FTSE 100 set for subdued start as traders focus on political turmoil rather than recovery hopes


The FTSE 100 looks set to make a subdued start to proceedings, with traders ignoring the upward pull of Asia and instead focusing on the political turmoil at home.

Chickens appear to be coming home to roost for Boris Johnson with former chief of staff, Dominic Cummings, reportedly ready use his appearance before a Commons committee next month to challenge the PM’s handling of the pandemic.

There is then the immediate issue of how the upgrade to his Downing Street flat was paid for along with criticism from former armed forces minister, Johnny Mercer, which has also played out in the weekend press.

In Asia earlier, the markets were buoyant as recovery hopes continued to drive sentiment in this part of the world.

US futures, meanwhile, pointed to a positive start on Wall Street.

Looking ahead, the week’s big corporate news will be out of Silicon Valley.

There are quarterlies from Google owner Alphabet (NADAQ:GOOG), Microsoft (NASDAQ:MSFT), Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB), Tesla (NASDAQ:TSLA) and Amazon (NASDAQ:AMZN).

Here it home we have updates from Shell (LON:RDSA), BP (LON:BP.), GlaxoSmithKline (LON:GSK) and Whitbread along with the major banks.

Around the markets

  • Pound US$1.3903 (+0.19%)
  • Bitcoin US$52,513.63 (+5.26%)
  • Gold US$1,782.60 (+0.28%)
  • Brent crude US$65.77 (-0.51%)

6.50am: Early Markets – Asia / Australia

Stocks in the Asia-Pacific region were mixed on Monday as India recorded its highest number of new COVID-19 cases and deaths, at 352,991 and 2,812, respectively.

The Hang Seng index in Hong Kong rose 0.10% while the Shanghai Composite in China slipped 0.01%.

In Japan, the Nikkei 225 rose 0.41% and South Korea’s Kospi gained 0.67%.

Shares in Australia dipped, with the S&P/ASX 200 trading 0.13% lower.


Proactive Australia news:

Chase Mining Corporation Ltd (ASX:CML) is trading higher as it welcomes the start of drilling by Red Fox Resources Pty Ltd at the Gipsy Creek Copper-Gold Project in the Cloncurry district of northwest Queensland.

Red River Resources Ltd (ASX:RVR) has received encouraging initial results from its first-pass reverse circulation (RC) drilling program at the New Homestead and Don gold prospects, part of its Thalanga Operations in northern Queensland.

Aurumin Ltd (ASX:AUN) has started reverse circulation (RC) drilling at its 100%-owned Mt Palmer Project, about 40 kilometres east-southeast of Southern Cross in Western Australia’s Goldfields.

Kazia Therapeutics Ltd (ASX:KZA) (NASDAQ:KZIA) (FRA:NV9) recently announced an agreement with Evotec SE (FRA:EVT) to in-license the global rights to EVT801, a novel inhibitor of vascular endothelial growth factor receptor 3 (VEGFR3).

Fe Limited (ASX:FEL) is progressing its JWD West Wiluna Iron Ore Project in Western Australia, having begun work this week to refurbish offices and other infrastructure at the existing exploration camp with the goal to begin early site works by the end of the month.

Paradigm Biopharmaceuticals Ltd (ASX:PAR) is making headway with its investigational new drug (IND) application for its proposed pivotal clinical trial treating subjects with Zilosul® for pain associated with knee osteoarthritis (OA).

Fenix Resources Ltd (ASX:FEX) shipped a total of 220,000 tonnes of iron ore from the Iron Ridge Project at an average price of US$156/tonne during the March quarter with the ramp-up now complete.

Matador Mining Ltd (ASX:MZZ) (FRA:MA3) is seeking to broaden its investor base by listing on multiple international platforms to complement its Australian Securities Exchange listing.


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