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FTSE 100 set for subdued start despite strong showing on Wall Street

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UK markets are set for a subdued start as we head into the Easter break, despite a solid showing overnight from Asian markets.

Spread betting firms indicate the FTSE 100 will open eight points lower at 6,578.

Asian markets rose for the second day in a row Thursday after better than expected US industrial production data.

In Japan, the Nikkei 225 is up 0.1% at 14,426 while in Hong Kong the Hang Seng is 0.4% firmer at 22,780.

US markets had a good day, helped by some decent corporate news flow.

The Dow Jones rose 1% to 16,425, the S&P 500 advanced 1.1% to 1,862, while the tech-heavy NASDAQ Composite outdid them both, climbing 1.3% to 4,086, as former internet star Yahoo! went on a surge, largely on the strength of its substantial stake in Asia-focused e-commerce site Alibaba.

In the UK, it would be apposite were chocolatier Thorntons to be the major result on the day before Easter but in fact it is Johnnie Walker spirits giant Diageo (LON:DGE).

Nomura is warning investors not to expect a quick recovery in the trading statement.

The broker said: “We expect Q3 revenue +1.8%, in line with H1 (+1.7%) vs comps +4.0%. With H1 results, the company had indicated a slightly better H2 momentum v H1, but we believe that this will be marginal with emerging markets still soft.”

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