1st May 2026 06:59
(Alliance News) - Stocks in London are set to open virtually flat on Friday, as markets take a breather after recent gains, with oil prices easing slightly.
IG says futures indicate the FTSE 100 to open up 2.9 points, marginally higher, at 10,381.72 on Friday. The index of London large-caps closed up 1.6% at 10,378.82 on Thursday.
Brent crude for June delivery was trading at USD111.00 a barrel early Friday, lower than USD114.38 late Thursday.
A number of global financial markets are closed for the Labour Day holiday, including those in China, France, Germany, Ireland, Italy, South Africa, Spain and Switzerland.
In the US, Congress has approved funding for most of the Department of Homeland Security, bringing an end to a record-breaking partial government shutdown that disrupted key agencies for more than two months.
The House passed the measure, which had already cleared the Senate, sending it to US President Donald Trump for signature.
The bill funds major DHS operations through the end of the fiscal year on September 30 but excludes additional money for immigration and border enforcement, leaving the political dispute that triggered the shutdown unresolved. The department had been partially closed since February 14, marking the longest such funding lapse at 75 days.
Sterling was quoted at USD1.3593 early Friday, higher than USD1.3588 at the London equities close on Thursday. Against the euro, sterling rose to EUR1.1593 from EUR1.1578 a day prior.
The euro traded at USD1.1725 early Friday, lower than USD1.1731 late Thursday. Against the yen, the dollar was quoted at JPY157.23 versus JPY156.65.
President Trump also said he would remove tariffs on Scottish whisky in honour of the UK's King Charles III and Queen Camilla as they concluded their state visit.
The move represents a notable trade concession to Britain despite tensions linked to the Iran conflict.
Scotch whisky has faced a 10% tariff during Trump's second presidency, with a higher rate previously suspended under a trade truce set to expire later this year. Trump said he was "removing the tariffs and restrictions", noting the decision also related to trade with Kentucky, a key US bourbon-producing state.
In the US on Thursday, Wall Street ended higher, with the Dow Jones Industrial Average up 1.6%, the S&P 500 up 1.0% and the Nasdaq Composite up 0.9%.
In after-hours trading, Apple Inc shares rose 1.9% as the company reported a record first quarter, with double-digit growth across all regions, though the results drew a muted reaction.
The Cupertino, California-based iPhone maker said net income rose 19% to USD29.58 billion in the March quarter from USD24.78 billion a year earlier. Earnings per share increased to USD2.02 from USD1.65, with diluted EPS at USD2.01, ahead of the USD1.95 LSEG consensus.
Net sales jumped 17% to USD111.18 billion from USD95.36 billion, driven by a 22% rise in iPhone sales to USD56.99 billion.
"Today Apple is proud to report our best March quarter ever," said Chief Executive Officer Tim Cook.
In Asia on Friday, the Nikkei 225 index in Tokyo was up 0.6%. The S&P/ASX 200 in Sydney was up 0.7%.
Meanwhile, the European Union's landmark trade agreement with the South American Mercosur bloc has provisionally come into force, despite an ongoing court challenge over its legality.
The deal, finalised in January after more than 25 years of intermittent negotiations, creates one of the world's largest free-trade zones.
It is expected to boost European exports of goods such as cars, wine and cheese, while easing access for South American agricultural products, including beef, poultry, sugar, rice, honey and soybeans, into European markets.
Gold was quoted at USD4,611.163 an ounce early Friday, lower than USD4,616.72 on Thursday.
In Friday's corporate calendar, MJ Gleeson issues a trading statement, NatWest Group reports first-quarter results, while Pearson and Rotork also release trading updates.
In the economic calendar on Friday, Nationwide will release UK house price data.
Further Canada manufacturing PMI, Switzerland retail sales, UK mortgage approvals, UK manufacturing PMI, and US manufacturing PMI and ISM manufacturing PMI are due.
By Eva Castanedo, Alliance News reporter
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