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(Alliance News) - Stocks in London are called to open higher on Friday, as investors digest the fall out of a busy week of interest rate decisions, as well as economic data.
According to data on Friday morning, the UK economy grew again in February, suggesting that the economy is escaping recession.
On Thursday, all eyes were on interest rate decisions, after the European Central Bank left rates unchanged.
Yet, policymakers said they will cut rates should they gain confidence that inflation is falling to the bank's 2% target.
On Wednesday, hopes of rate cuts in the US were crushed by inflation data.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: called up 0.5% at 7,963.20
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Hang Seng: down 1.9% at 16,766.42
Nikkei 225: closed up 0.2% at 39,523.55
S&P/ASX 200: closed down 0.3% at 7,788.10
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DJIA: closed little changed at 38,459.08
S&P 500: closed up 0.7% at 5,199.06
Nasdaq Composite: closed up 1.7% at 16,442.20
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EUR: up at USD1.0711 (USD1.0705)
GBP: up at USD1.2541 (USD1.2513)
USD: down at JPY153.19 (JPY153.30)
Gold: up at USD2,388.20 per ounce (USD2,338.05)
(Brent): up at USD90.40 a barrel (USD89.94)
(changes since previous London equities close)
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ECONOMICS
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Friday's key economic events still to come:
08:30 EDT US export and import prices
10:00 EDT US Michigan consumer sentiment index
13:00 EDT US Baker Hughes oil rig count
14:30 EDT US Atlanta Fed President Raphael Bostic speaks
15:30 EDT US San Francisco Fed President Mary Daly speaks
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The UK economy grew in line with expectations in February, according to numbers on Friday. According to the Office for National Statistics, UK gross domestic product rose by 0.1% in February from January, in line with FXStreet cited consensus. UK GDP had expanded 0.3% on-month in January, according to revised data. The ONS said that in February, industrial production increased by 1.1% from January. It was expected to be unchanged, according to FXStreet cited consensus. Production declined by 0.3% in January from December. On an annual basis, industrial production improved by 1.4% in February, having risen by 0.3% a month earlier. Finally, data showed the UK trade deficit narrowed to GBP2.29 billion in February, from GBP3.13 billion in January.
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Consumer price inflation in Germany slowed as expected in March, data from the Federal Statistics Office showed on Friday. The consumer price index rose by 2.2% annually in March, ebbing from a 2.5% rise in February and 2.9% in January. The March figure was in line with earlier provisional data. It is the slowest pace of inflation in Germany since April 2021. Monthly inflation was unchanged at 0.4% in March. According to FXStreet, markets were expecting CPI inflation to pick up to 0.6% on-month in March. The harmonised index of consumer price index for Germany, which allows for EU-wide comparison, slowed to a 2.3% annual rise in March from a 2.7% rise in February. On a monthly basis, the rise in the harmonised index was unchanged from February at 0.6%. All of the data was in line with provisional data provided earlier in April.
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BROKER RATING CHANGES
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JPMorgan cuts Berkeley Group to 'neutral' (overweight) - price target 4,800 pence
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JPMorgan raises Taylor Wimpey to 'overweight' (neutral) - price target 150 (101) pence
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JPMorgan raises Persimmon to 'overweight' (neutral) - price target 1,510 (1,190) pence
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COMPANIES - FTSE 250
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Mercantile Investment Trust reported results for year ended January 31. Its net asset value at the end of the year rose to 238.6p from 236.1p a year earlier. Mercantile declared a fourth quarterly interim dividend of 3.30p per share, bringing the total dividend for the year to 7.65p per share, an increase of 7.0% over last year. "Despite [a] generally unsupportive environment, most of the company's portfolio holdings continued to do well at an operational level, and I am pleased to report a positive performance from the Company over the year under review, on both an absolute and relative basis," said Chair Angus Gordon Lennox. "Existing portfolio holdings have been performing well despite the challenging conditions of the past year and should do even better as and when the economy strengthens."
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OTHER COMPANIES
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SigmaRoc said that 2024 has started "well", with first quarter performance in-line with management expectations. Volumes were 1% ahead of budget, contributing to revenue of GBP214 million for the quarter. Looking ahead, SigmaRoc said it is in a "strong" position. "I reported at the time of our final results that the first two months of the year had started well, and I am pleased to say that this trend has continued in March with trading remaining in line with our expectations," said Chief Executive Max Vermorken. "The integration of our initial lime acquisitions is continuing well. We recently completed the UK acquisition, and we are now focussed on integrating all the acquired businesses, delivering on synergies and further strategic initiatives, and progressing to take control of the Polish assets that are the final part of this transformational deal."
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Revolution Bars on Thursday said it raised GBP10.5 million plus up to GBP2.0 million in its bookbuild launched Wednesday, amid a restructuring plan that could see the business sold. The Manchester-based bar group, which operates the brands Revolution and Revolucion de Cuba, will issue 1.05 billion new shares under a firm placing and subscription at 1 pence per share, raising GBP10.5 million. Meanwhile, a minimum of 50.0 million new shares will be issued via a placing and open offer at the issue price, raising a minimum of GBP500,000. This will increase to a maximum of 201.3 million new shares, or around GBP2.0 million, depending on shareholder uptake under the open offer. Shares in Revolution Bars surged 48% to 1.70p each in London on Thursday. Results of the fundraise were announced after the closing bell of trading in London.
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By Sophie Rose, Alliance News senior reporter
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