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UK & European stocks closed in the green.
Wall Street futures were in the green early on as
market participants digested quarterly earnings reports from some of the
biggest names in US banking and better-than-expected inflation data.
Gold extended gains after the release of the latest
data on U.S. producer prices, as the U.S. dollar pulled back from two-month
highs on heightened expectations for a Federal Reserve rate cut in November.
Oil eased after a rally the previous day, but
prices remained set for a second straight weekly gain as investors weighed the
impact of hurricane damage on U.S. demand against any broad supply disruption
if Israel attacks Iranian oil sites.
In corporate news, BP followed sector rival Shell
and warned profits would fall by as much as $600m on the back of declining
refining margins and oil trading driven by the global slowdown for fuel
products and weaker crude prices.
Upstream production in the third quarter was now expected to
be broadly flat compared to the prior three months, with output broadly flat in
oil, gas & low carbon energy, the company said in a trading statement on
Friday.
The oil production and operations unit third-quarter result
would be impacted by $100-$300m.
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