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London pre-open: Stocks to rise ahead of non-farm payrolls report
(Sharecast News) - London stocks were set to rise at the open on Friday as investors eyed the latest US non-farm payrolls report, and continued to mull 75-basis point rate hikes by the Federal Reserve and the Bank of England this week.
The FTSE 100 was called to open 40 points higher at 7,228.
CMC Markets analyst Michael Hewson said: "It was another tough day for European and US markets yesterday in the wake of concerns that the Federal Reserve's aggressive stance on inflation will drive the global economy into recession, as the soaring US dollar exports an inflationary shock across the world.
"Asia markets have managed to stabilise somewhat with Chinese markets surging on more unsubstantiated reports that the Chinese government is looking at a reopening strategy.
"While the FTSE100 saw a positive session yesterday that was more to do with the weakness of the pound with the Bank of England once again delivering a muddled message when it comes to monetary policy."
As far as the payrolls report is concerned, Hewson said expectations are for jobs growth to 195,000, which would be the lowest number this year, while the unemployment rate is set to tick back up to 3.6%.
In corporate news, Morgan Advanced Materials lifted profit and revenue guidance as sales for the first nine months of the year rose 10.5%.
The company said it now expected full year organic constant-currency growth to be in the range 7-9%, above previous guidance, and adjusted operating profit to be marginally above the top end of current analysts' forecasts.
Drugmaker AstraZeneca said that its Beyfortus asset had received European Union approval for the prevention of respiratory syncytial virus lower respiratory tract disease in newborns and infants.
AstraZeneca stated that Beyfortus was now the first and only single-dose RSV passive immunisation for the broad infant population, including those born healthy, at term or pre-term, or with specific health conditions.
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