earnings growth is expected to have ebbed to 5.6% on-year, from 6.5% previously.
The main event will be the afternoon's US inflation reading at 1330 GMT. Annual consumer price growth is expected to have ebbed to 2.9% last month, according to FXStreet, from 3.4% in December.
"Indeed, the year-on-year inflation rates are expected to decline with a high degree of certainty. This phenomenon is primarily due to the base effect. In January 2023, there was a 0.5% increase compared to the previous month. Therefore, any figure lower than this will naturally decrease the year-on-year inflation rate for both headline and core metrics," SPI Asset Management analyst Stephen Innes commented.
The pound was quoted at USD1.2621 early Tuesday, unmoved from where it stood at the time of the London equities close on Monday. The euro traded at USD1.0770, flat against USD1.0769. Versus the yen, the dollar bought JPY149.46, largely unmoved from JPY149.44.
Brent oil was quoted at USD82.24 a barrel, rising from USD81.69. Gold rose to USD2,022.32 an ounce from USD2,013.55.
In Tokyo, the Nikkei 225 closed up 3.0% on Tuesday. It had been closed for a public holiday on Monday. The S&P/ASX 200 in Sydney ended down 0.2%. Financial markets in Shanghai and Hong Kong remained closed for the Chinese New Year holiday.
In New York overnight, the Dow Jones Industrial Average rose 0.3%, the S&P 500 fell 0.1% and the Nasdaq Composite lost 0.3%.
In the local corporate calendar, tour operator Tui reported a record first-quarter. Revenue for the three months to December 31 increased 15% on-year to a "highest ever" EUR4.30 billion.
By Eric Cunha, Alliance News news editor
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