Latest News

London pre-open: Stocks set for another positive start

0

London pre-open: Stocks set for another positive start By Sharecast

Breaking News

‘;

Stock Markets

Published Dec 28, 2023 07:43
Updated Dec 28, 2023 08:11

London pre-open: Stocks set for another positive start

Sharecast – The FTSE 100 was expected to open 20 points higher on Thursday, having closed up 0.36% on Wednesday at 7,724.95.

On Wall Street, the S&P 500 added 0.14% to near its all-time record high overnight.

“Wednesday was yet another day of joy and euphoria for the Federal Reserve doves, and another day of selloff for the US dollar,” said Swissquote Bank senior analyst Ipek Ozkardeskaya.

“This week’s economic calendar is not heavy, but the little data feeds the Fed doves successfully, I should admit.

“Released yesterday, the Richmond manufacturing index came in much softer than expected – hinting at a significantly faster slowdown in economic activity in December, shipments also contracted significantly compared to a year ago.”

Ozkardeskaya said the slowing activity fuelled the doves along with another strong US bond auction on Wednesday, which followed other solid auctions the day before.

“The US five-year paper saw a bumper demand, as investors continued to pile in to secure good deals at the current yields based on the expectation that the yields will further crumble when the Fed starts chopping the rates.

“The Nasdaq 100 renewed its record yesterday, whereas the S&P 500 was trading just 0.3% below its own all-time high level, yet couldn’t yet declare a fresh record – I am confident that it will come.”

It was quiet on the economic news front, with all eyes on the jobless claims data due out of the US later in the global day.

Market watchers were expecting initial jobless claims to have slightly risen to 210,000 in the week ended 23 December, up from 205,000 the prior week.

Things were equally silent in equity updates, with Zanaga Iron Ore announcing it had signed a memorandum of understanding with China Machinery Engineering Corporation (CMEC) for hydroelectric power solutions at the Zanaga Iron Ore Project.

The firm said the agreement aimed to advance engineering studies for hydroelectric sites near the project and establish funding arrangements between the Republic of the Congo’s government and third parties.

Additionally, Zanaga reported on progress of its feasibility study update with its Chinese EPC partner, indicating potential cost reductions compared to the 2014 study, with the second phase extending into the first quarter of 2024.

Elsewhere, machine learning and data science group Insig AI (LON:INSG), has been included in the United Nations Climate Risk Tool Dashboard.

The listing within the dashboard was intended to assist financial institutions in managing climate risk, and forms part of the UN Environment Programme’s efforts to support 193 member states in that regard.

Reporting by Josh White for Sharecast.com.

Read more on Sharecast.com

London pre-open: Stocks set for another positive start

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information

© 2007-2023 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Zanaga signs hydroelectric power MoU, Insig AI included on UN dashboard

Previous article

Shell and QatarEnergy ink 18 million-barrel-a-year deal

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News