27th Jun 2025 06:52
(Alliance News) - Stocks in London are set to open higher on Friday, following news that the US' tarriff deadline could be extended, and that the country has reached an "understanding" on trade with China, including on rare earth shipments to the US.
A White House official told AFP that President Trump's administration and China have "agreed to an additional understanding for a framework to implement the Geneva agreement." This clarification came after Trump told an event that Washington had "just signed" a deal relating to trade with China, without providing further details.
Also, US Press Secretary Karoline Leavitt told reporters that Trump's July 8 tariff-pause deadline "could be extended".
IG says futures indicate the FTSE 100 to open up 14.6 points, 0.2%, on Friday. The index of London large-caps closed up 0.2% at 8,735.60 on Thursday.
Sterling was quoted at USD1.3722 early on Friday, lower than USD1.3733 at the London equities close on Thursday.
People who currently receive the personal independence payment, Pip, will continue to do so after the UK government made concessions to Labour rebels on controversial welfare reforms.
A letter from Work & Pensions Secretary Liz Kendall to MPs said adjustments to universal credit would also see incomes protected.
The announcement comes after crisis talks with backbenchers, with some 126 MPs within the party signing an amendment that would halt the legislation in its tracks.
Keir Starmer's Universal Credit & Personal Independence Payment Bill has its second reading on Tuesday, the first opportunity for MPs to support or reject it.
The euro traded at USD1.1687 early Friday, lower than USD1.1698 late Thursday. Against the yen, the dollar was quoted flat at JPY144.47 versus JPY144.48.
In the US on Thursday, Wall Street ended higher, with the Dow Jones Industrial Average up 0.9%, the S&P 500 up 0.8% and the Nasdaq Composite up 1.0%.
The yield on the US 10-year Treasury was quoted at 4.26%, narrowing from 4.28% a day earlier. The yield on the US 30-year Treasury was quoted at 4.81%, narrowing from 4.84%.
In Asia on Friday, the Nikkei 225 index in Tokyo was up 1.4%. In China, the Shanghai Composite was down 0.5%, while the Hang Seng index in Hong Kong was down 0.4%. The S&P/ASX 200 in Sydney closed down 0.2%.
Gold was quoted at USD3,300.35 an ounce early Friday, lower than USD3,322.21 on Thursday.
Brent oil was trading at USD67.16 a barrel early Friday, lower than USD67.83 late Thursday.
In Friday's corporate calendar, Various Eateries releases half-year results.
In the economic calendar on Friday, after UK GDP there is eurozone consumer confidence and French consumer and producer inflation.
By Emma Curzon, Alliance News reporter
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