FTSE 100 index poised to open slightly lower on Friday

IG’s FTSE 100 futures estimates show that the index is trading just under Thursday's closing price.

UK blue-chip equity barometer FTSE 100 is mixed in overnight trading, IG data show.

IG's live FTSE 100 futures price estimates showed the index moving sideways along a median price level of 6170 as at 07:00 GMT on Friday 29 May 2020.

This represents a slight dip from the previous day’s peak of 6240, when Footsie futures rose roughly 0.33% just after the regular market had closed.

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European markets rally in anticipation of recovery

The FTSE rallied over 8% just this week alone, as investors braced themselves for the reopening and recovery of economies across the continent.

Over on mainland Europe, Germany’s DAX 30 index and France's CAC 40 also finished Thursday 28 May 1.06% and 1.76% higher respectively.

Thursday’s gains come a day after the European Commission – the executive branch of the European Union (EU) – put forward a proposal for what it called a ‘major recovery plan’ to help EU member nations repair their economies in the aftermath of Covid-19.

Called Next Generation EU, the recovery instrument will be worth 750 billion euros if approved, with over 300 million euros going towards Italy and Spain – the two worst hit countries during Covid-19.

The Covid-19 recovery package, which will be in addition to the long-term EU budget for 2021-2027, will bring the total value of the EU budget to €1.85 trillion.

FTSE’s top gainers and losers

Top performing FTSE 100 constituents on Thursday were: Burberry Group (+7%), Evraz (+6.56%), M&G (+6.3%), Melrose Industries (+5.78%) and Informa (+5.05%).

The biggest losers on the day were: Rolls-Royce (-7.5%), Centrica (-3.98%), HSBC (-2.76%), D S Smith (-2.5%) and Auto Trader Group (-2.21%).

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