(Alliance News) - Stocks in London are set to open lower on Monday, despite some fresh measures in China to boost consumption.

IG says futures indicate the FTSE 100 to open down 24.07 points, or 0.3%, at 7,670.2 on Monday. The index of London large-caps rose just 1.51 points to 7,694.27 on Friday.

China announced fresh measures Monday to boost consumption, providing further support to markets, after the government on Friday unveiled a number of initiatives for light industry.

Authorities released a 20-point plan that includes more support for housing demand, the culture and tourism sector, and green consumption such as electric vehicles.

The move comes as spending by China's army of consumers remains subdued even after the lifting of strict Covid containment measures late last year.

A fresh round of figures showed the country's manufacturing activity continued to shrink in July, albeit at a slightly slower pace than last month.

The official manufacturing purchasing managers' index – a key measure of factory output – came in at 49.3, below the 50-point mark that separates expansion and contraction, according to the National Bureau of Statistics.

July's reading was slightly higher than June's 49.0 figure and was better than forecasts in a Bloomberg survey.

"The overall level of manufacturing prosperity continued to improve," NBS statistician Zhao Qinghe said in a statement.

In Asia on Monday, the Nikkei 225 index in Tokyo was up 1.1%. In China, the Shanghai Composite was up 0.4%, while the Hang Seng index in Hong Kong was up 1.4%. The S&P/ASX 200 in Sydney was down 0.1%.

In the UK, Nigel Farage said he will continue to campaign on behalf of people whose bank accounts have been shut – with a new website launched to tackle de-banking in the UK.

It comes as former UK prime minister Liz Truss said she was "appalled" at the treatment of the former Ukip leader, whose bank account closure by Coutts sparked a crisis at its parent company NatWest.

Launching his campaign, Farage said he wants to "fight back against the big banks that have let us down".

NatWest Chair Howard Davies has resisted pressure from Farage and others to quit, insisting it is important for the bank's stability that he stays on the board. On Friday, City minister Andrew Griffith, who led the government response to the issue, said Davies should remain in post.

Sterling was quoted at USD1.2846 early Monday, lower than USD1.2861 at the London equities close on Friday.

The euro traded at USD1.1007, lower than USD1.1030. Against the yen, the dollar was quoted at JPY141.84, up versus JPY140.53.

In the US on Friday, Wall Street ended higher, with the Dow Jones Industrial Average up 0.5%, the S&P 500 up 1.0% and the Nasdaq Composite up 1.9%.

Gold was quoted at USD1,954.01 an ounce early Monday, higher than USD1,962.33 on Friday. Brent oil was trading at USD84.00 a barrel, higher than USD83.67.

Monday's economic calendar has inflation and gross domestic product readings from the eurozone at 1000 BST. The week picks up speed with manufacturing data from across the globe on Tuesday, before a Bank of England interest rate decision on Thursday and the latest US nonfarms payrolls data on Friday.

Monday's local corporate calendar has half-year results from Bank of Ireland Group and education publisher Pearson.

By Sophie Rose, Alliance News reporter

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