FTSE 100 preview: Shares to follow US higher
The FTSE 100 index is seen opening higher, tracking strong gains overnight on Wall Street and in Asia after the release of above-forecast US growth data.
Taking stock: Will the FTSE end the week higher?
The UK blue chip index closed 57.30 points, or 1.1% higher, on Thursday at 5,137.72 after the US data signalled the country had come out of recession.
The benchmark index has gained 49% since hitting a low in March, helped by three months of consecutive gains from July to September, and looks set to notch another month of gains in October, if only modest ones.
US stocks logged their best one-day percentage gain in three months on Thursday as investors saw data showing the US economy returned to growth in the third quarter as brightening the outlook for profits.
Asian stocks bounced back on Friday from their worst drop in two months, with investors taking heart from the United States' return to economic growth, which gave reassurance on the recovery's staying power.
British consumer confidence rose in October to its highest level since January 2008, after improvements in households' financial situation and view of the past 12 months, a monthly survey by GfK NOP showed on Friday.
GfK's headline confidence indicator rose 3 points to -13, slightly better than analysts' forecasts of a rise to -15, and continuing an unbroken string of monthly increases in place since January.
No other domestic macro data will be released on Friday, however, a swathe of US data is due, notably the Federal Reserve's favoured measure of inflation.
September personal income and consumption numbers are due and the core PCE price index is seen rising 0.2%, after a 0.1% rise in August.
Later in the afternoon, the New York October ISM index, Chicago October PMI report, and the final reading for the October University of Michigan consumer sentiment index will all be released.
European Union competition regulators hope to adopt a decision on the restructuring of Lloyds Banking Group in the coming weeks, a European Commission spokesman said on Thursday.
More than 400 British managers at the oil giant will lose their jobs by the end of 2009 as the Royal Dutch Shell presses on with its Transition 2009 restructure, the Times said.
BAE Systems has told its staff 590 jobs will be axed, with more than a third going at its Newcastle facility, the Times said.
There will be updates today from Shire, WPP Group, F&C Asset Management, Meggitt, Evolution Group, Feedback and Celtic.
Most watched Money videos
- The new Volkswagen Passat - a long range PHEV that's only available as an estate
- Mini Cooper SE: The British icon gets an all-electric makeover
- Mail Online takes a tour of Gatwick's modern EV charging station
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- Land Rover unveil newest all-electric Range Rover SUV
- MailOnline asks Lexie Limitless 5 quick fire EV road trip questions
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- Mercedes has finally unveiled its new electric G-Class
- Mini celebrates the release of brand new all-electric car Mini Aceman
- Leapmotor T03 is set to become Britain's cheapest EV from 2025
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Watches of Switzerland defies luxury slowdown with...
- Barclays and HSBC cut mortgage rates: Is the tide turning?
- Drivers are being stung at the pumps by fuel retailers...
- Ambrosia owner Premier Foods profits boosted by...
- EasyJet boss to step down as airline reveals it raked in...
- BT Group ups dividend despite losing almost...
- Superdrug unveils plans to open 25 new stores this year -...
- Reality TV stars charged by City watchdog over...
- Time to wind back the tourist tax, says Watches of...
- Sage Group shares suffer 'hyperbolic' sell-off as group...
- United Utilities revenues near £1.9bn thanks to higher...
- Future shares jump after publisher declares £45m share...
- The future of the Royal Mail is not just a matter for the...
- Stock market chief insists there is a 'strong cause for...
- BUSINESS LIVE: BT to boost free cash flow; EasyJet CEO to...
- David Beckham teams up with Hugo Boss to design menswear...
- MARKET REPORT: Dow Jones tops 40,000 as investors bet on...
- Turbulence at Easyjet as boss stands down sending share...