9th Jan 2026 06:51
(Alliance News) - Stocks in London are set to open higher on Friday, ahead of US jobs data in the afternoon and a potential tariff ruling from the Supreme Court.
IG says futures indicate the FTSE 100 to open up 27.3 points, 0.3%, at 10,071.99 on Friday. The index of London large-caps closed down just 3.52 points at 10,044.69 on Thursday.
Sterling was at USD1.3430 on Friday morning, down slightly from USD1.3431 at the London equities close on Thursday. The euro was lower at USD1.1651 from USD1.1657. Against the yen, the dollar was higher at JPY157.37 versus JPY156.93.
Investors will be watching US jobs data, due at 1330 GMT.
"The economy is expected to have added around 66,000 nonfarm jobs, average earnings may have slightly accelerated, and the unemployment rate is seen easing from 4.6% to 4.5%," said Swissquote analyst Ipek Ozkardeskaya.
"The thinking goes as follows: a softer-than-expected print could revive Fed cut expectations, pull yields lower and support risk assets — with smaller and more cyclical parts of the market benefiting more than big, tech-heavy names. A stronger-than-expected report could push yields higher and weigh on equity valuations, in which case cash-rich tech companies may outperform. That said, a too-soft report could also be negative for sentiment."
Meanwhile, market attention will also be on the US Supreme Court, as there could be a ruling as to the legality of US tariffs. The court never confirms which cases will be ruled on in advance.
"Principally, participants will concern themselves with two matters – firstly, whether or not tariffs implemented under that provision are struck down; and, secondly, if they are, whether the government must refund those levies which have already been collected," said Pepperstone analyst Michael Brown.
However, Brown sees limited longer-lasting market impact from the decision.
"On the tariff front, there are at least five other sections of commerce law that the [administration] can use to implement tariffs, at similar levels to where they currently stand, meaning that the overall average tariff rate should remain at around 15%. As for refunds, SCOTUS would likely allow some time before those must be paid, given the logistical challenges involved in such an action, while any increase in issuance to pay those refunds would likely be funded via T-bills, thus limiting any long-lasting downside at the long-end of the curve," Brown said.
In the US on Thursday, Wall Street ended mixed, with the Dow Jones Industrial Average up 0.6%, while the S&P 500 was marginally higher and the Nasdaq Composite finished down 0.4%.
The yield on the 10-year US Treasury was unchanged from Thursday's close at 4.18%. The yield on the 30-year widened stayed at 4.85%.
In Asia on Friday, the Nikkei 225 in Tokyo was up 1.6%. In China, the Shanghai Composite was 0.8% higher, while the Hang Seng Index in Hong Kong gained 0.3%. The S&P/ASX 200 in Sydney was slightly lower.
Back in the UK, footfall was down in December as customers held out for post-Christmas sales, the British Retail Consortium reported.
Total footfall decreased 2.9% on an annual basis in December, according to BRC-Sensormatic data covering the five weeks from November 30 to January 3. This represented an acceleration from November's 0.8% decline.
High Street footfall decreased by 0.9% year-on-year in December, having fallen 1.2% on-year in November. Retail Park footfall decreased by 2.5% in December, after a decline of 0.4% the prior month. Finally, Shopping Centre footfall dropped 5.1%, compared with a 1.3% fall in November.
Footfall was down across all UK nations, decreasing by 3.1% in both England and Wales, by 1.5% in Scotland and by 1.7% in Northern Ireland.
Glencore said it is in preliminary discussions with Rio Tinto about a possible combination of some or all of their businesses, which if successful would create the world's largest mining firm.
The Baar, Switzerland-based mining firm was responding to media speculation and said talks could result in an all-share merger between itself and London-based peer Rio.
"The parties current expectation is that any merger transaction would be effected through the acquisition of Glencore by Rio Tinto by way of a court-sanctioned scheme of arrangement," Glencore said in a statement.
Glencore said there is no certainty that the terms of any transaction or offer will be agreed, nor as to the terms or structure of any such transaction or offer, if agreed.
Rio Tinto has until February 5 to announce a firm intention to make an offer for Glencore.
The discussions are the second round of talks in just over a year between the two companies, after Glencore approached Rio Tinto in late 2024 but a deal did not proceed.
Gold was up at USD4,475.70 an ounce early on Friday from USD4,457.01 late Thursday. Brent oil was trading higher at USD62.59 a barrel from USD61.12.
Friday's local corporate calendar has a trading statement from food retailer J Sainsbury.
Friday's global economic calendar has closely watched US jobs data, including nonfarm payrolls and unemployment figures, Canada unemployment numbers and a eurozone retail sales report.
By Michael Hennessey, Alliance News reporter
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