FTSE and Europe in the green and US mixed as traders look to PCE data

A look at how markets are performing on Monday

Lucy Harley-McKeown
Updated
FILE - The New York Stock Exchange is shown on June 11, 2024 in New York. European markets have opened with gains on Monday, June 24, 2024, and Asian benchmarks retreated after U.S. stocks coasted to the close of their latest winning week. (AP Photo/Peter Morgan, File)
The New York Stock Exchange: European markets have opened with gains and Asian benchmarks retreated after US stocks coasted to the close of their latest winning week.

The FTSE 100 fell slightly in early trade on Monday before bounding to a two-week high, alongside European stocks. Meanwhile, the US market was mixed as caution sets in following a week of profit taking for big tech stocks like Nvidia. US traders are looking to key inflation data later in the week.

  • The FTSE 100 (^FTSE) was down 0.1% after the opening bell before trading around 0.7% higher by mid-afternoon. The DAX (^GDAXI) rose 1% and the CAC (^FCHI) was up 1.2%.

  • The pan-European STOXX 600 (^STOXX) was up 0.5%.

  • Across the pond, the S&P 500 (^GSPC) was up 0.3%, having fallen earlier. The Dow (^DJI) was up 1% and the Nasdaq (^IXIC) dipped 0.2%.

  • Traders in the US are looking to Friday morning, which will bring investors the May reading on the Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation measure, which should show prices on a "core" basis – which excludes food and energy – rose 0.1% last month. This would mark the slowest monthly rise since last November.

  • New data from the UK on Monday shows salaries for jobs advertised in the UK fell in May for the first time since October. Adzuna's calculations reveal the average salary on an advertised vacancy is down 0.1% since last month, now standing at £38,765.

  • On an annual basis, salaries were 2.69% higher than in May 2023, following the rise in the National Living Wage to £11.44 per hour at the start of April.

  • Wage inflation has been a sticking point for policymakers in the Bank of England, as they grapple with when to lower interest rates.

  • Polling by Ipsos for the French election showed over the weekend that France's far right National Rally (RN) party and its allies are ahead, leading with with 35.5% of the vote. The first round of voting is set to take place on 30 June.

Follow along for live updates:

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  • Lucy Harley-McKeown

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  • Lucy Harley-McKeown

    Mixed trade for US stocks so far

    Chris Beauchamp, chief market analyst at IG says:

    “Just as worries about poor market breadth hit the mainstream, breadth begins to recover. Last week saw Nvidia soar and the Nasdaq 100 hit 20,000, but the new week has continued where Friday left off, with old economy stocks rallying and tech continuing to drop back. This kind of rotation is very healthy for a continuation of the rally into July.”

  • Lucy Harley-McKeown

    Shein looks to London for IPO: report

    A Reuters report seems to have confirmed that Shein has confidentially filed papers that could lead to a London listing.

    The report, which cites two sources, did not make clear when the debut might happen. Shein has updated Chinese public market regulators about the change of venue, it added.

    It typically takes a couple of months to vet and clear a company for listing in London.

    The listing would be a coup for London, which has seen some high profile departures and snubs by British companies over recent years.

  • Lucy Harley-McKeown

    US stocks at market open

  • Lucy Harley-McKeown

    Swiftonomics: Taylor Swift Eras Tour UK dates by the numbers

    LONDON, ENGLAND - JUNE 23: EDITORIAL USE ONLY. NO BOOK COVERS. Taylor Swift performs on stage during
    LONDON, ENGLAND - JUNE 23: EDITORIAL USE ONLY. NO BOOK COVERS. Taylor Swift performs on stage during "Taylor Swift | The Eras Tour" at Wembley Stadium on June 23, 2024 in London, England. (Photo by Gareth Cattermole/TAS24/Getty Images for TAS Rights Management )

    Taylor Swift's Era Tour was already one of the highest-grossing tours by an artist of all time — crossing the billion dollar mark in earnings by the end of 2023.

    As it wraps up its London dates, here's an estimation of how much attendees might have spent:

    • UK attendees are each predicted to splash out £848 on tickets, travel, accommodation, outfits, and other expenses, according to Barclays

    • The average amount spent on an Eras Tour ticket is £206, yet for 14% of fans, including those who purchased VIP ticket packages with premium seating and exclusive merchandise, the total exceeds £400.

    • Spending by ticket-holders is more than 12 times the average cost of a UK night out (£67)

    • Almost 1.2m fans will watch the show in the UK this summer, for 15 performances across four cities

    • Eras Tour tickets sparked a 15.8% year-on-year increase in UK spending on entertainment when they were released last July

  • Lucy Harley-McKeown

    Stocks to watch at the open: PepsiCo

    Carlsberg (CARL-B.CO) confirmed on Monday that PepsiCo has agreed to waive a change of control clause in its bottling arrangements with Britvic (BVIC.L), removing a potential challenge for the Danish brewer looking to buy the UK drinks company.

