(Alliance News) – Stocks in London are expected to open higher on Friday, but not enough to avoid a weekly loss, in what has been a nervy end to the second quarter.
IG said futures indicated the FTSE 100 was set to open 17.2 points higher, or 0.2%, at 8,196.88 on Friday. The London large-cap index closed down 45.65 points, or 0.6%, at 8,179.68 on Thursday. It has lost 0.7% since the start of the week. It is up 2.9% since the start of the quarter.
In New York, the Dow Jones Industrial Average and S&P 500 rose 0.1%, while the Nasdaq Composite gained 0.3%.
In China on Friday, the Shanghai Composite was up 1.3% in afternoon trading, and the Hang Seng was up 0.6%. Tokyo’s Nikkei 225 was up 0.4%, while the S&P/ASX 200 edged up 0.1%.
The FTSE 100 is set to follow stocks in Asia and New York higher, recovering from the jitters it felt on Thursday ahead of the release of US data.
All eyes will be on the latest measure of personal consumption expenditures inflation, the Fed’s preferred measure, on Friday. The data is released at 1:30 p.m. BST.
Core personal consumption expenditure inflation is expected to decline to 2.6% in May from 2.8% in April, according to the consensus cited by FXStreet.
The pound was trading at $1.2631 early Friday, down from $1.2650 at the close of London stock markets on Thursday. The euro settled at USD 1.0691, down from USD 1.0710. Against the yen, the dollar traded at 160.94 yen, up from 160.67 yen.
Brent crude was quoted at $85.71 per barrel, down from $85.13. Gold was quoted at $2,324.56 per ounce, down from $2,327.60.
Alongside Friday’s US data, there is a UK gross domestic product reading at 0700 BST. The figures are expected to confirm that the UK economy grew by 0.6% quarter-on-quarter in the first three months of the year.
There are also flash consumer price index readings from the continent throughout the morning, with a focus on the European Central Bank.
In Friday’s UK business calendar there are the annual results of record currency and asset managers.
By Eric Cunha, Editor-in-Chief of Alliance News
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