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LONDON (Alliance News) - UK shares are set to open higher Friday, with an early focus on UK gross domestic product, due at 0930 BST before attention turns later to the Jackson Hole symposium taking place in the US.
Lloyds Bank notes the first estimate for UK GDP for the second quarter indicated that activity picked up by 0.7% quarter-on-quarter from a 0.4% print in the first quarter.
"While we expect the preliminary figure to be repeated, there will be some interest in the expenditure breakdown which is anticipated to show a strong, albeit likely temporary, contribution from net trade," says the bank.
IG says futures indicate the FTSE 100 to open 4 points higher at 6,196.30. The index closed up 3.6% at 6,192.0 on Thursday.
London shares also are expected to take a lead from Asian stocks, which are trading higher Friday. The Japanese Nikkei 225 trades up 2.8%, while in China, the Hang Seng is up 0.6% and the Shanghai Composite is up 1.8%.
Amid concerns about economic growth of the country and several stimulus measures by the People's Bank of China, data from the National Bureau of Statistics showed Friday that profits earned by Chinese industrial enterprises decreased in July after rising in the previous month.
Industrial profits fell 2.9% year-over-year to CNY471.56 billion in July following a 0.3% rise in the preceding month. The agency said the fall in industrial profit for the month was impacted by a slowdown in industrial production and sales growth, a decline in industrial producer prices and raw material purchase price, and a fall in investment income.
Wall Street enjoyed another positive session Thursday, with the Dow 30 closing up 2.3%, the S&P 500 up 2.4% and the Nasdaq Composite up 2.6%.
Investors are focusing on the Jackson Hole Symposium, which started on Thursday, where key Fed officials are expected to speak. Though US Fed Chair Janet Yellen is not expected to attend, Fed Vice-Chairman Stanley Fischer speaks on Saturday.
The Commerce Department released a report Thursday showing that US real gross domestic product increased by 3.7% in the second quarter compared to the previously reported 2.3% growth. With the upward revision, the pace of GDP growth in the second quarter was even stronger than the 3.2% jump expected by economists.
Meanwhile, the Labor Department data showed that first-time claims for US unemployment benefits decreased modestly in the week ended August 22nd. The report said initial jobless claims edged down to 271,000, a decrease of 6,000 from the previous week's unrevised level of 277,000. Economists had expected claims to dip to 270,000.
In a busy month-end UK corporate calendar Friday, Bwin.Party Digital Entertainment, 888 Holdings, Computacenter, Huntsworth, Harworth Group, Henry Boot, UTV Media, Candover Investments, John Laing Infrastructure Fund, Dunedin Enterprise Investment Trust, Charles Taylor, Exova Group, Lavendon, Restaurant Group, British Polythene, Chesnara and Matomy Media all release half-year results.
Also in the economic calendar, eurozone consumer confidence data are due at 1000 BST, while the German consumer price index is due at 1300 BST. In the US, personal income and spending are expected at 1330 BST, while the Reuters/Michigan consumer sentiment index is due at 1500 BST.
By Daniel Ruiz; danielruiz@alliancenews.com
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