There seems to be no sense of urgency in lapping up stocks as sentiment continues to be impacted by a host of global factors. World markets continue to depress and the start is set to be flat. Asian markets are inching higher and this could bring some respite from the selling witnessed in recent days.
Negative reports on the US economy continue. The US indices came tumbling for the fourth straight day. President Obama will discuss the fiscal cliff with Republican and Democratic leaders of Congress. Data on Thursday showed new claims for unemployment benefits rose last week.
Meanwhile, the eurozone has officially slipped into recession in the third quarter. Growth among the 17 euro countries was reported shrinking 0.1%. The change of guard in China saw Communist Party naming its next seven leaders.
Back home Oil marketing companies will be in focus as a Re 1/litre cut in petrol prices has been announced. In International news, BP agreed to pay $4.5bn in government penalties, Attorney General Eric Holder announced.