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London pre-open: Stocks seen down on Fed rate hike concerns
(Sharecast News) - London stocks were set to fall at the open on Monday after last week's better-than-expected non-farm payrolls report raised expectations of a more aggressive rate hike by the US Federal Reserve. The FTSE 100 was called to open 60 points lower at 7,136.
CMC Markets analyst Michael Hewson said: "Friday's payrolls report has helped raise the stakes when it comes to the next policy steps from the US Federal Reserve. Despite compelling evidence that inflation may well have peaked, or is starting to, expectations are rising that the US central bank will not only raise rates by 75bps at its next meeting at the end of this month, but it will follow that up with another 75bps in September.
"This would double the Fed funds rate in the space of two months from its current 1.5%, and in all likelihood force central banks elsewhere to react in a similar fashion to mitigate the inflationary impulse that the Fed's actions would send out into the wider global economy.
"As such much is riding on this week's US CPI numbers which are forecast to rise to a new 40 year high of 8.8%."
In corporate news, pharmaceutical giant Dechra said revenues had "increased strongly" during the twelve months ended 30 June, up 14% at constant currency and 12% at actual exchange rates.
Dechra said European pharmaceutical revenues had grown 8% year-on-year, while North American pharmaceutical revenues surged 24%.
Pizza delivery chain Domino's Pizza has tapped Edward Jamieson to take over as chief financial officer, succeeding current interim CFO David Surdeau.
Domino's said that Jamieson, who previously served as Just Eat's UK & Ireland regional finance director, was expected to join both the group and its board of directors in October.
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