European markets are set for a modest open on Friday after closing the previous session at their highest level since April 2022.
Stateside, stock futures were slightly lower in early premarket trading on Friday ahead of a suite of big bank earnings, with JPMorgan Chase, Wells Fargo, Citigroup and Bank of America all due to report before the bell on Wall Street.U.K. GDP grew 0.1% in November, according to data from the Office for National Statistics, defying economist expectations and reducing the likelihood that the economy entered a technical recession in the fourth quarter.
"Today's data can hardly disguise the likelihood that whilst recessionary conditions may be shallow, an economic contraction is underway," said Jeremy Batstone-Carr, European strategist at Raymond James. "What's more, the effects of the Bank's monetary tightening are still to feed through the economy fully. Together with the corporation tax increase to 25% and the expiration of the tax reduction on new investments, the economy only stands to contract further."Britain's FTSE 100 is seen around 15 points higher at 7,809, Germany's DAX is expected to gain around 21 points to 15,079 and France's CAC 40 is set to open up by around 15 points at 6,991.
"The Board judges that the additional 25 basis points hike is warranted to ensure price stability, as inflation still remains high and is projected to be above the target level for a considerable time," the Bank of Korea
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