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London pre-open: Stocks to rise at start of shortened trading week
(Sharecast News) - London stocks were set to edge higher at the start of the shortened trading week, following upbeat sessions in the US and Asia. CMC Markets analyst Michael Hewson said: "Last week saw the FTSE 100 post its biggest weekly gain since March, while markets in the US saw the S&P 500 and Dow post their best weeks since November 2020, breaking a run of seven successive weekly losses, as well as wiping out the losses of the previous three weeks.
"More importantly last week's rebound saw the S&P 500 close above 4,100, while the Nasdaq 100, and DAX broke out of short-term downtrends, a move that looks set to translate into a positive European open this morning.
"It's probably no coincidence that the rebound currently being seen in equity markets appears to be coming against a backdrop of a weaker US dollar, and declining US treasury yields, with the US dollar falling for the second week in a row, and the US 10-year yield for the third week in succession."
In corporate news, specialist engineer IMI said it planned to buy Germany's Bahr Modultechnik Holding GmbH for an enterprise value of €98m (£83m).
Bahr will become part of the Industrial Automation Business Unit within IMI Precision Engineering. Closing is expected to take place by mid-June 2022.
Wealth management business Quilter has tapped Glyn Barker to take over as chairman from outgoing chair Ruth Markland, effective from 7 September.
Quilter said that Barker will take a seat in its boardroom as a non-executive director and as a member of its remuneration and its corporate governance and nominations committee effective on 1 June, while Markland will continue as chair of the board until Barker's appointment becomes effective.
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