13th Mar 2026 06:55
(Alliance News) - Stocks in London are set to open marginally higher on Friday, as oil prices hover around the USD100 mark and investors look ahead to a busy day of economic data including UK gross domestic product.
IG says futures indicate the FTSE 100 to open 0.7 points higher, 0.1%, at 10,305.85 on Friday. The index of London large-caps closed down 0.5% at 10,305.15 on Thursday.
The US is temporarily allowing the sale of Russian oil that is already at sea, the Treasury Department said, as energy prices surged after US-Israeli strikes on Iran plunged the Middle East into war.
The move represents a brief easing of sanctions against Russia, which have been imposed following its invasion of Ukraine.
The Treasury issued a licence authorising the delivery and sale of Russian crude oil and petroleum products that were loaded onto vessels on or before 12:01 am Eastern Time on March 12, through 12:01 am on April 11. The decision follows Washington's move last week to temporarily allow Russian oil stranded at sea to be sold to India.
Brent oil continued to yo-yo around the USD100 mark, trading at USD100.28 a barrel early Friday, higher than USD98.65 late Thursday.
US President Donald Trump signalled his approval of surging global oil prices, arguing that the US is well placed to benefit from the volatility. Writing on his Truth Social platform, Trump noted that the US is the world's largest oil producer. While he campaigned on lowering domestic energy costs, he highlighted the economic upside of higher prices, writing: "When oil prices go up, we make a lot of money."
Trump also said the war against Iran was moving "very rapidly," even as Tehran's new leader vowed defiance in his first public remarks. "The situation with Iran is moving along very rapidly. It's doing very well, our military is unsurpassed," Trump said at the White House.
Sterling was quoted at USD1.3320 early Friday, lower than USD1.3410 at the London equities close on Thursday.
The euro traded at USD1.1493 early Friday, lower than USD1.1522 late Thursday. Against the yen, the dollar was quoted at JPY159.42 versus JPY159.21.
Back in the UK, GDP data and other economic indicators are due at 0700 GMT. Consensus expects UK GDP to rise 0.2% month-on-month in January, accelerating from 0.1% growth in December.
In the US on Thursday, Wall Street ended strongly lower, with the Dow Jones Industrial Average down 1.6%, the S&P 500 down 1.5% and the Nasdaq Composite down 1.8%.
Separately, the US will not impose steep duties on imports of a key battery component from China after a federal agency ruled that the competition had not prevented the establishment of a domestic industry.
Following a 2-1 vote by the International Trade Commission, "Commerce will not issue an antidumping duty order or a countervailing duty order" on imports of active anode material from China.
The ruling came after the Commerce Department initially announced duties of around 160% following an investigation into alleged subsidisation and pricing practices by Chinese producers. However, the decision was subject to a final ruling by the International Trade Commission.
In Asia on Friday, the Nikkei 225 index in Tokyo was down 1.1%. In China, the Shanghai Composite was down 0.9%, while the Hang Seng index in Hong Kong also fell 0.9%. The S&P/ASX 200 in Sydney closed down 0.1%.
Gold was quoted at USD5,093.30 an ounce early Friday, lower than USD5,131.30 on Thursday.
In Friday's corporate calendar, Berkeley Group issues a trading statement, while Glenveagh Properties and Stelrad Group report full year results.
In the economic calendar on Friday, a busy slate of data releases is due, including UK GDP, trade balance, industrial production and manufacturing output. Germany wholesale prices, France CPI, Spain CPI and eurozone industrial production are also scheduled.
In the US, GDP and quarterly personal consumption expenditures data for the fourth quarter are due, alongside the latest monthly PCE reading for January and durable goods orders. Canada will publish unemployment and manufacturing sales data, while Germany current account figures are also expected.
By Eva Castanedo, Alliance News reporter
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