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LONDON (Alliance News) - UK equities are set to follow their Asian and US counterparts lower Friday.
Global stocks mostly closed in the red Thursday as investors shed equities after weak manufacturing PMI numbers from China reignited fears the world's second largest economy is slowing. In the US, the DJIA closed down 0.8%, with the S&P 500 down 0.9%.
Chinese service-sector PMI data provided further cause for concern Friday.
The latest survey from the China Federation of Logistics and Purchasing revealed that non-manufacturing business activity in China slipped to a seasonally adjusted score of 54.6 in December. While the headline figure remains comfortably above 50, the score which separates expansion from contraction, the score is down sharply from 56.0 in November.
In Asia, the Hang Seng currently trades 2.1% lower.
IG indicates to the FTSE 100 to open around 0.2% lower at approximately 6,709 points. The UK's headline index celebrates its thirtieth birthday Friday.
In data just released, Nationwide has revealed that UK house price growth accelerated by more than expected at the end of 2013. House prices increased 8.4% year-on-year in December, after rising 6.5% in November, exceeded expectations of a rise to 7.1%.
Month-on-month, house price growth doubled to 1.4% from 0.7%. Economists were looking for a monthly 0.7% rise.
"A large part of the pick-up in the housing market can be attributed to further improvements in the labour market and the brighter economic outlook, which helped to bolster sentiment amongst potential buyers," Robert Gardner, Nationwide's chief economist said.
The pound edged higher in the immediate aftermath of the release. Ahead of the London stock market open, the currency trades at USD1.6440, EUR1.2038, CHF1.4794 and JPY171.471.
Still to come in the data calendar Friday, UK mortgage approvals, consumer credit and PMI construction data are all scheduled for 0930 GMT. In the US, the ISM New York index is released at 1445 GMT, ahead of a speech from out-going Federal Reserve Chairman Ben Bernanke at 1930 GMT.
In the corporate calendar, FTSE 100-listed Next PLC has released its Christmas trading results. The homeware and clothing retailer said that sales in its fourth-quarter have been significantly ahead of expectations, boosted by online sales and strong trading.
By James Kemp; jameskemp@alliancenews.com; @jamespkemp
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