London pre-open: Stocks set for higher start, tracking gains on Wall Street

Thu, 11th Jul 2019 07:44

(Sharecast News) - Shares in London are set for a slightly higher start on Thursday morning, tracking gains overnight on Wall Street after the US central bank signalled that interest rate cuts were on the table. The FTSE 100 was expected to start the session 17 points higher, having closed down 0.08% at 7,530.69 on Wednesday. Overnight, the S&P 500 finished 0.45% higher after Federal Reserve chairman Jerome Powell told the US Congress that there were multiple headwinds bearing down on the US economy from overseas - not least from trade - and that inflation pressures were limited and risked falling persistently below target. In parallel, the minutes of the Fed's mid-June policy meeting, which were published shortly afterwards, revealed that "many" rate-setters in the US had supported a rate cut last month. Reckitt comes clean Reckitt Benckiser said it had agreed to pay to $1.4bn to resolve all US federal investigations in connection with the sales and marketing of Suboxone Film by its former prescription pharmaceuticals business Indivior. Indivior had been accused of illegally boosting prescriptions for its opioid addiction treatment by the US Justice Department. The deal was struck with US Department of Justice and Federal Trade Commission. Indivior was demerged from Reckitt in 2014. Technical products supplier Diploma on Thursday said it had bought the assets and trade of Virginia Sealing Products for �56m. VSP supplies gaskets and fluid sealing products to the industrial maintenance, repair and overhaul market. Further deferred payments up to �8m may be payable in late 2020 subject to achievement of operating profit targets, Diploma said. Workspace Group reported a "good level" of customer demand in its first quarter on Thursday, with enquiries averaging 1,060 per month, compared to 1,021 a year ago, and lettings standing at 121 per month, up from 88. The FTSE 250 real estate investment trust added two new buildings, in Hoxton and Clerkenwell, and one building extension and refurbishment in Chiswick during the quarter.

More News

RPT-UPDATE 1-A rally and a redirect: why the markets are so focused on the Fed

By David Randall, Trevor Hunnicutt and Lewis Krauskopf NEW YORK, July 19 (Reuters) - When New York Fed President John Williams talked about the need to "vaccinate the economy" on

Today 14:00

Reuters World News Summary

Following is a summary of current world news briefs. Iran warns UK against escalating tensions, says crew of seized ship safe Iran's ambassador to Britain warned against on as a

Today 13:58

Reuters People News Summary

Following is a summary of current people news briefs. Hungarian philosopher Agnes Heller dies at age of 90 Hungarian philosopher Agnes Heller, who was a student of Gyorgy Lukacs and

Today 13:58

Reuters Science News Summary

Following is a summary of current science news briefs. Astronauts hailed as heroes 50 years after historic moon landing Capping a week of celebrations over the historic Apollo Vice

Today 13:58

Login to your account

Don't have an account? Click here to register.