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In our Market Monday insights, Prosperity Investment Management examines the latest developments across the globe's biggest financial markets - providing you with all the latest information you need to know.
European stocks waver ahead of central bank rate decisions
European stocks fell and US futures were muted on Monday ahead of a potentially pivotal week for global financial markets.
Central banks on both sides of the Atlantic are expected to signal a big shift in their fight against inflation by slowing the pace of interest rates rising.
The regional Stoxx Europe 600 opened 0.6 per cent lower in early dealings and London’s FTSE 100 lost 0.3 per cent.
Asian equities kicked off the week lower, with Chinese technology and property stocks leading losses, having rallied at the end of last week.
Hong Kong’s Hang Seng index fell 2.2 per cent while China’s CSI 300 lost 1.2 per cent and South Korea’s Kospi lost 0.6 per cent. Japan’s Topix shed 0.2 per cent.
The Hang Seng Mainland Properties index, which tracks some of China’s largest developers, fell 7.5 per cent, while the Hang Seng Tech index lost 4.1 per cent.
Microsoft to take 4% stake in London Stock Exchange Group
Microsoft has agreed to buy a £1.5bn stake in the London Stock Exchange Group as part of a 10-year strategic partnership between the US software company and the 300-year-old UK exchange.
The deal, announced on Monday, marks the latest tie-up between finance and Big Tech.
In November, Google invested $1bn in Chicago-based CME as part of a 10-year cloud computing deal.
Under the agreement, Microsoft will buy a 4 per cent stake in LSEG worth about £1.5bn from Blackstone, Thomson Reuters, Canada Pension Plan Investment Board and Singapore’s sovereign wealth fund GIC.
Microsoft will help improve the exchange’s data and analytics and the companies
They plan to use Microsoft Teams, the tech giant’s business communications platform, to connect users. They also intend to use Microsoft’s machine learning capabilities to help investment group
National Grid asks ‘contingency’ coal plants to fire up as cold grips UK
The UK electricity grid operator has instructed two emergency-use coal generators to start warming up as the network faces its first big test of the energy crisis.
With demand across the country soaring as temperatures dip below zero.
The National Grid Electricity System Operator said on Monday morning that it had asked the “contingency” plants to prepare for operation “to give the public confidence” in energy supplies, adding that people should continue to “use energy as normal”.
The two Drax coal-fired generation units, which the government requested to be on standby this winter, may not be needed to supply power to the grid as soon as Monday.
