19th Jul 2024 07:00
(Alliance News) - Stocks in London are set to open lower on Friday, after subdued consumer confidence data from the UK, and an interest rate decision from the European Central Bank on Thursday.
IG says futures indicate the FTSE 100 to open 0.4% lower on Friday. The index of London large-caps ended up 17.43 points, 0.2%, at 8,204.89 on Thursday.
Consumer confidence in the UK has seen a subdued increase amid a "wait and see" stance on the economy, figures suggest. GfK's long-running consumer confidence index increased by one point to minus 13 in July.
While the view on personal finances over the last year was up two points to minus 8, consumers' confidence in the same measure looking ahead 12 months was less positive, falling one point to positive 3. Confidence in the UK's wider economy over the next 12 months has paused, at an identical minus 11 to last month.
Sterling was quoted at USD1.2939 early on Friday, lower than USD1.2972 at the London equities close on Thursday.
The euro traded at USD1.0888 early on Friday, lower than USD1.0908 late Thursday. Against the yen, the dollar was quoted at JPY157.82, up versus JPY156.70.
In the US on Thursday, Wall Street ended lower, with the Dow Jones Industrial Average down 1.3%, the S&P 500 down 0.8% and the Nasdaq Composite down 0.7%.
Former US president Barack Obama has told allies that Joe Biden needs to reconsider his re-election bid, the Washington Post reported.
Obama believes that Biden's path to victory has diminished and that the 81-year-old should "seriously consider the viability of his candidacy," the newspaper said, citing people briefed on his thinking.
Meanwhile, the New York Times cited several people close to Biden as saying they believe he has begun to accept that he may lose in November to Republican rival Donald Trump and may have to drop out, with one quoted as saying: "Reality is setting in."
Elsewhere, Republican presidential candidate Donald Trump on Thursday promised to bring an end to raging international crises and restore American prestige on the world stage, saying he could "stop wars with a telephone call".
He also suggested that Kim Jong Un – the reclusive North Korean dictator whom he met in person during his presidency, and whose country possesses a nuclear arsenal – longed to see him back in the White House.
"I get along with him, he'd like to see me back too. I think he misses me, if you want to know," Trump said.
In Asia on Friday, the Nikkei 225 index in Tokyo was down 0.2%. In China, the Shanghai Composite was only fractionally higher, while the Hang Seng index in Hong Kong was down 2.0%. The S&P/ASX 200 in Sydney closed down 1.0%.
Japanese inflation was slightly higher in June, with prices rising 2.6% on-year compared with 2.5% in May, internal affairs ministry data showed Friday. But the core Consumer Price Index reading, which excludes volatile fresh food prices, was still softer than market expectations of a 2.7% increase.
"While the pace of increase in electricity and gasoline bills slowed, energy prices rose," boosting the overall figure, the ministry said.
Gold was quoted at USD2,423.60 an ounce early on Friday, lower than USD2,465.41. Brent oil was trading at USD84.60 a barrel, lower than USD84.99 late Thursday.
On Friday's corporate calendar, there are half-year results from Bridgepoint, and a trading statement from Hargreaves Lansdown.
On the economic calendar, there is a current account reading from the eurozone, as well as public sector net borrowing and retail sales from the UK. Germany is also due to put out a PPI reading.
By Holly Beveridge, Alliance News senior reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.