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LONDON (Alliance News) - London's main equities indices were mixed Friday as talks between the US and Russian foreign ministers over Syria's handover of chemical weapons remained deadlocked, but the pound hit an eight-month high against the dollar after a mixed bag of US economic data.
The FTSE 100 is trading down 0.2%, but the FTSE 250 is up 0.1%, and the AIM All-Share is up 0.2% prior to US market open. US markets are expected to open higher, with futures pointing to a 0.2% increase for the DJIA, and a 0.1% rise for the S&P 500 0.1% and the Nasdaq.
Equity markets remain in tight ranges ahead of next week's meeting of the US Federal Reserve, which could reveal more of the central bank's thinking on when it might start reducing its economic stimulus programmes.
Talks in Geneva are deadlocked and may continue into the weekend, diplomats say, with the Russians objecting to US demands that a pledge by Syria to handover its chemical weapons stockpiles is accompanied by a resolution threatening military strikes if the country doesn't comply.
The pound rose to USD1.5866, an eight month high, after the US producer price index climbed to 0.3% in August, ahead of a consensus forecast provided by FXstreet.com that showed a 0.1% rise, but retail sales rose only 0.2%, missing the 0.4% consensus figure, indicating the slowest rate of growth for four months. This weighed on the dollar.
At the stock level, AIM-listed Verdes Management shares have soared after trading was restored when it appointed a new nominated adviser and broker. Verdes Friday said it had appointed SPARK Advisory Partners Ltd as its nominated adviser and SI Capital as its broker with immediate effect.
Airline stocks are down again after a profit warning from Aer Lingus that comes just a few days after rival Ryanair did the same. The Irish flag carrier said that a fall in bookings during July and August and fierce competition that is forcing down fares means that it is likely to miss its earnings forecast. Easyjet is down 1.6% at 1,300 pence, whilst International Consolidated Airlines Group is down 0.2% at 313.8p.
In the data calendar, Michigan Consumer Sentiment Index is due to be released at 1455 BST, while European finance ministers are continuing to meet.
By James Kemp; jameskemp@alliancenews.com
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