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LONDON (Alliance News) - Stocks in London are set to open higher on Friday as investors await US second-quarter GDP data for a clue to the US Federal Reserve's interest rate path.
IG futures indicate the FTSE 100 index is to open 23.13 points higher at 7,686.30. The blue chip index closed up 0.1% at 7,663.17 on Thursday.
"A strong GDP figure will support expectations that the Fed will look to raise rates 4 times across the year. Whilst 3 rates hikes are fully priced in, investors remain unsure about the fourth which is only 65% priced in," said London Capital's Jasper Lawler.
The UK corporate calendar on Friday has half-year results from household goods firm Reckitt Benckiser, education publisher Pearson and property portal Rightmove. There are also first-quarter results from telecommunications firm BT Group.
In early news, Anglo-Australian miner BHP Billiton agreed to sell its under-performing onshore US oil and gas assets to BP and Merit Energy for USD10.80 billion.
"This marks the end of an era for BHP as it gives in to pressure from activist investors Elliott Advisors and sells the site, which it purchased at the height of the oil boom. BP investors are expected to cheer the news on the open, with expectation running high that an increased dividend will come off the back of this, as a result of the additional earnings and cash flow," Lawler noted.
The pound was flat against the dollar quoted at USD1.3107 compared to USD1.3114 late Thursday.
In political news, the European Union's chief Brexit negotiator has blown a hole in Theresa May's Chequers plan by flatly rejecting a key element of her proposals for future relations following UK withdrawal.
Central to the UK prime minister's plan, set out in a white paper a fortnight ago, is a "facilitated customs arrangement" under which tariffs charged at the border would be passed on to either the British or EU authorities depending on the destination of imported goods.
Appearing alongside new Brexit Secretary Dominic Raab following their second round of talks in Brussels, Michel Barnier left no doubt that this was not acceptable to the EU.
The economic events calendar on Friday has Germany import and export prices at 0700 BST, Italy producer prices at 0900 BST and US GDP readings at 1330 BST.
In the US, Wall Street ended closed mixed on Thursday as a notable decline by Facebook weighed on the Nasdaq after the social media giant reported better-than-expected second-quarter earnings but weaker-than-expected revenue.
The Dow Jones Industrial Average closed up 0.4%, S&P 500 down 0.3% and Nasdaq Composite both ended down 0.1%.
Late Thursday, Amazon.com reported a surge in profit for the second quarter, driven largely by a sharp 39% growth in revenue. Earnings for the quarter trounced Wall Street estimates, but revenue fell short of expectations.
Seattle, Washington-based Amazon reported second-quarter profit of USD2.53 billion or USD5.07 per share, up from USD197 million or USD0.40 per share last year. Analysts polled by Thomson Reuters expected earnings of USD2.50 per share for the quarter.
Ahead, social media company Twitter is reporting its quarterly figures before the US market open on Friday.
The Japanese Nikkei 225 index is up 0.3%. In China, the Shanghai Composite is down 0.2%, while the Hang Seng index in Hong Kong is down 0.2%.
