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Source: Copyright © 2021 Kalkine Media Pty Ltd.
Summary
- FTSE 100 likely to open higher on Thursday, 11 March, following positive trading activity by its Asian peers
- The FTSE 100 futures were trading higher by 0.33 per cent
- Market is awaiting cues from upcoming domestic macro data and ongoing corporate earnings results
London’s key index FTSE 100 is expected to open higher on Thursday, 11 March, following positive trading activity in almost all Asian equities. The index previously closed at 6,725.60, marginally down by 0.07 per cent as mining stocks such as Rio Tinto (LON:RIO) and BHP Group (LON:BHP) fell.
Asian markets gain
Asian equities gained on Thursday amid a China rally after the US markets jumped following better-than-expected inflation data. Among the Asian markets, Japan’s Nikkei 225 was trading up by 0.44 per cent, while China’s Shanghai Composite was up 2.06 per cent. China’s shares jumped after a key legislative meeting ended following week-long discussions.
Hong Kong’s key index Hang Seng rose by 1.60 per cent, whereas South Korea’s Kospi jumped by 2.00 per cent, and India’s Nifty 50 gained 0.51 per cent. Australia’s ASX 200 closed marginally down by 0.003 per cent, earlier today.
The futures linked to the FTSE 100 were trading 0.33 per cent higher, indicating a higher start to the UK markets.
The Dow Jones Industrial Average rose to a record high ending 1.46 per cent up on Wednesday after lower-than-expected inflation data, and the passing of a US $1.9 trillion covid relief bill eased investor concerns.
The S&P 500 index ended 0.60 per cent higher, while technology-heavy index Nasdaq Composite closed lower by 0.038 per cent.
GBP falls against USD
The Great Britain pound (GBP) weakened against the United States dollar (USD) on Thursday. At around 0615 AM GMT, the GBP versus USD pair was trading at 1.3927, down by 0.023 per cent from the previous close of 1.3938.
The currency pair shuttled between a low and high of 1.3930 and 1.3940, respectively, at the interbank foreign exchange market, during the session so far. The Bank of England had fixed a reference spot exchange rate of 1.3893 USD and 1.1689 EUR against a unit of pound sterling on 9 March.
Upcoming cues
On the domestic front, the ongoing corporate earnings results, including FTSE blue-chip stocks such as Rolls Royce, Morrison, are expected to impact the market.
The London markets are also awaiting upcoming macro data such as January balance of trade, industrial production, manufacturing production and construction output slated to be announced on Friday, 12 March.
Moreover, several international economic announcements are also expected to be made later today, including the European Central Bank’s interest rate and US’s jobs data.
