FTSE 100 preview: US profits fuel rally
The FTSE 100 is seen rising on Friday, on track to extend its winning run into a third straight session, taking its cue from Wall Street which rose on optimism about upcoming earnings.
Taking stock: Shares souyld rise today.
The UK blue chip index looks set to advance 46-49 points, or as much as 0.8%, according to financial bookmakers, after it closed up 84.99 points, or 1.5%, at 5,880.87 on Thursday.
'Markets look set to repeat yesterday's bullishness as traders shrug off any negativity surrounding the euro zone debt crisis and instead focus on improving corporate earnings,' Jonathan Sudaria, a dealer at Capital Spreads, said.
Standard & Poor's downgraded Portugal's credit ratings by two notches to BBB on Friday and warned it could cut it again by one notch as early as next week depending on the final shape of the euro zone bailout fund. S&P's move followed a two-notch cut by Fitch on Thursday.
European leaders agreed on Thursday to increase their financial rescue fund to the full €440bn by June, but avoided discussion of Portugal which is under pressure to seek a bailout following the resignation of its prime minister.
The FTSE 100 has rallied back to levels last seen just before the earthquake in Japan, aided by miners with investors focused on rebuilding opportunities in the country.
Technical analysis was positive for the index in the short term.
'With the close (on Thursday) nearly at the high of the day, expectations are for a continuation to the upside on Friday,' James Hyerczyk, an analyst at Autochartist, said.
'A recent top near 6,054.00 appears to be a bona fide target,' he said.
No domestic economic data was due on Friday.
On the other side of the Atlantic, US final fourth-quarter GDP is due, and the March final Reuters/University of Michigan consumer sentiment survey is scheduled for release.
BP and Rosneft, Russia's largest oil company, have been blocked by an arbitration panel from forming an alliance to explore for oil in the Russian Arctic and executing a $16bn share swap.
The bank appears to be the main focus of an international regulatory probe into alleged manipulation of LIBOR rates, the benchmark price for interbank borrowing costs, the Financial Times reported, citing people familiar with the investigation.
Aviva has put its RAC roadside rescue business up for sale as part of a drive to dispose of non-core businesses, the Financial Times reported, citing unnamed sources.
There will be results today from Concurrent Technologies and Songbird Estates.
Most watched Money videos
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- Blue Whale fund manager on the best of the Magnificent 7
- BMW meets Swarovski and releases BMW i7 Crystal Headlights Iconic Glow
- MailOnline asks Lexie Limitless 5 quick fire EV road trip questions
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- The new Volkswagen Passat - a long range PHEV that's only available as an estate
- Mini celebrates the release of brand new all-electric car Mini Aceman
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- Land Rover unveil newest all-electric Range Rover SUV
- Mini Cooper SE: The British icon gets an all-electric makeover
- Mercedes has finally unveiled its new electric G-Class
- Anglo American to restructure operations as it rejects...
- Childcare vs pay: The salary you need to make being a...
- HMRC phone customers spent 798 YEARS on hold in single...
- AJ Bell launches 'ready-made pension' to help savers find...
- Why 16 to 24-year-olds are putting their parents to shame...
- MARKET REPORT: Vodafone shares rally as investors cheer...
- De Beers eyes £4bn London float as Anglo bids to fend off...
- The new 5.05% limited access account that savers are...
- Hundreds of jobs at risk as Anglo slashes funding for...
- Greggs sales soar as baker's expansion plans roll on with...
- Axe stamp duty on British shares, says Flutter boss as...
- Tesco boss pockets £10m in biggest ever pay deal at a UK...
- I don't want smart meters, so Eon is charging me £316 to...
- Marston's losses narrow amid hopes of summer sporting...
- Currys shares surge after profit guidance upgrade as...
- Scottish Widows gave my ex-wife £8,000 from my pension -...
- My top tips to avoid getting stung in a divorce, by money...
- Royal Mail's future hanging in the balance as bid...