11th Oct 2024 06:47
(Alliance News) - Stocks in London are set to open higher on Friday, shaking off weaker trade in New York overnight.
The global economic calendar has UK gross domestic product and industrial production data at 0700 BST, US PPI figures at 1330 BST and the Michigan consumer sentiment index at 1500 BST.
IG says futures indicate the FTSE 100 to open 16.8 points higher, 0.2%, at 8,254.53 on Friday. The index of London large-caps closed down 6.01 points, 0.1%, at 8,237.73 on Thursday. It has fallen 0.5% so far this week.
In Tokyo on Friday, the Nikkei 225 was up 0.6% in afternoon trade. The S&P/ASX 200 fell 0.2% in Sydney. In China, the Shanghai Composite was down 1.7%. Financial markets in Hong Kong are closed for the Double Ninth Festival.
In New York on Thursday, the Dow Jones Industrial Average fell 0.1%, the S&P 500 lost 0.2%, while the Nasdaq Composite fell 0.1%.
"The S&P 500 slipped slightly from its record high as stubborn inflation reignited hawkish chatter in some corners of Wall Street, putting pressure on stocks," SPI Asset Management analyst Stephen Innes commented.
US consumer price inflation decelerated more mildly than expected on-year in September. The rate of year-on-year consumer price inflation cooled to 2.4% in September, from 2.5% in August. A slowdown to 2.3% was expected, however.
The rate of core inflation picked up to 3.3%, from 3.2%.
Comments from US central bankers were in focus after the data.
Bloomberg reported that New York Fed president John Williams said progress in moving inflation downward is "steady" though there will be "wiggles and bumps in the data".
Chicago President Austan Goolsbee told CNBC that the trend in inflation is a downward move, while Richmond Fed chief Thomas Barkin said it was "definitely headed in the right direction".
However, Atlanta Fed Presidnet Raphael Bostic stood out, putting a pause on the table for the US central bank should inflation continue to land hotter-than-expected.
Against the dollar, the pound faded to USD1.3047 early Friday, from USD1.3052 at the time of the London equities close on Thursday. The euro rose to USD1.0936 from USD1.0929. Against the yen, the dollar rose to JPY148.67 from JPY148.47.
Brent oil was quoted at USD78.99 a barrel, up from USD78.23. Gold climbed to USD2,643.81 an ounce from USD2,620.84.
Friday's economic calendar sees a trading statement from recruitment firm, Hays.
By Eric Cunha, Alliance News news editor
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