(Alliance News) - Stocks in London are set to open lower on Monday, following mixed trade in Asia, with signs of stability in the UK housing market failing to boost sentiment at the start of a new week.
IG says futures indicate the FTSE 100 index of large-caps to open 14.23 points lower, or 0.2%, at 7,899.90 on Monday. The FTSE 100 index closed up 11.52 points, or 0.2%, at 7,914.13 on Friday.
UK house price growth slowed in April, though property portal Rightmove reported signs of "stability" in the market.
The average asking price of a UK property rose 0.2% on-month to GBP366,247 from GBP365,357, according to Rightmove. Prices had risen 0.8% in March from February.
On an annual basis, prices climbed 1.7% in April, cooling from a 3.0% rise in March.
Properties are selling faster than they were prior to the pandemic, Rightmove said.
"Not only is the number of sales agreed now back to pre-pandemic levels, but homes are also on average selling twelve days more quickly than at this time in 2019," Rightmove Director of Property Science Tim Bannister said.
Sterling was quoted at USD1.2429 early Monday, higher than USD1.2410 at the London equities close on Friday.
US shares ended higher on Friday, with the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite all up 0.1%.
Earnings remained in focus on Friday after lukewarm reaction to results from companies such as Tesla, AT&T and Goldman Sachs earlier in the week.
Shares in Procter & Gamble rose 3.5%, as higher prices for the company's consumer goods helped net sales to rise.
There was also better economic news for the US, despite fears of a looming recession.
US private sector growth topped expectations this month, results from an S&P Global survey showed. The flash composite purchasing managers' index spiked to an 11-month high of 53.5 points in April from March's final score of 52.3.
The dollar failed to shine on Monday morning despite the more positive economic picture for the world's largest economy.
The euro traded at USD1,0974 early Monday, unchanged from late Friday. Against the yen, the dollar was quoted at JPY134.35, firm versus JPY134.28.
In Tokyo on Monday, the Nikkei 225 index was up 0.1%. In China, the Shanghai Composite was down 0.5%, while the Hang Seng index in Hong Kong was down 1.4%. The S&P/ASX 200 in Sydney closed flat.
Brent oil was trading at USD80.37 a barrel early Monday in London, lower than USD81.23 late Friday. Gold was quoted at USD1,978.83 an ounce, slightly higher than USD1,977.53 on Friday.
In Monday's corporate calendar, there are full-year results from leisure and entertainment firm Brighton Pier and a trading statement from online marketplace developer and manager CentralNic.
By Heather Rydings, Alliance News senior economics reporter
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