Proactive Investors - Blue-chips called higher after Dow ends November with a flourish
The FTSE 100 is expected to make a bright start after strong gains by US blue-chips and ahead of a raft of PMI readings in Europe, the UK and US.
Spread betting companies are calling London’s lead index up by around 29 points after closing up 30.29 points, 0.4%, at 7,453.75 on Thursday.
In the US on Thursday, Wall Street ended mixed, with the Dow Jones Industrial Average up 1.5%, rising more than 500 points, the S&P 500 up 0.4% and the Nasdaq Composite down 0.2%.
Equities received a boost on Thursday from cooling inflation figures in the US and Europe raising hopes that interest rates would be cut sooner than thought.
Energy stocks will be in focus after the oil price slipped despite Opec agreeing a further production cut.
This ws soon followed by figures which showed US oil production hitting record levels easing fears over supply.
Michael Hewson noted: “Concerns over weak demand and an economic slowdown has also weighed on oil prices with Brent prices falling for the 2nd month in a row, despite OPEC+ agreeing an additional 1m barrel a day production cut on top of the original Saudi cut announced in April this year.”
“The announcement of the new agreement was immediately overshadowed by Angola breaking ranks and saying it would continue to pump as before, and seeding doubt as to whether other OPEC members would do the same.”
“Overshadowing the cut, the announcement the US reported record output of its own of 13.2m barrels a day, with the IEA saying it expected to see the oil market return to surplus next year.”
Back in London, and the early focus will be the Nationwide House Price Index with manufacturing PMI figures due at 09:30 GMT.