FTSE 100 Rises as Markets React to Weekend Events

It is a strong start to the week for the FTSE 100 on Monday, July 22, 2024, with the index currently up 0.48% to 8,194.25 just after the opening bell as investors react to the weekend’s events, including US President Joe Biden withdrawing from the 2024 election race.

On Friday, London’s blue-chip index declined 0.6%, losing 49.17 points to close the week at 8155.72.

EARNINGS RELEASES & ECONOMIC EVENTS

It is an extremely quiet week on the economic calendar. However, UK car production data will be released on Thursday. In the US, data, including durable goods orders, will be released on Thursday, while on Friday, the latest core PCE price index data will be posted.

As we head into earnings season once again, the UK corporate diary also picks up steam. Companies such as Rightmove, Unilever, and AstraZeneca are expected to provide updates. This morning, Vodafone announced it has sold a further 10% stake in Oak Holdings – the partnership that co-controls Vantage Towers – for €1.3 billion.

FOREX & GOLD

As of 08:04 am, the pound has gained around 0.09% to 1.2922 after closing Friday’s session down 0.26% at 1.2910. The euro has edged higher, rising 0.02% to 1.0883 after it closed Friday 0.14% lower at 1.0881. 

Gold is currently at $2,400, declining around 0.03% from Friday’s close.