London’s blue chips are set for early gains to continue the run that saw records broken in April both here and in the US.
FTSE 100 is tipped to open up to six points higher from yesterday’s close of 6,430. That closing level meant the UK index posted its 11th consecutive monthly gain, beating its previous record of 10-straight monthly advances set in 1986-1987.
US indices were notching up similar records overnight. The S&P 500 posted its best series of monthly gains since September 2009 after it rose 1.8% in April.
The Dow Jones Industrial Average rose by a similar amount over the montl and closed yesterday 21 points higher at 14,840.
Apple, meanwhile, was reportedly swamped by the demand as it priced a US$17bn bond issue, which also also boosted the shares of the iPad and iPhone maker.
Asian shares were mixed after manufacturing data from China. China’s official gauge of manufacturing activity fell in April, registering 50.6 against 50.9 the previous month. Economists has expected the number to be unchanged, though it still indicated mild growth they added.
Hong Kong posted good gains but Tokyo and Shanghai drifted lower.
Full year results from Argos and Homebase owner Home Retail Group are the main corporate announcement in the UK, with analysts keen to see how Argos is fighting back against the march of online retailers into its traditional business.
The median forecast of analysts covering the stock is £89.5mln profit before tax, 7.52p for EPS and 3.24p for the dividend. Antofagasta and Weir are also updating.