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U.S. Stocks To Open Higher, UK Business Investment Rises

By CMC Markets (Jasper Lawler)Market OverviewAug 26, 2016 11:14
uk.investing.com/analysis/us-stocks-to-open-higher-uk-business-investment-rises-200150163
U.S. Stocks To Open Higher, UK Business Investment Rises
By CMC Markets (Jasper Lawler)   |  Aug 26, 2016 11:14
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Stocks in Europe have opened slightly lower on Friday. A reported profit drop at French media giant Vivendi (PA:VIV) coupled with its ongoing spat with Mediaset helped European benchmarks continue the week-long slow drift downwards.

Healthcare stocks were the biggest drag on the FTSE 100 for the second-day running, with Shire (LON:SHP) falling over 1%. The Healthcare SPDR ETF (NYSE:XLV) was the biggest decliner among S&P 500 sector-tracker funds on Thursday. Investors are pulling funds from what now seems to be one of the most politically-sensitive industries in the run up to the US presidential election.

The Friday before the August bank holiday Monday has replaced suited commuters with sandal-wearing holidaymakers. The mass exodus from the City of London was felt in a very quiet opening for financial markets.

The British pound saw a brief spike following data confirming UK GDP rose 0.6% q/q (2.2% y/y) with a 0.5% rise in business investment. Sterling had seen a slight uplift beforehand, with survey data showing consumer confidence rebounded from post-Brexit jitters according to YouGov/CEBR.

A preliminary estimate of French GDP confirming second quarter stagnation (0% growth q/q), unchanged from the flash estimate, had minimal impact on the euro or European indices.

Stocks in the US look set for a higher open ahead of the hotly-anticipated speech from Fed Chair Janet Yellen at the Jackson Hole symposium (at 3pm BST).

USA pre-opening levels

S&P 500: 3 points higher at 2,175

Dow Jones: 23 points higher at 18,471

Nasdaq 100: 6 points higher at 4,781

Disclaimer: CMC Markets is an execution only provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed.

No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

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U.S. Stocks To Open Higher, UK Business Investment Rises
 

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U.S. Stocks To Open Higher, UK Business Investment Rises

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