    Carlsberg is considering its position after the British drinks giant confirmed on Friday that it had rejected two offers, which it claimed had “significantly undervalued” the business.

    Britvic's board said that the offer, and the earlier one of 1,200p a share, both significantly undervalued the business. The latest offer valued the company at £3.1bn.

    Carlsberg now has until 19 July to make a firm offer for the tonic maker or walk away from the deal.

  • Lucy Harley-McKeown

    What US stocks are doing in premarket

  • Lucy Harley-McKeown

    Taking the shine off Shein

    Here's Russ Mould from AJ Bell on the fast fashion retailer:

    “The rumour mill has gone into overdrive on Shein’s plans to float on a stock market. First, it was suggested the Chinese retailer wouldn’t be able to list in the US because of fragile geopolitical relationships. Now, its London IPO might be in doubt because growing negative comment appears to have displeased the Chinese government.

    “There have been lingering concerns in the City over Shein’s supply chain, with many institutional investors, politicians and industry bodies worried about working conditions for the people who ultimately make its products, as well as other questions about its business practices.

    “Shein needs approval from regulators in Beijing to list its shares in London and negative commentary has put the country in a bad light. Naturally, that is not a good look for China, and so the IPO is far from a done deal.

    “Attracting a major business name like Shein would help to put the spotlight on the London Stock Exchange and potentially encourage other companies to list in the UK and help to revitalise the market. Equally, such a listing could also backfire if it turns out that certain parties were right to be sceptical about Shein.

  • Lucy Harley-McKeown

    Bitcoin dips

    Yahoo Finance UK reporter Pedro Goncalves writes:

    Bitcoin was trading lower on Monday as the crypto market recorded its second-worst weekly drop of 2024 amid cooling demand for crypto ETFs.

    Bitcoin has now fallen below $63,000 (£49,750), nursing steep losses over the past week as traders grew sceptical over the timing of interest rate cuts by the Federal Reserve.

    For some analysts, the retreat in digital assets is a warning sign for broader risk appetite, according to Bloomberg.

    The cryptocurrency is at a more than one-month low, hurt by a six-day streak of outflows from US ETFs for the token.

    Bitcoin hit a record of $73,798 in March but is trailing traditional assets such stocks, bonds and gold this quarter.

  • Lucy Harley-McKeown

    Prudential leads gains in the FTSE 100 following buyback announcement

    Insurer Prudential is topping the FTSE 100 today, following news of plans for a $2bn buyback programme. This will be completed no later than mid-2026, the company said.

    It added that it expects its annual dividend for 2024 to increase by between 7% and 9% compared with a year before.

    Shares were almost 6% higher by mid-morning in London.

  • Lucy Harley-McKeown

    Apple in EU competition crosshairs

    The competition row between the EU and Apple comes to a head today, with enforcement action against the AppStore and iOS in the works. The action is being taken in accordance with the Digital Markets Act.

    Apple told the Financial Times: “We are confident our plan complies with the law, and estimate more than 99 per cent of developers would pay the same or less in fees to Apple under the new business terms we created.”

    Currently, not doing much to the share price in premarket:

  • Lucy Harley-McKeown

    Politics is in focus

    Neil Wilson, chief market analyst at Finalto writes:

    There is a lot of political uncertainty in Europe and the US right now; not so much in the UK where Labour still hold a commanding lead in the polls. I spoke before about markets not being good at prising high impact low probability events - markets are also not very good at dealing with political risk. But we are seeing some political risk premia in France that underlines the sensitivity of markets to events.

  • Lucy Harley-McKeown

    Overnight in Asia

    Chinese stocks slipped in Asian trading hours on Monday as markets look for fresh indicators of the path interest rates will take in key economies.

    The Hang Seng (^HSI) in Hong Kong closed 0.9% lower, while the SSE Composite (000001.SS) dropped 1.2%.

    China's currency fixing was behind the erosion in its equity markets, as policymakers are holding off rolling out more stimulus. China's bond market also rallied as investors fled risk, despite declining benchmark yields.

    Over in Japan, the Nikkei (^N225) rose 0.5% as weakness in the yen boosted import stocks.

  • Lucy Harley-McKeown

    Good morning!

    Good morning! It's the start to a new week after a dip for the FTSE 100 last week, and another month of keeping rates on hold from the Bank of England.

    Today is relatively light on data — the DAX in Germany will be looking to the country's IFO business index. Mary C. Daly from the Federal Reserve in San Francisco will also be speaking later in the US.

    Let's get to it.

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