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London pre-open: Stocks to nudge down as UK inflation eases slightly
(Sharecast News) - London stocks were set to nudge lower at the open on Wednesday as investors mull the latest UK inflation data and look ahead to a rate decision from the US Federal Reserve. The FTSE 100 was called to open three points lower at 7,500.
CMC Markets analyst Michael Hewson said: "After going into hibernation after the US November payrolls and services ISM reports, the peak inflation narrative got a fresh lift yesterday when US CPI rose by its lowest annual number this year, sending bond yields sharply lower and European markets to their highest levels in six months.
"US markets surged higher on the open with the S&P 500 pushing up to three-month highs, however there was some reluctance to follow through the initial gains ahead of today's Fed rate decision, with US stocks eventually finishing the session well off their peaks, which in turn looks set to see markets in Europe open slightly lower."
On home shores, figures from the Office for National Statistics showed that consumer price inflation eased to 10.7% in November from 11.1% in October, falling back from a 41-year high.
Grant Fitzner, chief economist at the ONS, said: "Prices are still rising, but by less than this time last year, with the most notable example of this being motor fuels.
"Tobacco and clothing prices also rose, but again by less than we saw this time last year.
"This was partially offset by prices in restaurants, cafes and pubs, which went up this year compared to falling a year ago."
In corporate news, Tullow Oil has signed a production sharing contract for an offshore exploration licence in Côte d'Ivoire.
Tullow will operate the licence with 90% equity, the remaining 10% is held by PetroCi. The licence covers an area of 1,345 square kilometres and is adjacent to licence CI-524 which is also held by Tullow and PetroCi.
Elsewhere, Watches of Switzerland reported a rise in first-half profit and revenue as it backed its guidance for the year.
In the 26 weeks to 30 October, statutory pre-tax profit jumped 28% to £83m, while revenues increased 31% to £765m.
The company hailed continued strong demand for luxury watches and jewellery, with growth driven by increases in average selling price and volume.
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