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London pre-open: Stocks seen up on positive US, Asian sessions

Stock Markets Dec 09, 2022 07:40
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London pre-open: Stocks seen up on positive US, Asian sessions
 
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Sharecast - The FTSE 100 was called to open 19 points higher at 7,491.

CMC Markets analyst Michael Hewson said: "European markets finished the day lower yesterday, with nervousness over a global slowdown very much front of mind with the market very much in defensive mode as we head into the weekend.

"US markets on the other hand managed to break a five-day losing streak by finishing the session higher, despite further weakness in oil prices which saw prices hit their lowest levels this year for the second day in succession. This recovery along with a positive Asia session looks set to translate into a positive European open.

"The main focus of attention continues to be on next week’s central bank meetings of the Federal Reserve, ECB and Bank of England, and guidance on the likely glide path for rates heading into 2023, as well as two important CPI reports, one from the UK, and more importantly the November CPI report from the US."

On the macro front, the US producer price index for November is due at 1330 GMT.

In corporate news, Associated British Foods (LON:ABF) maintained full-year guidance, saying it continued to expect further significant input cost inflation, but the volatility of input costs had diminished.

"We continue to expect the aggregate profit of our food businesses to be ahead of our last financial year," the Primark owner said ahead of its annual general meeting.

"At this early stage, Primark trading in this financial year has been encouraging. We are on track to open 27 new stores this financial year, ten of these opening in the run-up to Christmas, and to date we have opened six new stores, including one today in Angers, France," said chairman Michael McLintock.

Read more on Sharecast.com

London pre-open: Stocks seen up on positive US, Asian sessions
 

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