20th Mar 2015 07:01
LONDON (Alliance News) - UK shares set to open higher Friday, with the focus on the renewed negotiations between Greece and its European creditors, as investors scratch their heads following the recent US Federal Reserve statement in which the central bank removed the word "patient" from its guidance.
Greece will submit a "full list of specific reforms" within days, top European officials said early Friday, after talks on how to let bailout funds flow to the cash-strapped country. Greek Prime Minister Alexis Tsipras said he was "more optimistic" after the meeting in Brussels between European leaders.
"All the sides confirmed their intention to try to do their best to overcome the difficulties of the Greek economy as soon as possible," he said. "Today we put the process back on its rails," he added. "Greece will propose its own reforms, which it will implement."
Athens and its European partners have had trouble seeing eye to eye since Tsipras' leftist government assumed office in January on a promise to end the austerity associated with EUR240 billion in rescue loans that Greece has received since 2010.
IG futures indicate the FTSE 100 to open 4 points higher at 6,966.8. The index closed higher for a fourth consecutive session Thursday, up 0.3% at 6,962,32, being a relative bastion of calm as other markets and asset classes proved volatile following the Fed's statement.
Wall Street ended mixed Thursday. The DJIA closed down 0.7%, the S&P 500 ended down 0.5% and the Nasdaq Composite outperformed, closing up 0.2%.
In Asia on Friday, the Japanese Nikkei 225 closed up 0.4%, and the Hang Seng trades down 0.3%. The Shanghai Composite is trading up 1.0%.
Brent crude is quoted at USD54.39 a barrel Friday, and US benchmark West Texas Intermediate is quoted at USD45.42 a barrel. Gold is quoted early Friday at USD1,171.72 an ounce.
In the corporate calendar Friday, JKX Oil & Gas, Dunedin Enterprise Investment Trust and Gamma Communications releases full-year results. Berkeley Group Holdings publishes an interim management statement, while Investec issues a trading statement.
In the economic calendar, the German producer prices index is at 0700 GMT, while eurozone current account is at 0900 GMT. UK Public sector net borrowing is at 0930 GMT.
By Daniel Ruiz; [email protected]
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