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(Alliance News) - Stocks in London were set to open lower on Friday, as a turbulent year for global markets draws to a close.
The London Stock Exchange will close early at 1230 GMT on Friday.
Trading is likely to be subdued as the festive period wraps up, with little in the way of economic or company news to provide much direction.
London and other markets, including New York and Tokyo, will be closed on Monday to observe New Year's Day.
"The most important take of the year is: the era of easy money ended, and ended for good. It means that the financial markets won't look like anything we knew since the subprime crisis," said Ipek Ozkardeskaya at Swissquote Bank
"This is the beginning of a new era, when central banks will be playing a more subdued role in the markets, with less liquidity available to fix problems – a more than necessary move that came perhaps too late, and too painfully. "
In early corporate news, Nexus Infrastructure announced a disposal which would see a shake-up in its leadership.
Here is what you need to know ahead of the London market open:
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MARKETS
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FTSE 100: called down 27.0 points, 0.4%, at 7,485.72
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Hang Seng: up 0.5% at 19,841.91
Nikkei 225: closed marginally higher at 26,094.50
S&P/ASX 200: closed up 0.3% at 7,038.70
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DJIA: closed up 345.09 points, 1.1%, at 33,220.80
S&P 500: closed up 1.8% at 3,849.28
Nasdaq Composite: closed up 2.6% at 10,478.09
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EUR: lower at USD1.0643 (USD1.0661)
GBP: lower at USD1.2045 (USD1.2057)
USD: lower at JPY132.46 (JPY133.31)
GOLD: higher at USD1,820.72 per ounce (USD1,811.91)
OIL (Brent): higher at USD83.83 a barrel (USD82.78)
(changes since previous London equities close)
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ECONOMICS
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Monday's key economic events still to come:
12:30 GMT UK financial markets close early for New Year
09:45 EST US Chicago business survey
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Households in the UK are facing a "groundhog year" as further squeezes on living standards take place in 2023, a think-tank has warned. While the year ahead may offer economic policymakers some relief, with signs inflation will ease and interest rates peak lower than feared, family finances face a repeat of 2022's squeeze as the cost-of-living crisis deepens, according to the Resolution Foundation's new year outlook. The foundation described 2022 as horrendous, with real household disposable income in the UK falling by 3.3%, or GBP800 per household, over the course of the year, marking the biggest annual fall in a century. In 2023, UK households are set for a further squeeze in their living standards and incomes are forecast to fall by 3.8%.
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South Korea took steps on Friday to limit travellers from mainland China, imposing visa restrictions, testing requirements and limiting flights as Beijing grapples with a surge in Covid-19 infections. Seoul's decision comes after countries including Italy, Japan, India and the US announced their own measures, which they say are a bid to avoid importing new coronavirus variants from China.
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OTHER COMPANIES
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Hochschild Mining said the permitting process for the Immaculada mine's modified environment assessment is still ongoing. It expects a decision from the Peruvian government in the first quarter of 2023.
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Pantheon Resources said its pretax loss widened to USD16.0 million in the financial year that ended June 30 from USD8.2 million the year before. The AIM-listed oil company noted drilling and testing successes at Theta West and Talitha Wells during the period, and an upgraded resource estimate of 23 billion barrels of oil in place, and 2.3 billion barrels of recoverable resource. "I am extremely happy with the significant progress that Pantheon made since the commencement of the financial year as we transition from exploration to production," said Chief Executive Officer Jay Cheatham. Separately, Pantheon also noted the flow rate of the Alkaid 2 well remains restricted due to a blockage of sand, but what should be a "simple" clean-up operation is planned for January.
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Nexus Infrastructure said it has agreed to dispose of TriConnex Ltd and eSmart Networks Ltd for GBP77.7 million in cash. The infrastructure services provider has agreed the sale to FWCP Spark UK Holdco Ltd, a wholly-owned indirect subsidiary of funds managed or advised by FitzWalter Capital. Around GBP65 million of the sale proceeds will be returned to shareholders in early 2023 via a tender offer. After the transaction, Tamdown will be its principal trading business. CEO Mike Morris and Chief Financial Officer Alan Martin will leave their roles and will be employed by the purchaser, with Charles Sweeney to become CEO, and Dawn Hillman to become CFO. A general meeting is set for January 16 to vote on the transaction.
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Harland & Wolff said material shortages have affected its ability to complete "certain key workstreams" of the M55 regeneration programme contract, meaning around GBP20 million in revenue will be deferred into the first half of 2023. "Whilst it is unfortunate that the company could not advance these workstreams to book revenues in 2022, the overall project is still on track and in line with the base redelivery schedule for the vessel," the infrastructure construction firm said. H&W also said it has mutually agreed with Saipem to terminate a wind turbine generator jacket contract. This is due to cost escalations, which the firm has not found a "mutually acceptable methodology" to split with Saipem. "Management has determined that the capacity in Methil could be far better utilised on more economically viable projects, which are expected to come to fruition in H1 2023 onwards," it said.
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By Elizabeth Winter, Alliance News senior markets reporter
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