LONDON MARKETS: U.K. Stocks Rise For 3rd Day Ahead Of PMI Report, U.S. Jobs Data
Benchmark on course for weekly win; miners extend gains
U.K. stocks climbed for a third straight session on Friday, on track to extend its weekly winning run ahead of manufacturing data and the closely watched U.S. jobs report.
The FTSE 100 index traded 0.2% higher at 7,444.31, building on a 0.9% rally from Thursday (http://www.marketwatch.com/story/ftse-100-bounces-back-from-1-week-low-as-north-korea-fears-ease-2017-08-30).
The London blue-chip benchmark is now set for a 0.6% weekly advance, as initial worries about a North Korean missile test at the beginning of the week eased and attention turned to upbeat data from China and the U.S.
On Friday, more data from the U.S. as well as the U.K. will be in focus. At 9:30 a.m. London time, or 4:30 a.m. Eastern Time, the August manufacturing purchasing managers index for the U.K. is due and forecast to show a slight pullback to 55.0 from 55.1 in July.
At 1:30 p.m. London time, the top-tier nonfarm payrolls report for the U.S. is on the docket, with investors eager to get a snapshot of the health of the American labor market to gauge the next move from the Federal Reserve. A strong jobs report is seen as strengthening the case for the U.S. central bank to raise interest rates again in December.
"Focus remains on the unemployment rate and wage growth as these remain crucial for the Fed's decisions on quantitative tightening. In line with the continued growth in employment, we expect further declines in the unemployment rate over time," analysts at Danske Bank said in a note on Friday morning.
The pound bought $1.2914 ahead of the report, down from $1.2931 late Thursday in New York.
Read:August employment report likely to show U.S. kept pumping out jobs in late summer (http://www.marketwatch.com/story/august-employment-report-likely-to-show-us-kept-pumping-out-jobs-in-late-summer-2017-08-31)
Stock movers: Miners posted some of the biggest gains in London as metals rose across the board. Shares of Antofagasta PLC (ANTO.LN) gained 1.5%, Glencore PLC (GLEN.LN) put on 1.2% and Anglo American PLC (AAL.LN) added 1%.
(END) Dow Jones Newswires
September 01, 2017 03:54 ET (07:54 GMT)