27th Mar 2015 07:02
LONDON (Alliance News) - UK shares are set to open slightly higher Friday, but analysts say concerns about a slowing US economy, a looming deadline for Greece, and another flash point in the Middle East in form of Yemen appears likely to prompt another bout of profit taking across European markets.
Investors will focus a speech by Bank of England Governor Mark Carney at the Bundesbank in Frankfurt, starting at 0845 GMT. A speech in the US after the London market close also will grab attention, as the Federal Reserve Chair Janet Yellen will speak at the Federal Reserve Bank of San Francisco at 1945 GMT.
The market also will eye the revision of the US GDP index data from the fourth quarter of 2014 due at 1230 GMT.
"Expectations are for an upward revision from 2.2% to 2.4%, with personal consumption likely to be the main driver of the upgrade," says Michael Hewson, chief market analyst at CMC Markets.
IG futures indicate the FTSE 100 to open 2 points higher at 6,897. The index ended lower Thursday for third consecutive session, down 1.4% at 6,895.33, amid a broad global equities sell-off, as concerns that the technology sector had become overvalued were compounded by the fresh crisis in the Middle East that sent oil and gold prices sharply higher.
Wall Street ended lower Thursday. The DJIA closed down 0.2%, the S&P 500 ended down 0.2% and the Nasdaq Composite down 0.3%.
In Asia on Friday, the Japanese Nikkei 225 closed down 1.0%, and the Hang Seng trades down 0.1%. The Shanghai Composite is trading up 0.4%.
Brent crude is quoted at around USD58.23 a barrel Friday, and US benchmark West Texas Intermediate is quoted at USD50.41 a barrel. Gold is quoted early Friday at USD1,204.56 an ounce.
In the corporate calendar Friday, Judges Scientific releases full-year results, while Imperial Innovations Group publishes half year results. Carnival releases 2015 first quarter results, while Homeserve and RM issue a trading update.
Also in the economic calendar, UK Natiowide Housing Prices are at 0700 GMT.
By Daniel Ruiz; [email protected]
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