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(Alliance News) - London's FTSE 100 was slightly higher at midday in London on Friday, as the dust settles on a slew of central bank decisions, ahead of an eagerly anticipated US nonfarm payrolls reading.
The FTSE 100 index was up 10.91 points, 0.1%, at 7,831.07. The FTSE 250 was down 123.25 points, 0.6%, at 20,491.44, and the AIM All-Share was down 3.90 points, 0.4%, at 884.86.
The Cboe UK 100 was up 0.2% at 783.02, while the Cboe UK 250 was down 0.5% at 17883.76, and the Cboe Small Companies edged down 0.2% at 14,192.41.
In European equities on Friday, the CAC 40 in Paris was down 0.2%, and the DAX 40 in Frankfurt was down 0.6%.
The FTSE 100 is some 0.9% higher than it was at the end of last week, as blue-chip equities in London negotiated the risk events that were central bank decisions from the US Federal Reserve, Bank of England and European Central Bank.
The Fed lifted rates by 25 basis points, while the BoE and ECB enacted half-point hikes.
Friday's US nonfarm payrolls reading is released at 1330 GMT. US employment growth is expected to have slowed to 185,000 last month, from 223,000 in December, according to consensus cited by FXStreet.
"A softer payrolls data, so long as it does not fall off a cliff triggering a recessionary lash back, could re-engage all the favourite trades of the year. Not least, it would provide the most critical evidence to date to suggest that the market's rates pricing is more in line with reality than the Fed's own more subtly hawkish higher for longer signalling," SPI Asset Management analyst Stephen Innes commented.
The dollar was mixed ahead of the jobs data.
The pound was quoted at USD1.2257 at midday on Friday in London, down compared to USD1.2276 at the equities close on Thursday. The euro stood at USD1.0932, up against USD1.0927. Against the yen, the dollar was trading at JPY128.47, up compared to JPY128.40.
The latest S&P Global/CIPS UK composite purchasing managers' index edged down to 48.7 points in January, from 49.9 in December. Falling further beneath the 50-point no-change mark, it shows the decline in business activity has worsened.
S&P noted that, although only marginal, the rate of decline for overall business activity was the fastest since January 2021.
The S&P Global/CIPS UK services PMI fell to 48.5 points in January, down from 49.0 in December. This is the sixth month that this figure has been the crucial 50.0 no-change mark.
This also represents the longest period of continuous decline in the private sector since the global financial crisis in 2008/2009.
In more optimistic news, the eurozone's private sector economy grew in January, following six successive months of contraction.
The composite PMI for the single currency area rose to 50.3 in January, from 49.3 in December. This marks a seven-month-high and the first time that the eurozone private sector economy has grown since June 2022.
Looking ahead, S&P warned that it "remains too early to completely disregard recession risks."
Still to come on Friday, there is a US services PMI at 1445 GMT.
Stocks in New York were called lower ahead of the reading. The Dow Jones Industrial Average is called down 0.2%, the S&P 500 index down 0.7%, and the Nasdaq Composite down 1.3%.
In the FTSE 100, Centrica was among the worst performers, shedding 2.9% around midday.
UK energy watchdog Ofgem on Friday 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".
Meanwhile, Ofgem has told suppliers to suspend the system of forcibly installing prepayment meters into the homes of customers that have fallen into arrears, PA reported.
The request came after it was revealed that debt collectors working for Centrica's British Gas had forced their way into the homes of vulnerable people.
This followed 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.
Ofgem Chief Executive Jonathan Brearley, said he has "warned all domestic energy suppliers to get their house in order on forced instalments of prepayment meters", while ordering the "biggest ever market review" into the meters to "uncover poor practice".
He added that Ofgem is opening an investigation into British Gas on this issue.
Also on Friday, UK regulator Ofcom said its provisional view is that BT Group unit Openreach's Equinox 2 scheme does not break competition rules in the UK.
FTSE 100-listed BT gained 1.1%.
Network cabling and wiring service provider Openreach plans to introduce a pricing plan for internet providers from April 1.
Ofcom, the UK's regulatory competition authority for broadcast & telecommunications, said its provisional view is that it should not intervene with Openreach's plan. Ofcom is inviting responses to its consultation by March 4 and will publish its final decision before the end of March.
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.
Among London's small-caps, Nanoco lost 26%.
Nanaco said it has agreed a USD150 million settlement with Samsung Electronics for IP infringement.
The Manchester, England-based Nanoco, a quantum dots manufacturer, 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.
The company in January cautioned that it expected the settlement value to be at the lower end of expectations.
Nanoco initially launched a US patent infringement lawsuit against the South Korean-based electronics company in December, alongside lawsuits in Germany and China.
It 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.
Separately, Nanoco said revenue for the half-year ended on January 31 remains "comfortably in line with the board's expectations". It said active cost management is delivering costs also comfortably in line with guidance.
Housebuilders were lower at the start of the afternoon, returning gains amassed in the wake of Thursday's BoE decision. Persimmon fell 3.5%, Taylor Wimpey gave back 2.5%, and Barratt Developments lost 2.1%.
Brent oil was quoted at USD82.03 a barrel at midday in London on Friday, down from USD81.95 late Thursday. Gold was quoted at USD1,911.31 an ounce, lower against USD1,920.03.
By Sophie Rose, Alliance News reporter
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