29th Nov 2024 06:51
(Alliance News) - Stocks in London are set to open slightly higher on Friday, but European peers a touch lower, as focus remains on events in France and as eyes turn to a eurozone inflation reading.
IG says futures indicate the FTSE 100 to open up by 6.7 points, 0.1%, at 8,287.92 on Friday. The index of London large-caps rose 6.47 points, 0.1%, at 8,281.22 on Thursday. It is up 0.2% so far this week.
The CAC 40 in Paris is called down 0.1%, while the DAX 40 in Frankfurt is called marginally lower.
Friday's global economic diary sees eurozone consumer price inflation data at 1000 GMT.
The European Central Bank has "every reason" to cut its benchmark interest rate at its next meeting on December 12, Governing Council member Francois Villeroy de Galhau of France said Thursday.
Economists have been keenly awaiting the central bank's next move as the European economy sputters even as policy makers try to rein in inflation.
"Seen from today, there is every reason to cut on December 12," Villeroy de Galhau, also governor of the Bank of France, told the Euro 50 Group, a think tank of economists, bankers and public officials.
He did not indicate how big a cut could be on the cards, saying that "optionality should remain open on the size of the cut, depending on incoming data, economic projections and our risk assessment".
Currently, the key ECB rate stands at 3.25%, and analysts are divided over whether a potential December cut will be 50 basis points or 25 points.
Markets in New York re-open for an abbreviated session on Friday.
In China, the Shanghai Composite was up 1.0%, the Hang Seng Index in Hong Kong traded 0.1% higher. The Nikkei 225 in Tokyo was down 0.4%, while the S&P/ASX 200 lost 0.1%.
The pound was quoted at USD1.2716 early Friday, up from USD1.2677 at the time of the London equities close on Thursday. The euro stood at USD1.0573, rising from USD1.0549. Against the yen, the dollar was trading at JPY150.09, falling from JPY151.50.
Brent oil was quoted at USD72.75 a barrel, flat from USD72.74. Gold eased to USD2,663.23 an ounce, up from USD2,641.60.
The UK corporate calendar has half-year results from broker Peel Hunt.
By Eric Cunha, Alliance News news editor
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