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(Alliance News) - London's FTSE 100 was lower early Friday, ahead of a series of services PMI readings from major economies.
The PMI readings come at the conclusion of a week dominated by central bank updates.
The Bank of England on Thursday lifted interest rates by another 50 points. The rate lift takes the benchmark bank rate to 4.00% from 3.50%. It was an outcome expected by the market, according to consensus cited by FXStreet.
The European Central Bank, meanwhile, also raised interest rates in the eurozone by 50 basis points, in line with market expectations.
The US Federal Reserve had lifted interest rates by 25 basis points on Wednesday, as widely expected, and signalled that it was not done raising rates.
Following the trio of rate decisions, the dollar was on the up on Friday.
In early UK corporate updates, regulator Ofcom said it has launched a consultation on BT's Openreach proposed broadband pricing offer, though the early news for the network cabling and wiring service provider is good.
Elsewhere, Nanoco celebrated a "new chapter" as it can finally draw the line under a long-running David-versus-Goliath legal battle with Samsung.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: down 5.58 points, 0.1%, at 7,814.58
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Hang Seng: down 1.3% at 21,673.22
Nikkei 225: closed up 0.4% at 27,509.46
S&P/ASX 200: closed up 0.6% at 7,558.10
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DJIA: closed down 39.02 points, or 0.1%, at 34,053.94
S&P 500: closed up 60.55 points, or 1.5%, at 4,179.76
Nasdaq Composite: closed up 384.50 points, or 3.3%, at 12,200.82
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EUR: down at USD1.0899 (USD1.0927)
GBP: down at USD1.2221 (USD1.2276)
USD: up at JPY128.55 (JPY128.40)
Gold: down at USD1,916.21 per ounce (USD1,920.03)
(Brent): up at USD82.08 a barrel (USD81.95)
(changes since previous London equities close)
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ECONOMICS
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Friday's key economic events still to come:
10:00 CET EU services PMI
11:00 CET EU PPI
09:55 CET Germany services PMI
09:30 GMT UK S&P Global services PMI
08:30 EST US employment report
09:45 EST US services PMI
11:00 EST US services PMI
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UK energy watchdog Ofgem said it has extended the ban on acquisition-only tariffs, which are designed by firms to entice new customers. The ban means energy companies are no longer able to use these tactics until March 2024. Ofgem said the move has been made to "continue tackling ongoing risks to market stability". "Ofgem is modifying domestic electricity and gas supply licences to reflect this and to allow both measures to be renewed on an annual basis," the watchdog said.
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Deputy UK Prime Minister Dominic Raab is facing a fresh claim of bullying after an anti-Brexit campaigner alleged he launched an "abusive attack" on her. Gina Miller said, who was also appointed as justice secretary by Rishi Sunak, was "aggressive and intimidating" during an "aggressive encounter". A source close to Raab, who denies bullying staff, said her account was "baseless" and "timed to jump on a political bandwagon and give Gina Miller the publicity she craves". Meanwhile, the prime minister remains under pressure over what he knew about Raab's behaviour when appointing him deputy. The Times reported that Cabinet Secretary Simon Case was personally informed of a written complaint against Raab months before his reappointment as justice secretary. Miller, who has launched her own political party, said the Tory MP "launched into an abusive attack on me" while in a BBC studio to debate Brexit in 2016.
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BROKER RATING CHANGES
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DZ Bank cuts Vodafone to 'sell' (buy) - price target 80 (130) pence
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Barclays cuts IWG to 'equal weight' ('overweight') - target 170 (190) pence
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Barclays cuts Direct Line to 'underweight' ('equal weight') - target 173 pence
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COMPANIES - FTSE 100
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Ofcom said it is consulting on a price offer for full-fibre broadband that Openreach intends to introduce from April 1. Openreach is part of BT Group. In December, Openreach published plans to offer lower wholesale prices to other internet providers for access to its fibre network, but the move saw network rivals raise competition concerns. It announced plans to offer discounted rates on its fibre broadband products as part of its Equinox 2 scheme. On Friday, Ofcom said it should not intervene to prevent Openreach from introducing Equinox 2. "We consider the offer is not anti-competitive and is consistent with the rules we consulted on before introducing them under our market review in 2021," Ofcom said. It intends to publish its final decision before the end of March and welcomes responses until March 4.
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Centrica's British Gas is under pressure to explain how it will compensate "vulnerable" customers who faced debt collectors forcibly installing prepayment meters in their homes. Energy minister Graham Stuart has asked Centrica, which owns the energy provider, to urgently outline "redress" for "mistreated customers". Ofgem has called for "action, not warm words". Ofgem has ordered all domestic energy companies to suspend the system of forcibly installing prepayment meters, while Business Secretary Grant Shapps described the practice as "outrageous". This follows a Times investigation which revealed how customers – including disabled and mentally ill people – have been forced by British Gas on to the pay-as-you-go meters, or face having their gas switched off.
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OTHER COMPANIES
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Nanoco Group said it has agreed a USD150 million settlement with Samsung for IP infringement. Manchester, England-based Nanoco, a quantum dots manufacturer, initially launched a US patent infringement lawsuit against the South Korean-based electronics company in December, alongside lawsuits in Germany and China. Nanoco claimed Samsung infringed on its unique synthesis and resin capabilities for quantum dots. Quantum dot technology is used on Samsung quantum light-emitting diode televisions. On Friday, Nanoco said it will receive USD150 million cash to paid in two equal tranches and it will retain over USD90 million net proceeds after litigation costs. "This has been a long and hard battle for Nanoco. The outcome is remarkable, given the relative scale of Nanoco and Samsung," Nanoco Chair Chris Richards said.
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Yellow Cake said it has raised GBP61.8 million from an oversubscribed placing of 15.0 million new shares pried at around GBP4.12 each. The Jersey-based investor in uranium said the original placing aimed to raise USD50 million. "Demand was again considerable, supporting our view that this remains a compelling time to invest in uranium. Supply demand fundamentals, the increasing global acceptance of nuclear to support future energy security and the new theme of term market strength, all give us confidence in the long term momentum in the uranium price," said Chief Executive Andre Liebenberg.
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Paris-listed pharmaceutical firm Sanofi said net sales in its fourth quarter of 2022 were up 7.3% annually at EUR10.73 billion, while net income jumped 29% to EUR1.46 billion. For the full year, Sanofi recorded at 14% increase in net sales at EUR43.00 billion and an 8.0% increase in net income at EUR6.72 billion. The company explained that sales growth in 2022 was driven by Dupixent, which brought in EUR8.29 billion revenue. The board also announced an annual dividend of EUR3.56, an increase of 6.9%. Looking ahead, Sanofi expects 2023 business earnings per share to grow in low-single-digits. In 2022, EPS jumped 8.0% to EUR5.37.
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By Sophie Rose, Alliance News reporter
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