European shares were little changed on Friday as drugmakers came under pressure on worries the U.S. government may intervene over high drug prices, while Federal Reserve chairman Jerome Powell’s dovish comments helped limit losses. The pan-European STOXX 600 index ended flat with a gain of 0.06%. The CAC 40 gained 0.38%, while the DAX led the FTSE 100 lower. They fell 0.07% and 0.05% respectively.
U.S. Stocks climbed to records and oil prices surged this week, as investors bet the Federal Reserve will be able to forestall a downturn. The three main indexes hit record intraday highs on Friday, continuing a strong run for the week on hopes of an interest rate cut this month, while investors waited for the start of the corporate earnings season next week. The Doe Jones Industrial Average jumped 243.95 points, or 0.90%, to 27,332.03. The &PM500 gained 13.86 points or 0.46% to end the day at 3,013.77, notching its first close above 3,000. The Nasdaq Comosite advanced 48.10 points or 0.59% to 8,244.14.
Oil prices were little changed on Friday as U.S. Gulf of Mexico crude output dropped by more than half from disruptions caused by a tropical storm, but concerns over a global crude surplus in the months ahead limited gains. Brent crude LCOc1 futures settled at $66.72 a barrel, climbing 20 cents or 0.30%,. U.S. West Texas Intermediate (WTI) crude CLc1 futures settled at $60.21 a barrel, up 1cent or 0.02%.
Shares in Asia Pacific are lower in today morning trade following the release of GDP data that showed the Chinese economy growing at its slowest pace in at least 27 years. The Markets started the week on a softer note after posting their first weekly decline since early June. The Shanghai Composite is off 0.28% while the Hang Seng is down 0.16%. The Nikkei 225 is up 0.20%. The Kospi loose 0.07%. The ASX 200 is down 0.42%.
SGX Nifty Futures in Singapore Exchange is trading 38.50 points or 0.33% up at 11,585.00
Our Markets are likely to open higher today in line with the positive trend observed in the Global markets.