The FTSE 100 looks set to make a strong start to the trading week with both bond and equity markets returning to some sort of normality after the recent sell-off.
While inflation fears continued to bubble in the background, it seems the resetting of expectations is largely complete – for the time being.
Asia’s main markets were in recovery mode Monday, while stock futures suggested the positivity will extend to Wall Street when the US markets open.
“The slightly more positive tone appears to be as a result of a pause in the move higher in yields, as bond markets stabilise after the choppiness seen at the end of last month,” said Michael Hewson, analyst at CMC Markets.
“Despite the big falls at the end of last week, we still managed to finish the month higher, albeit by a fairly small margin, as did other markets in Europe.”
The week’s centrepiece is likely to be Wednesday’s Budget, which, according to weekend reports, is set to see Rishi Sunak attempt to claw back some of the billions spent supporting the economy during the lockdown.
The Chancellor is said to be looking to grab back around £6bn via additional taxation to shore up the nation’s rather threadbare finances.
In a busy week, the US will on Friday provide a further update on the state of the world’s largest economy in the form of monthly non-farm payroll data.
Much of the UK corporate news, meanwhile, comes from the bookmakers with Flutter Entertainment (LON:FLTR), Entain (LON:ENT) an William Hill (LON:WMH) updating investors this week.
Report cards are also scheduled from Taylor Wimpey (LON:TW.) and Persimmon (LON:PSON).
Around the markets
- Pound worth US$1.3983 (+0.36%)
- Bitcoin US$46,331.38 (+4.73%)
- Gold US$1,747.80 (+1.1%)
- Brent crude US$65.43 (+1.43%)
6.50am: Early Markets - Asia / Australia
Stocks in the Asia-Pacific region were higher on Monday even as China’s official manufacturing Purchasing Managers’ Index (PMI) for February came in at 50.6, lower than January’s reading of 51.3.
The reading is still above the 50 level that separates expansion from contraction.
The Hang Seng index in Hong Kong rose 1.39% while the Shanghai Composite in China gained 1.06%.
In Japan, the Nikkei 225 surged 2.47% and Australia’s S&P/ASX 200 closed 1.74% higher.
Proactive Australia news:
Venture Minerals Ltd (ASX:VMS) (OTCMKTS:VTMLF) has entered into an at-the-market subscription agreement (ATM) with Acuity Capital, providing the company with up to A$10 million of standby equity capital over the coming 28-month period.
Red River Resources Ltd (ASX:RVR) (FRA:R1R) has poured first gold at its Hillgrove Gold Mine in northern New South Wales, with the first bar poured weighing 0.97 kilograms and grading 83% gold and 13% silver.
Latin Resources Ltd (ASX:LRS) (FRA:XL5) will start extensive exploration on Salinas Lithium Project held by 100%-owned Brazilian subsidiary, Mineracao Ferro Nordeste, in the Jequitinhonha Valley region of Minas Gerais, a lithium-rich but underexplored region.
Tempest Minerals Ltd (ASX:TEM) (FRA:LIF) shares are trading about 13% higher intra-day after commencing drilling at the Messenger Project, part of the company’s extensive landholding within the Yalgoo greenstone belt in WA.
Andromeda Metals Ltd (ASX:ADN) has achieved a key milestone with applications lodged for a Mining Lease and two Miscellaneous Purposes Licences for the proposed development of the Great White Kaolin Joint Venture Project with Minotaur Exploration Limited (ASX:MEP) on South Australia's Eyre Peninsula.
Kazia Therapeutics Ltd (ASX:KZA) (NASDAQ:KZIA) (FRA:NV9) has entered an exclusive worldwide licensing agreement with Oasmia Pharmaceutical AB (STO:OASM) (OTCMKTS:OASMY) for Cantrixil (TRX-E-002-1), a clinical-stage, first-in-class drug candidate under development for the treatment of ovarian cancer.
Creso Pharma Ltd (ASX:CPH) (OTCMKTS:COPHF) (FRA:1X8) has executed a non-binding letter of intent (LOI) with CBD and plant-based remedies provider CERES Natural Remedies to distribute and sell Creso’s anibidiol® range of CBD and hemp animal health products in the USA.
St George Mining Limited (ASX:SGQ) (FRA:S0G) has escalated drilling at its flagship high-grade Mt Alexander Nickel-Copper Sulphide Project, in WA's north-eastern Goldfields, with a second diamond drill rig now in operation.
Andromeda Metals Ltd (ASX:ADN) has achieved a key milestone with applications lodged for a Mining Lease and two Miscellaneous Purposes Licences for the proposed development of the Great White Kaolin Joint Venture Project with Minotaur Exploration Limited (ASX:MEP) on South Australia's Eyre Peninsula.
Rimfire Pacific Mining NL (ASX:RIM) is encouraged by initial assays from a three-hole reverse circulation (RC) program which has intersected high-grade gold at Transit Prospect in the Sorpresa Earn-in Area at Fifield within the prolific Lachlan Transverse Zone of NSW.
https://news.google.com/__i/rss/rd/articles/CBMiuwFodHRwczovL3d3dy5wcm9hY3RpdmVpbnZlc3RvcnMuY28udWsvY29tcGFuaWVzL25ld3MvOTQyNTIxL2Z0c2UtMTAwLXNldC1mb3ItYS1yZWJvdW5kLWFzLWdsb2JhbC1lcXVpdHktYW5kLWJvbmQtbWFya2V0cy1zdGFiaWxpc2UtYWZ0ZXItcmVjZW50LXdvYmJsZXMtdWstZm9jdXMtdHVybnMtdG8tYnVkZ2V0LTk0MjUyMS5odG1s0gE-aHR0cHM6Ly93d3cucHJvYWN0aXZlaW52ZXN0b3JzLmNvLnVrL2NvbXBhbmllcy9hbXAvbmV3cy85NDI1MjE?oc=5
2021-03-01 06:16:00Z
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