LONDON (Alliance News) - Stock prices in London are seen opening marginally higher on Friday amid optimism over US-China trade talks, as investors look ahead to the key US jobs report for March.In early company news, Funding Circle SME Income Fund said it will ask shareholders to approve the wind down of the company, GVC Holdings made a strong start to 2019, and ContourGlobal reported a strong 2018 performance. IG futures indicate the FTSE 100 index is to open up 1.96 points at 7,403.90. The blue-chip index closed down 16.34 points, or 0.2%, at 7,401.94 on Thursday, but is up 1.7% so far this week."Given the run we have seen this week in riskier assets, a pause for breath would hardly be out of the ordinary. This weeks' strong rally could be starting to show signs of fatigue," said London Capital Group's Jasper Lawler.At 1330 BST, the US Labor Department is scheduled to release its closely watched non-farm payrolls report.Employment is expected to jump by 180,000 jobs in March after inching up by just 20,000 jobs in February, while the unemployment rate is expected to hold steady at 3.8%."A strong headline figure and solid wage growth will give investors a good distraction from economic slowdown fears. However, the fact is that the economy could be slowing, whilst the US labour market remains strong. This is because employment is a lagging indicator," Lawler noted.Gambling and sport-betting firm GVC Holdings said it made an "excellent start to the year". For the first quarter ended March 31, GVC reported that online net gaming revenue rose 17%, with continued strong volume growth in all of its major territories. UK Retail like-for-like net gaming revenue was flat and European Retail net gaming revenue rose 2%. The company said the impact of soft gross win margins in Italy and the UK was offset by improved margins in other territories, demonstrating the benefit of both "geographic and product diversification" in its operations. "New B2 machines stakes restrictions were implemented in the UK on 1 April 2019 and we expect it to be several weeks before we can start to assess the impact. At this early stage of the year, the board is confident of delivering [earnings before interest, tax, depreciation and amortisation] and operating profit in-line with expectations," Chief Executive Kenneth Alexander said.Funding Circle SME Income Fund said it will ask shareholders to approve the wind down of the company following consultations with two thirds of them.The fund added that the wind down would involve the portfolio being "realised and not reinvested".FTSE 250-listed Funding Circle Holdings said it supports the announcement made by Funding Circle SME Income Fund, which holds loans made by Funding Circle Holdiings.In addition, Funding Circle Holdings confirmed that financial guidance for 2019 it provided at its full-year results remains unchanged."A global income fund providing access to a diversified portfolio of Funding Circle small business loans was the right strategy for investors and Funding Circle in 2015. However, there are now more appropriate and varied ways for investors to participate on the platform. We're pleased to soon introduce two new investor products to the UK market. They will further expand the universe of investors that can access loans on our platform and continue to diversify our sources of funding, in line with the strategy we set out at IPO," Funding Circle Holdings CEO Samir Desai said. Power plant operator ContourGlobal said it delivered a strong financial performance in 2018. For 2018, revenue rose to USD1.25 billion from USD1.02 billion in 2017, however pretax profit fell to USD27.8 million from USD40.6 million. The company attributed to the decline in profit to increased corporate costs in relation to selling, general and administrative expenses.ContourGlobal expects 2019 adjusted earnings before interest tax depreciation and amortisation between USD720 million and USD770 million.ContourGlobal declared a 2018 dividend of 13.4 US cents per share, 13% above guidance and added that the dividend is expected to be increased by a 10% growth rate each year.Elsewhere, US President Donald Trump said Thursday he would not announce a summit with Chinese President Xi Jingping until a trade deal had been reached.Trump said a summit would be scheduled only after a deal is struck, according to reporters present at the White House, where he welcomed Chinese Vice Premier Liu, the country's top trade negotiator.The two sides are getting closer to a deal after "tremendous discussions", Trump said, but he added: "That doesn't mean a deal is made, because it's not."Trump spoke in the Oval Office with Liu seated nearby. The Chinese vice premier arrived at the White House after a second day of talks at the US Trade Representative's office. The president previously has said that a deal with China is close and that if negotiations are successful, he and Xi could meet to sign an agreement.The Japanese Nikkei 225 index closed up 0.2%. Financial markets in Hong Kong and China are closed on Friday for the Tomb Sweeping Day holiday.The pound was quoted at USD1.3110 early Friday, up from USD1.3075 at the London equities close Thursday.In political news, top-level talks aimed at finding a way out of the Brexit deadlock will continue between the Conservative Party-led UK government and the opposition Labour Party on Friday.The discussions are taking place as UK Prime Minister Theresa May faces a week of hectic diplomacy as she battles to keep her EU withdrawal agenda on track.The dialogue with Labour comes amid reports that EU officials are considering offering the PM a flexible extension - or "flextension"- to the Article 50 timetable.European Council President Donald Tusk is preparing to put the option to EU leaders at a crunch summit next Wednesday in a bid to prevent the UK crashing out of the bloc on April 12, according to the BBC.The economic events calendar on Friday has UK Halifax house prices at 0830 BST.
24 Oct 2016 15:05