1st May 2015 06:01
LONDON (Alliance News) - UK stocks are pointed lower Friday, taking cues from heavy losses incurred on Wall Street Thursday and a slowdown shown by the Chinese Purchasing Managers Index.
IG says futures indicate the FTSE 100 to open 13.4 points lower at 6,947.2. The index rose 0.2% to 6,960.63 Thursday on another busy day of corporate news.
US stock markets closed lower on Thursday. The DJIA ended down 1.1%, the S&P 500 closed down 1.0% and the Nasdaq Composite lost 1.6%.
In Asia Friday, Shanghai and Hong Kong are closed for Labour day. The Japanese Nikkei trades down 0.3%. Frankfurt and Paris also will closed Friday for the holiday.
Chinese non-manufacturing PMI fell slightly to 53.4 in April from 53.7 in March. The number shows more signs of weakness in the world's second largest economy, which further eased monetary policy last month.
In a light corporate calendar, there are first quarter interim statement from Lloyds Banking Group, Colt Group, and Rentokil Initial. Capital & Counties Properties issues a trading statement.
In the economic calendar, there are UK mortgage approvals, consumer credit and Markit manufacturing Purchasing Managers' Index at 0930 BST. US Markit manufacturing PMI is at 1445 BST, before ISM manufacturing PMI and Reuters/Michigan Consumer Sentiment Index, both at 1500 BST.
By Neil Thakrar; [email protected]; @NeilThakrar1
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