FTSE 100 : Index looking up after upbeat US lead

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The UK benchmark index looks set to open higher on a quiet day in terms of macroeconomic releases, tracking the US higher. Sky (LON:SKY) will be in focus on the corporate front, with major shareholders planning to vote against Twenty-First Century Fox’s $14-billion takeover bid.

Opening calls suggest that the Footsie will start the day 0.30 percent higher at 6,975. The FTSE 100 is likely to take cues from the US where stocks soared to all-time highs on Friday, posting their best week since the presidential election.

“It’s a great time; everyone’s having fun. But people need to remember that bull markets don’t end on pessimism; they end in euphoria. I’d advise people to not get too euphoric,” said Sean O’Hara, director at Pacer Financial, as quoted by CNBC. Sentiment in Asia meanwhile has taken a hit this morning, amid expectations for a rate hike by the US Federal Reserve later this week.

At home, the Footsie added 22.66 points to close 0.33 percent higher at 6,954.21 on Friday, boosted by a 27-percent rise in Sky following Twenty-First Century Fox’s takeover bid.

“The deal is likely to see the light of the day as Murdoch has interest in both the firms. It looks more like some tidy housekeeping,” Jawaid Afsar, senior trader at Securequity, told Reuters. “The news has changed the whole dynamics by putting the sector in play. Some other companies in the sector could attract serious buyers.”

There are no major releases out of Europe to provide direction this morning, and no blue-chip companies are scheduled to update investors on their performance. In other news, Reuters reports that a major shareholder in Sky will vote against Twenty-First Century Fox’s, while another has signalled that it is unhappy about the offer.

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