London stocks are set to open higher on Monday, with markets weighing Japan’s landslide election win for Prime Minister Sanae Takaichi against renewed political turmoil in the UK following the resignation of Keir Starmer’s chief of staff.
FTSE 100 futures point to a 44-point rise at the open, after the index gained more than 146 points last week to close at 10,369.75, up 60.5 points on the day.
In the UK, Morgan McSweeney resigned on Sunday, taking responsibility for advising Starmer to appoint Peter Mandelson as ambassador to Washington despite controversy over his links to Jeffrey Epstein. The move has intensified pressure on Starmer, who is expected to address Labour MPs on Monday.
Asian markets were mostly stronger. Japan’s Nikkei surged 4.2% after the ruling Liberal Democratic Party secured a historic supermajority, giving Takaichi sweeping political power just months into her premiership.
US stock futures were flat despite a strong finish to last week, led by a milestone for the Dow Jones, which surged more than 1,200 points, or 2.5%, to close above 50,000 for the first time. The S&P 500 jumped 2% in its best session since last May, while the Nasdaq climbed 2.2%, with all three rebounding from sharp losses the previous day.
Gold edged higher above $5,030 an ounce. In early news, NatWest announced the acquisition of wealth manager Evelyn Partners alongside a £750 million share buyback.
