15th Nov 2024 06:56
(Alliance News) - Stocks in London are set to open lower on Friday, ahead of a busy data docket including UK GDP, trade balance and industrial production data.
On the plus side, analysts appeared receptive to Rachel Reeves' first Mansion House speech as UK chancellor.
"It is encouraging to see true reform proposed by the chancellor to initiate serious dialogue around unlocking investment into the UK for productive finance to drive sustainable economic growth," Broadstone's Simon Kew said late on Thursday. "So long as members are protected and UK investment can be kick-started successfully, then the proposals should be approached positively.
"Along with measures to deliver better value for pension savers, a consultation on how the government can best help people make better-informed financial decisions demonstrates a welcome desire to improve financial outcomes for households."
IG says futures indicate the FTSE 100 to open down 32.4 points, 0.4%, at 8,103.59 on Friday. The index of London large-caps closed 0.5% higher on Thursday.
Sterling was quoted at USD1.2686 early Friday, lower than USD1.2713 at the London equities close on Thursday.
The euro traded at USD1.0556 early Friday, lower than USD1.0576 late Thursday. Against the yen, the dollar was quoted higher at JPY156.08 versus JPY155.81.
In the US on Thursday, Wall Street ended lower, with the Dow Jones Industrial Average down 0.5%, the S&P 500 down 0.6% and the Nasdaq Composite down 0.6%.
In Asia on Friday, the Nikkei 225 index in Tokyo was up 0.5%. In China, the Shanghai Composite was down 1.1%, while the Hang Seng index in Hong Kong was up 0.1%. The S&P/ASX 200 in Sydney closed up 0.7%.
Gold was quoted at USD2,562.98 an ounce early Friday, lower than USD2,576.68 on Thursday.
Brent oil was trading at USD71.64 a barrel early Friday, lower than USD72.43 late Thursday.
In Friday's corporate calendar, there are half-year results from Land Securities, Record and Volex.
In the economic calendar on Friday, releases include consumer price index reads from France and Italy, plus trade and industrial data from the US.
By Emma Curzon, Alliance News reporter
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