US futures signalling a higher open
US futures were pointing to a higher open for US equities after the Thanks Giving holiday. A rally in Europe yesterday saw US futures track higher with the S&P indicted to open 10 points higher at the time of writing.
Chinese stocks rally despite rising COVID cases
Chinese COVID cases are rising rapidly and city streets are empty as the population attempts to avoid catching the virus. However, equities are seemingly pricing in additional stimulus from the Chinese authorities to help support the economy.
UK housebuilders fall
Berenberg has lowered their price targets on FTSE 100 housebuilders Taylor Wimpey, Barrat Developments, and Persimmon. Their shares were among the worst performers in early trade on Friday.
Oil prices dip
Oi traders have navigated a choppy week and were faced with fresh concerns about the Chinese economy and Russia price caps on Friday.
“There are palpable concerns that Chinese authorities will reintroduce widespread restrictions which would severely dent economic activity. At the same time, there are reports of a high price cap by G7 nations on Russian oil, which has further eased supply worries,” said Sophie Lund-Yates, Lead Equity Analyst at Hargreaves Lansdown.
SSE sells transmission business stake
SSE shares were ticking higher on Friday morning after announcing the sale of a 25% stake in their transmission business to the Ontario Teachers’ Pension Plan Board in a £1,465m deal.