30th May 2025 11:54
(Alliance News) - European blue chips remained in the green at midday on Friday, as the EU remains committed to reaching a trade deal with the US and investors look to a US core personal consumption expenditures reading in the afternoon.
The FTSE 100 index was up 67.71 points, 0.3%, at 8,784.16. The FTSE 250 was up 90.77 points, 0.4%, at 21,088.35, and the AIM All-Share was up 1.54 points, 0.2%, at 746.38.
The Cboe UK 100 was up 0.6% at 874.80, the Cboe UK 250 was up 0.6% at 18,598.48, and the Cboe Small Companies was up 0.2% at 16,780.83.
In European equities on Friday, the CAC 40 in Paris rose 0.3%, while the DAX 40 in Frankfurt gained 0.9%.
The EU is "fully invested" in reaching a deal with the US to avoid sweeping tariffs, the bloc's trade chief said Friday, after US judges ruled the controversial measures were unconstitutional.
"Our time and effort fully invested, as delivering forward-looking solutions remains a top EU priority. Staying in permanent contact," EU trade commissioner Maros Sefcovic said on X after a call Thursday with US Commerce Secretary Howard Lutnick.
The pound was quoted down at USD1.3474 at midday on Friday in London, compared to USD1.3488 at the equities close on Thursday. The euro stood lower at USD1.1327, against USD1.1363. Against the yen, the dollar was trading down at JPY143.93 compared to JPY144.22.
Brent oil was quoted higher at USD63.73 a barrel at midday in London on Friday from USD63.41 late Thursday. Gold was quoted down at USD3,298.13 an ounce against USD3,316.41.
"Gold prices edged lower on Friday and were on track for a weekly loss, as investors awaited the US PCE inflation report for fresh guidance on the Federal Reserve's policy outlook," said DHF Capital analyst Bas Kooijman.
"The short-term outlook remains clouded. A federal court appeal temporarily reinstated Trump's sweeping tariffs, adding uncertainty to trade policy expectations and potentially providing some underlying support to bullion."
A US federal appeals court on Thursday issued a temporary stay of a court ruling that would have blocked many of President Donald Trump's sweeping tariffs, to allow the appeals process to continue.
The order from the US Court of Appeals for the Federal Circuit, known as an administrative stay, means for the time being, the tariffs remain in effect and will not blocked after 10 days as ordered by the lower court.
Stocks in New York were called lower. The Dow Jones Industrial Average was called down 0.1%, the S&P 500 index also 0.1% lower, and the Nasdaq Composite down 0.2%.
The yield on the US 10-year Treasury was quoted flat at 4.43%. The yield on the US 30-year Treasury was also quoted flat at 4.93%.
US Treasury Secretary Scott Bessent said on Thursday trade negotiations with China were "a bit stalled" and suggested President Donald Trump and his Chinese counterpart Xi Jinping could get involved.
"I would say that they are a bit stalled," Bessent told broadcaster Fox News when asked about trade talks with Beijing.
"I believe that we will be having more talks with them in the next few weeks, and I believe we may, at some point, have a call between the president and party chair Xi," he said.
The world's two biggest economies agreed this month to pause reciprocal tariffs for 90 days, a surprise de-escalation in their bitter trade war following talks between top officials in Geneva.
Workspace Group was the FTSE 250's biggest loser around midday, down 2.0%.
The London-based provider of flexible workspace saw its price target cut to 525 pence from 630p by Barclays, with an 'overweight' rating. Peel Hunt maintains its 'buy' rating but also reduced its target price for the firm to 500p from 600p.
Petro Matad sank 32%.
The petroleum exploration, development, and production company said pumping at the Heron 1 well is now in operation to lift oil to the surface, with the well delivering around 160 barrels of oik per day. Gazelle 1 well test planning is ongoing, the company added, with potential for the well to be put on production "immediately" if the test is successful.
Petro Matad also said talks with potential partners on Block XX were ongoing.
"We are pleased to have agreed the amounts payable for Heron-1 production. We are working hard with PetroChina and the Mongolian authorities to get the first payment made and we look forward to a smooth monthly payment process thereafter," said Petro Matad Chief Executive Officer Mike Buck.
"We continue preparations for some low-cost well work for 2025 to support and potentially enhance production and Block VII appears to have some exciting potential. Our efforts to bring in partners are continuing in parallel."
Argentex rose 6.5%.
The London-based currency risk management firm was left with just one potential buyer on Friday, after Lumon Acquisitions, as well as Irish fintech entrepreneur Terry Clune and former Argentex Chief Executive Officer Harry Adams, each confirmed they no longer intend to make an offer for the company.
The exits leave IFX as the only remaining bidder. On April 25, Argentex agreed to a GBP3.0 million cash offer from IFX, a London-headquartered global fintech company trading as IFX Payments.
IFX's offer, worth 2.49 pence per share, was accompanied by a secured GBP6.5 million bridging loan, with further liquidity support under discussion. At the time, the offer had secured irrevocable undertakings from holders of 58% of Argentex shares.
Argentex Chair Nigel Railton described the proposal as "fair and reasonable", stating that the deal, alongside the loan and potential additional funding, would provide sufficient working capital to ensure the company's solvency.
Still to come on Friday's economic calendar, a US core personal consumption expenditures index reading at 1330 BST.
By Emily Parsons, Alliance News reporter
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