LONDON (ShareCast) - City sources predict the FTSE 100 will open up three points from yesterday's close of 5,791, with investors left largely without direction as both markets in the US and Japan were closed for business overnight.
Friday is set to be another quiet day on London's stock market with Wall Street only open until lunchtime.
Trade volumes were said to be very light on Thursday with US equity and bond markets Stateside closed for the Thanksgiving holiday.
Back in the UK, the British Bankers’ Association will publish its deposit and lending data for October at 09:30. The data will provide some indication of whether the Funding for Lending Scheme (FLS) is having an early effect on lending activity, economists at Barclays Research write.
Markets will likely keep a close eye on developments in the Eurozone with leaders at the EU summit looking to establish a new long-term budget for the 2014-2020 period.
Research analyst Joshua Mahony from Alpari said: “The meeting pulls together the leaders of each of the 27 European Union member states and is expected to be a rather frosty affair given the propensity those involved to use the meeting as a show of strength to their domestic electorate.”
In company news, mining giant ENRC is putting more on its Chairman's plate in order to let its Chief Executive Officer (CEO) focus more on cost and operational efficiencies, the firm said on Friday morning. ENRC said it would be "extending the role" of Chairman Mehmet Dalman with immediate effect, giving him direct responsibility for corporate functions including finance, risk, human resources, legal & compliance and investor relations.
Xstrata Nickel, the industrial partner in the Koniambo Nickel Project, has completed the construction of the first production line of the smelter, with first metal from the line expected to be tapped in January. The necessary support services and operational infrastructure are currently undergoing pre-operational testing and commissioning, the firm said, adding that the majority of its construction resources will now be devoted to the construction of a second production line.
Utilities giant Severn Trent has voiced concerns with Ofwat's proposed water price controls in response to a statement by the regulator this week which welcomed 'constructive' criticism. Industry regulator Ofwat released a statement on Tuesday evening that sought to clarify some licence modification proposals following requests for more information from shareholders.
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