4th Jul 2025 06:55
(Alliance News) - London stocks are set to open lower on Friday, following a soft retail sales data reading and ahead of the US potentially informing its trading partners of their new tariff rates.
IG says futures indicate the FTSE 100 to open down 17.40 points, 0.2%. at 8,805.80 on Friday. The index of London large-caps closed up 48.51 points, 0.6%, at 8,823.20 on Thursday.
The UK high street suffered a disappointing June with consumers being "incredibly cautious" amid rising job losses and volatile geopolitics, latest figures show.
Sales rose by just 0.6% year on year while online sales saw a 4.3% increase as consumers adapted their shopping behaviour to the warm temperatures, according to the latest High Street Sales Tracker from accountancy and business advisory firm BDO.
The disappointing store figures reflected the high street's continued struggle to attract shoppers, BDO said.
Meanwhile, an estimated GBP40.7 billion in savings collectively held by "self-made" people who have risen up the income rankings could be unlocked and invested towards fuelling UK economic growth, according to research.
The research, released by Santander UK in partnership with the Centre for Economics & Business Research, described people in the self made bracket as those who had a modest start in life but now sit in the UK's top fifth of earners.
An annual income of GBP52,000 was estimated to place people within approximately the top fifth of earners in the UK.
Sterling was quoted at USD1.3680 early Friday, higher than USD1.3654 at the London equities close on Thursday.
The euro traded up at USD1.1783 early Friday, against USD1.1762 late Thursday. Against the yen, the dollar was quoted lower at JPY144.36 versus JPY144.87.
In the US on Thursday, Wall Street ended higher, with the Dow Jones Industrial Average up 0.8%, the S&P 500 rising 0.8% and the Nasdaq Composite gaining 1.0%.
US financial markets are closed on Friday for Independence Day.
President Donald Trump said he plans to start sending letters informing trading partners of their tariff rates as soon as Friday, as negotiations to avoid higher US levies enter the final stretch.
"My inclination is to send a letter out and say what tariff they're going to be paying," he told reporters on Thursday. "It's just much easier."
He added: "We're going to be sending some letters out, starting probably tomorrow."
His comments come days before steeper duties are set to take effect on dozens of economies – customized to each of them – ranging from Taiwan to the EU.
Trump on Thursday secured a major political victory when Congress narrowly passed his signature tax and spending bill, cementing his radical second-term agenda and boosting funds for his anti-immigration drive.
The bill underlined the president's dominance over the Republican Party, which had been wracked by misgivings over a text that will balloon the national debt and gut health and welfare support.
In Asia on Friday, the Nikkei 225 index in Tokyo was 0.1% higher. In China, the Shanghai Composite rose 0.9%, while the Hang Seng index in Hong Kong shed 0.3%. The S&P/ASX 200 in Sydney closed slightly higher.
Gold was quoted at USD3,340.08 an ounce early Friday, higher than USD3,330.30 on Thursday.
Brent oil was trading at USD68.46 a barrel early Friday, lower than USD68.67 late Thursday.
In the economic calendar on Friday, eurozone PPI figures, UK new car sales figures and a UK construction PMI reading.
By Emily Parsons, Alliance News reporter
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