London pre-open: Stocks seen up ahead of earnings slew, Budget
By Michele Maatouk
Date: Monday 28 Oct 2024
(Sharecast News) - London stocks were set to gain at the open on Monday following losses at the end of last week, as investors eyed a slew of key earnings releases this week and the Autumn Budget.
The FTSE 100 was called to open around 30 points higher.
Commenting on the Budget due on Wednesday, Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: "There will certainly be tax increases for big companies and wealthy individuals on the menu.
"Lately, the British 10-year gilt yield has been pushing higher - along with the other Western economies' yields. If there is no major surprise, or an overreaction to the Budget announcement, the market's attention should remain on the Bank of England's (BoE) policy easing plans, which became sensibly more pronounced over the past few weeks due to Chief Bailey's unusually confident and dovish remarks.
"As such, Cable could see a relief rebound on a potentially smooth budget announcement but sterling offers will likely remain strong near the 1.30 level against the US dollar, unless, of course, the US dollar eases unexpectedly due to soft economic data at their home."
In corporate news, train and coach bookings platform Trainline raised its full-year growth guidance after a strong first half.
The company said it expects net ticket sales to increase by 12-14% in the year to 28 February 2025, up from a previous target of 8-12% growth, while revenue growth is tipped to be 11-13%, up from 7-11% previously.
Lloyds Banking Group updated the market on recent Court of Appeal rulings requiring motor dealers to disclose commission arrangements to customers, holding lenders liable for any non-disclosures by dealers.
The FTSE 100 bank said the rulings set stricter requirements than previously understood, which were based on FCA guidance and past legal precedents.
Lloyds said it was currently evaluating the potential impact of the decisions and would provide further updates depending on the outcome of the lenders' application to appeal to the Supreme Court.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN