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(Alliance News) - Stock prices in London are expected to open flat on Friday, as investors look ahead to a US jobs print at the end of a rather bruising week for global equities.
A spike in yields prompted a sell-off on Thursday.
The latest batch of US Federal Reserve meeting minutes were demonstrably hawkish, sending Treasury yields higher. Gilt yields also stretched as investors price in a higher terminal benchmark interest rate in the UK.
All eyes will be on non-farm payrolls data, which is released 1330 BST. Numbers are expected to show that employment growth slowed to 225,000 last month, from 339,000 in May.
On Thursday, numbers from payroll processor ADP showed US private sector employment grew by almost half a million jobs - much more than anticipated.
Employment grew by 497,000 in June, rising from 278,000 in May.
"There is... a fear that a decent jobs report could encourage the Federal Reserve to think the economy is more resilient than it actually is and raise rates more than they need to. That’s certainly what markets are pricing with the recent rise in yields," said CMC Markets' Michael Hewson.
In early UK company news, Coca-Cola HBC raised annual profit guidance. CMC Markets said its finance chief was departing for IntegraFin.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: called down 0.7 of a point at 7,279.80
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Hang Seng: down 0.8% at 18,382.73
Nikkei 225: closed down 1.2% at 32,388.42
S&P/ASX 200: closed down 1.7% at 7,042.30
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DJIA: closed down 366.38 points, 1.1%, at 33,922.26
S&P 500: closed down 0.8% at 4,411.59
Nasdaq Composite: closed down 0.8% at 13,679.04
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EUR: up at USD1.0888 (USD1.0858)
GBP: up at USD1.2743 (USD1.2690)
USD: down at JPY143.58 (JPY144.23)
GOLD: up at USD1,914.08 per ounce (USD1,909.01)
OIL (Brent): up at USD76.91 a barrel (USD75.23)
(changes since previous London equities close)
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ECONOMICS
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Friday's key economic events still to come:
11:00 IST Ireland GDP
08:30 EDT US employment report
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UK house prices fell for the third consecutive month, according to Halifax data. The bank's house price index fell 0.1% month-on-month in June, having fallen 0.2% in May. Prices in May were initially reported as registering no monthly change. In June, the typical UK property cost GBP285,932, down by around GBP300 from the month before. On an annual basis, prices fell 2.6% in June, accelerating from a 1.1% fall in May. The annual drop in June was the largest since June 2011. "This rate of decline largely reflects the impact of historically high house prices last summer – annual growth peaked at +13% in June 2022 – supported by the temporary Stamp Duty cut," said Kim Kinnaird, Halifax Mortgages director.
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BROKER RATING CHANGES
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HSBC raises ConvaTec to 'hold' - price target 200 pence
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JPMorgan raises Elementis to 'overweight' (neutral) - price target 144 pence
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Jefferies raises Rotork to 'buy' (hold) - price target 370 (350) pence
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COMPANIES - FTSE 100
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Coca-Cola HBC upgraded its profit forecasts for 2023, after a "stronger than anticipated" end to the first half. "Performance in June, one of our most significant months, was very good overall," it said. It now expects to delivery strong organic growth in earnings before interest and tax for the first half. Organic Ebit growth for the whole year it now expected to be between 9% and 12%, compared to the top end of a minus 3% to 3% range previously. Medium-term guidance is unchanged.
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COMPANIES - FTSE 250
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CMC Markets said its chief financial officer, Euan Marshall, has resigned as CFO and director of the company from January 2024. Marshall will become CFO of fellow FTSE 250-listing IntegraFin Holdings. "Over the next six months Euan will remain focused on the effective and orderly handover of his responsibilities. The search for a new CFO will commence shortly," the firm said.
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OTHER COMPANIES
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MJ Gleeson said it expects results for financial year ended June 30 to be in line with market expectations. Over the year, Gleeson Homes completes 1,723 homes sales, slowing year-on-year from 2,000 homes, which reflects the "downturn in the wider economy". Selling prices remained "resilient", however. Its order book at June 30 was 665 plots, up from 618 a year before. Gleeson Land sold 3 sites, with the potential to deliver 413 plots for housing development. "Whilst planning delays and economic uncertainty are causing some larger housebuilders to hesitate in completing land purchases, mid-size and regional housebuilders remain active buyers of high-quality consented land," the company said.
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Nucera, the hydrogen subsidiary of German steel and industrial conglomerate Thyssenkrupp, is making its debut on the Frankfurt stock exchange floor on Friday. The Dortmund-based company, initially worth around EUR2.5 billion on the stock exchange, manufactures electrolysers, devices in which water is broken down into hydrogen and oxygen. The hydrogen produced is later used as fuel. In view of the energy transition and the growing demand for hydrogen, the market is seen as having great potential, but it is also fiercely contested. Competitors include Germany's Siemens Energy, ITM Power in the UK, and Plug Power and Cummins, both in the US.
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By Elizabeth Winter, Alliance News senior markets reporter
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