FTSE 100 live: Blue-chip likely to slide for third straight day
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The latest updates on the FTSE 100 and London’s financial markets from City A.M.’s newsroom in the heart of the City of London.
Asian stocks declined early due to concerns over a political crisis in France and weak economic data from China, amplifying global market anxiety. Markets in the Middle East, North Africa, and Asia will be closed on Monday for the Eid-al-Adha holiday.
In China, the CSI300 index declined by 0.2 per cent even though retail sales exceeded expectations. Japan’s Nikkei 225 dropped 1.7 per cent, with investors now facing a six-week wait for the Bank of Japan’s next policy move.
According to Rightmove, home prices in Britain showed no change this month, indicating a slowdown in the housing market’s recent momentum. The average asking price between May 12 and June 8 was £375,110, nearly unchanged from the previous month. Last year’s data for the same period also showed stable prices, Reuters reported.
In a Make UK survey of Britain’s manufacturing sector, a majority of respondents urged the incoming government to develop a formal industrial strategy and strengthen EU trade ties. Specifically, 69 per cent emphasized the need for a credible industrial strategy, while 54 per cent highlighted improving EU trade relations as crucial.
This week in the US, the focus is on Tuesday’s May retail sales data. Also anticipated are updates on UK inflation, Japan’s revised machine orders, and PMI comparisons among G7 nations and India. Â
Central banks in Australia, Norway, and the UK are expected to hold rates steady, while the Swiss National Bank may consider rate cuts amidst a stronger Swiss franc.