(Alliance News) - Stocks in London are set to open lower on Wednesday, as the FTSE 100 celebrates its 40th anniversary, expecting to follow Asian markets which were largely into the red.
IG says futures indicate the FTSE 100 to open 15.5 points lower, 0.2%, at 7,706.02 on Wednesday. The index of London large-caps closed down 11.72 points, 0.2%, at 7,721.52 on Tuesday.
Sterling was quoted at USD1.2642 early Wednesday, higher than USD1.2620 at the London equities close on Tuesday.
The euro traded at USD1.0959, higher than USD1.0955. Against the yen, the dollar was quoted at JPY142.12, higher than JPY141.74.
In the US on Tuesday, Wall Street ended largely lower, with the Dow Jones Industrial Average up 0.1%, the S&P 500 down 0.6% and the Nasdaq Composite down 1.6%.
"US stocks slid on the first significant trading day of the new year, signalling a downbeat start to 2024 after a winning year that left the S&P 500 shy of a new record high. The recent rally in stocks stalled on Friday, following two months of gains that contributed to gangbuster performance in the key US benchmarks," said SPI Asset Management analyst Stephen Innes.
"Tech stocks declined after Barclays analysts downgraded their rating on Apple's stock, expressing concerns about demand for new iPhones. This downgrade contributed to a 1.7% fall in Apple shares as tech stocks slid. Economic updates expected later in the week, mainly the December jobs report due on Friday, could further challenge the ongoing rally."
In Asia on Wednesday, financial markets in Tokyo remained closed for the New Year's holiday. In China, the Shanghai Composite was up 0.1%, while the Hang Seng index in Hong Kong was down 1.0%. The S&P/ASX 200 in Sydney closed down 1.4%.
Gold was quoted at USD2,064.46 an ounce early Wednesday, lower than USD2,064.66 on Tuesday.
Brent oil was trading at USD75.86 a barrel, lower than USD77.75.
In Wednesday's corporate calendar, IQE posts a trading statement.
In the economic calendar, the Institute of Supply Management's manufacturing PMI for the US is released in the afternoon.
By Greg Rosenvinge, Alliance News senior reporter
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