London start week in the green before inflation figures.

Asian stocks saw mostly positive movement in early trading, buoyed by robust corporate earnings in the US and measures by China to bolster its property market.

Markets in Australia and Japan experienced gains, and futures for Hong Kong suggested a strong start on Monday.

Similarly, US stock futures inched up following Friday’s climb of the S&P 500 Index and a historic close of the Dow Jones Industrial Average above 40,000.

Specifically, South Korea’s Kospi index rose by 0.7 per cent, while Japan’s Topix increased by 0.4 per cent. The South Korean won slipped by 0.2 per cent against the dollar to 1,355.02 won, and the yen dropped 0.1 per cent to 155.85 yen.

In the commodities market, gold prices reached new heights, with spot gold rising 0.74 per cent to $2,432.70 per ounce, having peaked at $2,440.49 earlier in the session. Meanwhile, Bitcoin saw a decline of about 1 per cent, trading at $65,863.

Iranian President Ebrahim Raisi was involved in a helicopter crash in Iran’s mountainous northwest on Sunday, officials confirmed. Ambulances navigated fog to reach the crash site near the Azerbaijan border. Despite earlier drone attempts, harsh weather and terrain hindered efforts to locate the crash site. 

Oil prices rose in early Asian trading on Monday in response to the incident, with Brent crude up 0.3 per cent to $84.24 a barrel and US West Texas Intermediate crude gaining 0.2 per cent to $80.21 a barrel.

China’s central bank maintained its benchmark lending rates, with the one-year loan prime rate (LPR) at 3.45 per cent and the five-year LPR at 3.95 per cent. To stimulate property demand, it announced plans to lower mortgage rates and down-payment requirements for homebuyers.

Deputy Governor Tao Ling revealed a plan to allocate 300 billion yuan to aid state-owned enterprises in purchasing unsold apartments.

UK home prices hit new highs despite steep mortgage costs. Rightmove reported the average asking price at £375,131 in mid-May, up 0.8 per cent monthly, the smallest rise this year. Prices were 0.6 per cent higher than last year. Notably, high-end markets saw a significant 1.3 per cent annual increase

This week, traders eye economic data from Europe and inflation reports from the UK, Canada, and Japan. Key central bank decisions are awaited from New Zealand, Indonesia, South Korea, and Chile. Meeting minutes from Australia’s central bank and the Federal Reserve, along with global PMIs, are anticipated.

Nvidia Corp. earnings are on the agenda.

In corporate news, shareholder votes are significant. Virgin Money considers Nationwide’s takeover bid, while investors in Indivior vote on relocating its primary listing to New York. Retail earnings from Marks and Spencer in the UK and Target in the US are also expected.

Source: https://uk.finance.yahoo.com/news/ftse-100-live-london-higher-081110319.html