London pre-open: Stocks seen up on positive US, Asian cues
By Michele Maatouk
Date: Tuesday 19 Nov 2024
(Sharecast News) - London stocks were set to gain at the open on Tuesday following a positive session in Asia and a mostly higher close on Wall Street.
The FTSE 100 was called to open around 45 points higher.
Stephen Innes, managing partner at SPI Asset Management, said: "US stocks staged a modest comeback Monday, clawing back some of last week's steep losses. The S&P 500 gained 0.4%, snapping a two-day losing streak, while the Nasdaq Composite added 0.6%. However, the Dow Jones Industrial Average bucked the trend with a slight dip of 0.1%, as cautious optimism permeated the markets.
"This modest recovery was fuelled by easing Treasury yields and a renewed focus on earnings. All eyes turned to Nvidia's much-anticipated report, a potential make-or-break moment for the market's AI-fuelled optimism.
"Overall, the rebound reflects growing confidence in US markets, as Trump's economic playbook - centred on domestic stimulus - offers an initial boost to earnings growth through solid economic channels."
In UK corporate news, events and digital services group Informa reaffirmed its recently upgraded full-year guidance and said strong forward bookings were providing momentum into 2025.
The company forecast double-digit underlying revenue growth - updated for the now completed Ascential acquisition - and currency movements, which would take full year group revenue guidance to at least £3.5bn and adjusted operating profit to £975m.
Vesuvius reported weakening steel and foundry markets outside India and the EEMEA region in an update, with trading profit for 2024 expected to be slightly below 2023 as its focus remained on cost efficiencies and a second £50m share buyback.
The FTSE 250 company said it had achieved market share gains, cost savings, and maintained pricing. It added that the acquisition of a majority stake in Turkey's Piromet underscored its strategic expansion in the growing EEMEA market.
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