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LONDON (Alliance News) - UK stocks are expected to resume their run of losses Wednesday, after Wall Street failed to hold onto gains Tuesday despite more easing measures from the central bank of China.
IG says futures indicate the FTSE 100 for a lower open at 6,059.3 points. The index closed up 3.1% at 6,081.34 on Tuesday after the People's Bank of China cut its key interest rates and reserve ratio in an effort to stem heavy losses in its stock market and support its slowing economy.
New York gave up its early gains Tuesday, with the DJIA closing down 1.3%, the S&P 500 ending down 1.4% and the Nasdaq Composite down 0.4%.
Asian stocks, however, are rallying Wednesday after getting the chance to react to the additional stimulus from the PBoC. The Japanese Nikkei is up 3.1%, the Hang Seng in Hong Kong trades up 0.6% and the Shanghai Composite is up 2.8%.
In the UK corporate calendar Wednesday, there are half-year results from media buying giant WPP, construction and support services company Carillion, transport company Stagecoach Group, private healthcare provider NMC Health, and specialist lender OneSavings Bank.
In the economic calendar, British Bankers' Association mortgage approvals are due at 0930 BST and Confederation of British Industry distributive trades survey results at 1100 BST. Later in the day, there are US Mortgage Bankers Association mortgage approvals at 1200 BST, before US durable goods orders at 1330 BST and Energy Information Administration crude oil stocks at 1530 BST.
By Neil Thakrar; neilthakrar@alliancenews.com; @NeilThakrar1
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