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LONDON (Alliance News) - UK stocks are set to open higher on Wednesday rebounding a little from the losses seen on Tuesday, following a slight recovery in Asian equities overnight.
IG says futures indicate the FTSE 100 to open higher at 6,069.6. The index ended down 3.0% at 6,058.54 on Tuesday after the latest manufacturing data from China intensified concerns about the world's second largest economy.
Wall Street closed heavily lower on Tuesday as well. The DJIA ended down 2.8%, the S&P 500 closed 3.0% lower and the Nasdaq Composite ended down 2.9%.
In Asia Wednesday, the Japanese Nikkei is up 0.1%, the Hang Seng trades down 0.6% and the Shanghai Composite is down 0.8%. Stocks in Asia had traded much lower earlier but recovered some of their losses throughout the session.
"While we have seen a late recovery in Asia, that?s largely been as a result of some late state intervention in Chinese markets to help keep a floor under stocks, with the help of the Chinese equivalent of the plunge protection team," says Michael Hewson, chief market analyst at CMC Markets.
"In the past disappointing economic data ordinarily hasn?t normally been perceived as an overwhelmingly negative thing, as this weakness should keep overall monetary policy loose for the foreseeable future, with the potential for further easing measures in the weeks ahead," Hewson adds.
In the UK corporate calendar, equipment rental company Ashtead Group provides first-quarter results, technical products and services company Diploma releases a trading statement, and textile-related services provider Johnson Service Group reports half-year results.
In the economic calendar, there is the UK construction PMI at 0930 BST, before the eurozone producer price index at 1000 BST. US ADP employment is released at 1315 BST, while nonfarm productivity and unit labour costs are both released at 1330 BST. Later in the afternoon, US factory orders are at 1500 BST and Energy Information Administration crude oil stocks are at 1530 BST.
After the close of the London stock market, the changes of the September FTSE quarterly index review will be announced. Engineering company Weir Group is expected to drop into the FTSE 250, to be replaced by Berkeley Group Holdings.
By Neil Thakrar; neilthakrar@alliancenews.com; @NeilThakrar1
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