London pre-open: Stocks seen up on positive US cues
By Michele Maatouk
Date: Wednesday 20 Apr 2022
(Sharecast News) - London stocks were set to rise at the open on Tuesday as traders get back to their desks after the long Easter weekend, taking their cue from a positive close on Wall Street.
The FTSE 100 was called to open 19 points higher at 7,620.
CMC Markets analyst Michael Hewson said: "While yields continued to move higher US stock markets also looked resilient buoyed by the relatively modest downgrade by the IMF, with the Nasdaq leading the gainers, as a both Charles Evans of the Chicago Fed and the Atlanta Fed's Bostic expressed in the ability of the US economy to stand on its own even when rates are rising.
"This strong finish looks set to translate into a similarly positive European open."
In corporate news, Anglo-Australian mining giant Rio Tinto reported lower-than-expected iron ore shipments in the first quarter as it warned of inflationary risk, a resurgence of Covid lockdowns in China and the impact of a prolonged Russia-Ukraine war.
Rio shipped 71.5m tonnes (Mt) of iron ore in the three months to March 31, compared with 77.8 Mt a year earlier and consensus estimates of 76 Mt.
Online betting and gaming firm 888 Holdings said that total revenues had fallen in the three months ended 31 March.
888 Holdings said total revenues had slid 18% year-on-year to £224.0m, with average monthly active users 8% lower when compared to the group's record result in the first quarter of 2021. The FTSE 250-listed firm highlighted that the lower revenue per active user was partially driven by a heightened focus on safer gambling.
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