European markets opened indifferently this morning with the FTSE100 up 0.24% and the DAX down 0.08% following a positive close from US and Asian markets.
In Asia stocks were higher on Friday, while the Nikkei index fell for a fourth day after the dollar decreased to a near 17-month low against the yen overnight, pressuring exporters and dented overall sentiment. The Nikkei lost 1.3% to 16,724.81, the lowest closing level since March 9. China’s Shanghai Composite index was higher by 1.9%.
U.S. oil futures touched new highs for 2016 on Friday on growing optimism that major producers would strike a deal to freeze output, while a more benign interest rate environment also supported prices. U.S. crude was up 3 cents at $40.23 barrel after rising to as much as $40.55 – higher than the previous peak of $40.36 reached on Thursday. Brent crude rose 4 cents at $41.58 per barrel.
In US stocks moved higher on Thursday, pushing the Dow Jones industrial average into positive territory for the year, as commodity prices rose on the back of a weaker U.S. dollar to boost stocks in the energy and materials sectors. The Dow Jones industrial average closed up 0.9%, at 17,481.49. The S&P 500 gained 0.66%, to 2,040.59. FedEx (NYSE:FDX) rose 11.8% after the package delivery company forecast better-than-expected full-year earnings.
UK Company News:
Berkeley Group (LON:BKGH) posted an Interim Management Statement for the November 1 – February 29 period: “Since the half year, we have sold 62 properties at prices over £2M – a similar number to the same period in 2014/15, Berkeley remains on course to deliver £2B of pre-tax profit in aggregate over the three years culminating in 2017/18. The Board anticipates results will be at the top end of expectations and is on target to pay a further £1 per share (in dividend) in September 2016.”
Economic Data:
GE 08:00: Feb PPI MoM, exp.: -0.1%
FR 08:45: 4Q F Wages QoQ, exp.: 0.1%
US 15:00: Mar P U. of Mich. Sentiment, exp.: 92.2
US 15:00: Mar P U. of Mich. Current Conditions, exp.: 106.8
US 15:00: Mar P U. of Mich. Expectations, exp.: 82.5
DISCLAIMER: The above is not considered financial advice or any endorsement to use any particular service. If you wish to use any of the services mentioned, please seek independent advice.
RISK WARNING: Spread betting, CFD, futures and options trading carries a high level of risk to your capital and can result in losses that exceed your initial deposit. They may not be suitable for everyone, so please ensure that you fully understand the risks involved. Past performance of a managed service is not a guide to future performance.