European shares are expected to begin Friday’s session on a high note, as investors wave goodbye to 2017 and look ahead to what the New Year will bring for markets.
On the bourses front, the U.K.’s FTSE 100 is expected to open 8 points higher at 7,626, while the German DAX is set to open 21 points higher at 12,993 and the French CAC up 10 points at 5,341, according to IG.
Trade is expected to be relatively lighter than usual on Friday, with the session marking the last day of trade in 2017. Investors will now be looking ahead as to what 2018 will deliver in terms of market-moving events and key trends.
Looking overseas, U.S. stocks closed slightly higher, with the Dow Jones industrial average notching another record close Thursday: its seventy-first record close of the year. Meanwhile in Asian-Pacific trade, stocks showed a mixed to positive session, as investors monitored the latest moves in copper and the U.S. dollar.
Switching back to Europe, the U.K.’s FTSE 100 is expected to close early, at 12:30 p.m. London time, with Ireland closing shortly afterwards. Other indices such as the Euronext, IBEX and German DAX are expected to trade their normal hours.
In individual stock news, Volkswagen said that it would petition Germany’s constitutional court, to try and overturn the appointment of a special auditor to investigate the actions concerning the management of the “Dieselgate” emissions scandal; Reuters reported.
Meantime, tech stocks and semiconductor companies will be in focus Friday. This comes on the back of news that Apple had apologized over the handling of its battery issue, adding that it would make a number of changes for customers “to recognize their loyalty” and try to regain the trust of anybody who could have doubted the intentions of the tech giant. Earlier on this month, Apple admitted to slowing older iPhones with flagging batteries.
Looking to geopolitics, President Donald Trump said he was “very disappointed” following a report that China could have run afoul of international sanctions by providing oil to North Korea. In a tweet published Thursday, the U.S. president said there would “never be a friendly solution” to the issue surrounding the isolated state, if this alleged action continued to occur.
Looking to commodities, oil prices were trading higher with U.S. crude trading above $60 a barrel, hitting their highest levels since the middle of 2015. Prices were lifted on the back of an unexpected decline in commercial crude inventories and U.S. production.
No major data or earnings are expected to be released.
Source: cnbc
European markets point to a positive open on last trading day of the year