FTSE 100 set to open in positive territory; pound rallies after Sturgeon fails to win outright Holyr

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The FTSE 100 appears likely to open in the green, taking its cue from Asia’s main bourses.

Perversely, Friday’s lacklustre US employment data appeared to provide the buy signal with the economic hiccup easing inflationary fears haunting international markets.

On the commodities market, the price of a barrel of West Texas crude edged up to US$65 a barrel following a cyber attack on the software controlling one of America’s most important oil pipelines.

Shanghai Steel rebar futures opened 10% higher, iron ore was 7.7% higher, while copper gained 2%.

“So, while the US Non-Farm Payrolls post-mortems continue, as far as Asia is concerned, the global recovery is Thunderbirds Are Go,” said Jeffrey Halley, analyst at the forex group ONANDA.

Closer to home, Scottish National Party secured a resounding victory in the polls.

However, it was still not enough to win an overall majority at Holyrood.

The pound rose strongly against international currencies as the forex markets decided that independence had become harder for Nicola Sturgeon and her team to win.

Looking ahead, and it is expected to be another busy week for corporate news – both here at home and in the US.

Upcoming are figures from BT Group (LON:BT.A), Burberry (LON:BRBY), Greggs (LON:GRG), TUI (LON:TUI) and Disney (NYSE:DIS).

Around the markets

  • Pound US$1.404 (+0.43%)
  • Bitcoin US$59,118.40 (+1.43%)
  • Gold US$1,834.00  (+0.15%)
  • Brent crude US$68.69 (+0.41%)

6.50am: Early Markets – Asia / Australia

Stocks in the Asia-Pacific region were mixed on Monday as iron ore futures in Singapore jumped more than 10% to hit a fresh record high of US$226 a tonne while gold climbed to a three-month high of US$1840 an ounce.

The Hang Seng index in Hong Kong dipped 0.45% while the Shanghai Composite in China slipped 0.37%.

In Japan, the Nikkei 225 rose 0.47% and South Korea’s Kospi jumped 1.59%.

Shares in Australia advanced, with the S&P/ASX 200 trading 0.95% higher near its record high.

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Proactive Australia news:

Brookside Energy Ltd (ASX:BRK) (OTCMKTS:RDFEF) has passed a major milestone with Jewell Well in the SWISH Area of Interest (AOI) of Oklahoma’s world-class Anadarko Basin successfully spudded on the evening of May 8, 2021, by Latshaw Rig 14 after completion of rig-up and equipment testing.

Rimfire Pacific Mining NL (ASX:RIM) has drilled a diamond hole at the Transit prospect in central NSW to follow up an intersection of 61 metres at 10 g/t gold from 60 metres returned in a reverse circulation (RC) hole.

Kingston Resources Ltd (ASX:KSN) (FRA:RZZ) has received encouraging new gold and silver results from an ongoing 8,000-metre resource drilling program at Kulumalia, at the southern end of the main Umuna orebody of its flagship 3.6 million ounce Misima Gold Project in PNG.

Pantoro Limited’s (ASX:PNR) (FRA:RKN) ongoing drilling at Scotia Mining Centre within the Norseman Gold Project has returned several deep high-grade intersections from inside and outside of the inferred mineral resource envelope.

Matsa Resources Limited (ASX:MAT) (FRA:KB2) samples have revealed extensive gold anomalism with a peak value of 10.95 g/t gold at Devon Prospect within Lake Carey Gold Project in Western Australia.

Twenty Seven Co Ltd (ASX:TSC) has closed its partially-underwritten renounceable rights issue strongly oversubscribed, raising around $2.7 million.

Perpetual Resources Ltd (ASX:PEC) has signed a memorandum of understanding (MoU) with a supplier of end product inputs to a range of high-end glass producers in China for the purchase of 400,000 tonnes per annum of high-grade silica sand from the Beharra Project in Western Australia.

Comet Resources Ltd (ASX:CRL) has received a drilling permit for the Santa Teresa Gold Project in Baja California, Mexico, paving the way for the start of a proposed 2,000-metre diamond drilling program later this quarter.

Castillo Copper Ltd (ASX:CCZ) (LON:CCZ) (FRA:7OR) is set to begin its aggressive 2021 exploration program at Mt Oxide Copper Project in northwest Queensland coinciding with a “massive global transformation” in the copper market.

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