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FTSE to open higher after Wall St gains

Source: Reuters - Fri 30th Oct 2009

The FTSE 100 index is seen opening 26-33 points, or up to 0.6 percent higher on Friday, according to financial bookmakers, tracking strong gains overnight on Wall Street and in Asia after the release of above-forecast U.S. growth data on Thursday.

The UK blue chip index closed 57.30 points, or 1.1 percent higher, on Thursday at 5,137.72 after U.S. data signalled the country had come out of recession.

The benchmark index has gained 49 percent since hitting a low in March, helped by three months of consecutive gains from July to September, and looks set to notch another month of gains in October.

U.S. stocks logged their best one-day percentage gain in three months on Thursday as investors saw data showing the U.S. economy returned to growth in the third quarter as brightening the outlook for profits.

Asian stocks bounced back on Friday from their worst drop in two months, with investors taking heart from the United States' return to economic growth, which gave reassurance on the recovery's staying power.

The only domestic macro data of note on Friday will be October GfK UK consumer confidence, with a reading of -15 expected, down from -16 in September. A swathe of U.S. data, however, will be released on Friday, notably the Federal Reserve's favoured measure of inflation.

September personal income and consumption numbers are due out at 12:30 p.m. and the core PCE price index is seen rising 0.2 percent, after a 0.1 percent rise in August.

Later in the afternoon, the New York October ISM index, Chicago October PMI report, and the final reading for the October University of Michigan consumer sentiment index will all be released.

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