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(Alliance News) - Stock prices in London are called for a higher open on Friday, buoyed by data suggesting China's slowing economic growth trend may be stabilising.
In early corporate news, insurer Hastings has warned of higher claims while Experian reported a "good" quarterly performance.
IG futures indicate the FTSE 100 index will open 21.8 points higher at 7,631.61. The UK flagship index closed down 32.99 points, or 0.4%, at 7,609.81 on Thursday
China's economy weakened to its slowest pace of growth in three decades in 2019 as weaker domestic demand and trade tensions with the US took their toll, official data showed Friday.
The world's second-largest economy grew by 6.1% last year, its worst performance since 1990, according to the National Bureau of Statistics.
The figure matches an AFP analyst forecast and is within Beijing's official target of 6.0% to 6.5%. But last year's growth was down from 6.6% in 2018.
While China's economy had been gradually losing steam over the first three quarters, growth stabilised at 6.0% in the last three months of 2019 – the same pace as in the third quarter, according to the National Bureau of Statistics.
"The data suggests the Chinese economic growth has started stabilising, and near-term momentum is picking up, which is great news as the domestic economy should get a further lift from the phase one deal," said Stephen Innes, chief Asia market strategist at AxiTrader.
The Japanese Nikkei 225 index finished 0.5% higher on Friday. In China, the Shanghai Composite ended flat, while the Hang Seng index in Hong Kong is 0.3% higher in late trade.
In the US on Thursday Wall Street ended higher, with the Dow Jones Industrial Average closing 0.9% higher, the S&P 500 0.8%, and the Nasdaq Composite 1.1%. The S&P passed the 3,300 mark for the first time, ending at 3,316.81 points.
"US stocks continued their advance through uncharted territories as encouraging retail sales data and robust bank earnings in the fourth quarter further fuelled the American stock purchases," said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank.
In UK corporate news, credit firm Experian reported "another quarter of good growth" in the three months to December, its third quarter. Total revenue growth was 7%, and 9% excluding currency movements, while organic growth at constant currency was 7%.
Experian delivered 11% revenue growth in North America in the quarter at actual rates, with Latin America revenue 10% higher. However, the UK & Ireland fell 3% and Europe, Middle East, Asia & Asia-Pacific fell 4%.
"We delivered another quarter of good growth as we execute on our strategy of innovation-led growth," said Chief Executive Brian Cassin.
"Overall the performance was in line with our expectations and our guidance for the full year is unchanged."
Miner Rio Tinto reported a mixed production result for 2019, with Pilbara iron ore shipments slipping.
In 2019, Pilbara iron ore shipments of 327 million tonnes were down 3% on 2018, hit by weather and operational challenges in the first half of the year at the Western Australia mine. This was, though, in line with the Anglo-Australian miner's guidance for output between 320 million to 330 million tonnes.
Looking ahead, Rio Tinto expects Pilbara iron ore shipments around 300 million to 343 million tonnes in 2020.
Aluminium production of 3.2 million tonnes was 2% lower than 2018, and mined copper production of 577,000 tonnes was down 5%.
Rio Tinto Chief Executive Jean-Sebastien Jacques said: "We finished the year with good momentum, particularly in our Pilbara iron ore operations and in bauxite, despite having experienced some operational challenges in 2019."
In the FTSE 250, sports betting and gaming firm GVC said 2019 earnings before interest, tax, depreciation and amortisation will be at the higher end of the guided range of GBP670 million to GBP680 million.
GVC achieved "strong" 2019 online net gaming revenue growth of 13%, while UK retail remained ahead of guidance as like-for-like net gaming revenue fell 12%. European retail net gaming revenue was up 4%.
GVC's overall net gaming revenue for the year was 2% higher than the year before.
Chief Executive Kenneth Alexander said it was an "excellent" performance in 2019, with momentum in the third quarter continuing into the fourth.
Insurer Hastings reported "elevated" claims in the fourth-quarter, meaning its annual loss ratio, before a change in the Ogden rate last July, will be between 81% and 82% and adjusted operating profit will be GBP110 million.
This compares to a loss ratio in 2018 of 75%, and adjusted operating profit of GBP190.6 million. However, Hastings said the firm remains in a "strong" capital position.
Annual customer policies were broadly flat over the second-half, Hastings noted.
Meat producer Cranswick said adjusted pretax profit for its year ending March is set to beat market expectations. In November, Cranswick reported "robust" performance, and it said this continued over the key festive period.
Revenue growth was "positive" across all of the company's four product categories, while export sales have been "exceptionally" strong.
Elsewhere on the London market, Devro, which makes collagen products such as sausage casings, said 2019 edible collagen volumes were flat. Second-half volume growth was 1%, lower than expected.
The company now sees annual underlying operating profit between GBP39 million and GBP40 million, due to the lower volumes, a less favourable geographical mix, and a smaller than expected foreign exchange benefit due to a stronger pound.
In 2018, Devro delivered an underlying operating profit of GBP40.0 million, meaning no growth is likely.
Mr Kipling cake maker Premier Foods reported a "strong" third-quarter ended December. Sales were 2.6% higher year-on-year, with the UK rising 3.6%.
The UK business, the company said, has continued to outperform the market and has delivered a tenth consecutive quarter of sales growth. However, the international business had a "disappointing" quarter, with sales falling by 17%.
Premier Foods reiterated full-year profit guidance, and said it is on track to meet its leverage targets.
The economic calendar has UK retail sales at 0930 GMT and eurozone inflation at 1000 GMT.
By George Collard; georgecollard@alliancenews.com
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