(Alliance News) - Stocks in London are set to open higher on Friday, ahead of key US economic data.

The main focal point for the day will be the US non-farm payroll report, which could help set the direction for the Federal Reserve interest rate outlook. Friday's data is expected to show that nonfarm payrolls rose to 180,000 last month, from 150,000 in October.

The data will be an indicator of the health of the US labour market, ahead of the Fed's interest rate decision on Wednesday next week.

"The fact that the data released earlier this week hinted at a clear loosening in the US jobs market makes many investors think that today's official data will also follow the loosening trend. If the data is soft enough, the rally in the US bonds could continue," said Ipek Ozkardeskaya, Swissquote Bank senior analyst.

Here is what you need to know at the London market open:

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MARKETS

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FTSE 100: called up 14.6 points, 0.2%, at 7,528.32

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Hang Seng: down 0.1% at 16,331.32

Nikkei 225: closed down 1.7% at 32,307.86

S&P/ASX 200: closed up 0.3% at 7,194.90

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DJIA: closed up 0.2% at 36,117.38

S&P 500: closed up 0.8% at 4,585.59

Nasdaq Composite: closed up 1.4% at 14,339.99

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EUR: down at USD1.0780 (USD1.0791)

GBP: down at USD1.2579 (USD1.2580)

USD: up at JPY144.16 (JPY144.07)

Gold: up at USD2,030.45 per ounce (USD2,028.77)

Oil (Brent): up at USD75.67 a barrel (USD74.52)

(changes since previous London equities close)

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ECONOMICS

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Friday's key economic events still to come:

China EU-China summit concludes

11:00 GMT Ireland industrial production

08:30 EST US jobs report

10:00 EST US University of Michigan consumer sentiment index

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BROKER RATING CHANGES

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Goldman Sachs raises J Sainsbury to 'buy' (neutral) - price target 350 (305) pence

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Citigroup starts Kingspan with 'neutral' - price target 75 EUR

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COMPANIES - FTSE 100

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Anglo American said production in 2023 is likely to have increased by around 3%, as its CEO Duncan Wanblad said "the prospects for mined products have rarely looked better". However, it expects production to fall by around 4% next year and a further 3% or so in 2025, as it reschedules to enhance value and reduce unit costs, before production rises around 4% in 2026. "Operationally, we are improving cost performance and cash generation by reconfiguring a number of our assets to adjust the production profile to near term constraints and market conditions, and thereby also protect longer term value," explained CEO Wanblad.

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Berkeley Group reported bottom-line progress in its interim period. In the six months to Ocotber 31, pretax profit climbed 4.6% year-on-year to GBP298.0 million from GBP284.8 million. Revenue slipped 0.% to GBP1.19 billion from GBP2.00 billion. Looking ahead, the company said it is targeting at least GBP1.5 billion in pretax profit over the current and next two financial years. "In the six months, we have delivered 1,785 new private and affordable homes, of which 87% are on brownfield land, and provided over GBP250 million in subsidies to deliver affordable housing and commitments to wider community and infrastructure benefits, more than 100% of the post-tax profit generated in the period," said Chief Executive Rob Perrins. However, he added that uncertainty caused by planning, tax, and regulatory regimes is making urban regeneration increasingly difficult to progress. The firm will remain focused on cutting costs and investing in work in progress. "We are ready and able to deploy capital into new opportunities once the market and regulatory cycles inflect and returns can be earned commensurate with the level of upfront investment and operational risk we undertake," Perrins explained.

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COMPANIES - FTSE 250

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IG Group said Breon Corcoran will join as its new CEO from January 29 next year, subject to regulatory approval. He was previously CEO of WorldRemits until 2022, and led Paddy Power Betfair until 2018, and is currently non-executive chair of Auction Technology Group. "He is a proven leader of high performing teams within multinational organisations, with an ability to deliver results for all stakeholders. The board is confident that Breon is the right person to lead IG and deliver the next phase of growth," said IG Chair Mike McTighe.

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OTHER COMPANIES

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Christie Group, the AIM-listed financial, inventory and systems services provider, warned some of its transactions that were expected to close before the end of the year will likely be pushed into 2024. "Buyers and vendors actively working towards contractual exchange have indicated their intention to delay transactions into 2024 to avoid pre-Christmas operational disruption to their businesses," the firm explained. Consequently, it means the company's full-year result is set to be below market expectations.

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By Elizabeth Winter, Alliance News deputy news editor

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