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LONDON MARKET EARLY CALL: Stocks called higher; eyes on German CPI

Fri, 09th Feb 2024 06:53

(Alliance News) - Stocks in London are set to open higher on Friday, ahead of inflation data from the eurozone's largest economy, Germany.

IG says futures indicate the FTSE 100 to open up 11.5 points, 0.2%, at 7,607.3 on Friday. The index of London large-caps closed down 33.27 points, 0.4%, at 7,595.48 on Thursday.

Brent oil was trading at USD81.50 a barrel early Friday, higher than USD81.02 late Thursday.

"Crude oil leapt higher as Israel took hope for a ceasefire agreement off the table, triggering a wave of buying as geopolitical risk went on the boil again. Prime Minister Benjamin Netanyahu said that he sees no other solution than total victory following a counteroffer from Hamas for a ceasefire. This comes amid a military escalation against Iranian-backed 'terrorist' factions by the US and UK concerns," said SPI Asset Management's Stephen Innes.

Sterling was quoted at USD1.2619 early Friday, higher than USD1.2609 at the London equities close on Thursday.

The euro traded at USD1.0774 early Friday, lower than USD1.0763 late Thursday. Against the yen, the dollar was quoted at JPY149.38, flat versus JPY149.39.

In the US on Thursday, Wall Street ended higher, with the Dow Jones Industrial Average and the S&P 500 were both up 0.1%, and the Nasdaq Composite up 0.2%.

On Friday, financial markets in Shanghai are closed for the Chinese New Year. Markets in Hong Kong will have an abbreviated session.

The Nikkei 225 index in Tokyo was up 0.1%. In China, the Hang Seng index in Hong Kong closed down 0.8%. The S&P/ASX 200 in Sydney closed up 0.1%.

Gold was quoted at USD2,033.01 an ounce early Friday, higher than USD2,029.31 on Thursday.

In Friday's economic calendar, there is a German inflation reading at 0700 GMT, and Irish industrial production at 1100 GMT.

The local corporate calendar has a trading statement from housebuilder Bellway.

By Sophie Rose, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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