UK stocks: Factors to watch on October 13
EWU•FTSE 100 futures were up 0.2%, pointing to a higher open. Shell criticised Australia’s plan to require LNG producers to reserve some output for domestic use, while consumer spending, economic forecasts and commodity prices also featured in the day’s market factors.
1. Market factors
Britain’s FTSE 100 was seen opening higher on Tuesday, with futures up 0.2%. The index edged higher in the previous session, supported by financial and medical equipment stocks as investors looked ahead to US inflation data and UK GDP readings.
2. Company and economic news
Shell criticised the Australian government’s plan to require LNG producers to reserve part of their output for domestic use, calling it a “sledgehammer to crack a nut” for an already functional market. British consumers kept a lid on spending in September, while Bank of England policymaker Megan Greene said the IMF’s higher UK growth forecast added to signs that interest rates were not very restrictive.
3. Commodities and diary
Oil prices fell as traders assessed supply risks from attacks on Saudi Arabia and the prospect of additional Russian diesel supplies. Gold edged higher, while copper was nearly steady. The UK corporate diary included updates or results from BP, Whitbread, Michael Page, Marston’s, Bellway, YouGov, Oxford Instruments, Reach, Ninety One, Greencore and BetMGM.
