13th Mar 2015 07:01
LONDON (Alliance News) - London stocks are set to open higher Friday continuing their rebound, as the US markets marked a strong session on Thursday as a result of a pause in the dollar's appreciation against other major currencies in light of another weak US retail sales reading. Asian markets also are higher.
IG futures indicate the FTSE 100 to open 9.2 points higher at 6,770.3. The index closed up 0.6% at 6,761.07 Thursday
On Wall Street Thursday, the DJIA closed up 1.5%, the S&P 500 ended up 1.3%, and the Nasdaq Composite closed up 0.9%.
US retail sales fell unexpectedly in February according to a report by the Commerce Department on Thursday. It said retail sales slid by 0.6% following a 0.8% decrease in January. The drop surprised economists, who had expected sales to rise by 0.3%. Retail sales have now fallen in the US for the last three consecutive months. The figure saw the dollar drop against other major currencies for a time.
Ahead of the open Friday the dollar has resumed its rise. The pound trades the greenback at USD1.4857, and the euro trades at USD1.0577.
In Asia Friday, the Japanese Nikkei closed 1.4% despite a smaller-than-expected rise in Japanese industrial production in January according to final data from the Ministry of Economy, Trade and Industry. Industrial output advanced 3.7% month-on-month in January, slower than the 4% expansion estimated initially. In December, production grew 0.8%
The Hang Seng trades up 0.3% and the Shanghai Composite is up 0.6%.
In the corporate calendar, JD Wetherspoon is reporting half-year results, and recruitment company Sthree will issue a first quarter interim management statement. Oxford Biomedica and Independent News & Media report full-year results.
In the economic calendar German wholesale price is at 0700 GMT, US producer price index is at 1230 GMT, and the Reuters/Michigan Consumer Sentiment Index is at 1355 GMT.
By Neil Thakrar; [email protected]; @NeilThakrar1
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