Last checked at 
(Alliance News) - Stocks in London were called to open flat on Friday, amid better-than-expected UK GDP figures.
The UK economy saw 0.1% growth in the final quarter of 2022, revised from the previous estimate of no growth and confirming there was no recession last year. Meanwhile, UK house prices saw their worst annual decline in over a decade.
The UK will join 11 other countries in a major Asia-Pacific trade partnership, Prime Minister Rishi Sunak announced Friday, in the country's biggest post-Brexit trade deal following nearly two years of talks.
Britain will be the first new member since the creation of the Comprehensive & Progressive Agreement for Trans-Pacific Partnership in 2018, and the first European country in the bloc. The trade grouping will include more than 500 million people and account for 15% of global GDP once the UK becomes its 12th member, according to Sunak's office.
In early UK company news, Rolls Royce named a new chief financial officer, and NCC warned annual profit will be lower than previously expected.
Later on, there will be a eurozone inflation reading at 1000 BST
Here is what you need to know at the London market open:
----------
MARKETS
----------
FTSE 100: called down 0.5 of a point at 7,619.93
----------
Hang Seng: up 0.4% at 20,389.20
Nikkei 225: closed up 0.9% at 28,041.48
S&P/ASX 200: closed up 0.8% at 7,177.80
----------
DJIA: closed up 141.43 points, 0.4%, at 32,859.03
S&P 500: closed up 0.6% at 4,050.83
Nasdaq Composite: closed up 0.7% at 12,013.47
----------
EUR: unchanged at USD1.0900
GBP: up at USD1.2388 (USD1.2371)
USD: up at JPY132.95 (JPY132.69)
GOLD: up at USD1,979.71 per ounce (USD1,972.45)
OIL (Brent): up at USD79.16 a barrel (USD78.48)
(changes since previous London equities close)
----------
ECONOMICS
----------
Friday's key economic events still to come:
09:30 CEST EU EuroCOIN indicator of euro area economic activity
11:00 CEST EU unemployment
11:00 CEST EU consumer price index
10:00 EDT US University of Michigan survey of consumers
15:00 EDT US Fed New York President John Williams speaks
----------
The UK economy registered marginal growth in the final quarter of 2022, final data showed. According to a final estimate from the Office for National Statistics, gross domestic product in the fourth quarter grew 0.1% from the third quarter, which was revised up from an initial estimate of no growth. This follows a contraction of 0.1% seen in the third quarter, which was revised from a 0.2% decline. This means the UK avoided a technical recession, which is defined as two consecutive quarters of negative growth.
----------
UK house prices saw their steepest fall in over a decade in March, according to figures from mortgage lender Nationwide. UK house prices fell 3.1% annually in March, which was the largest annual decline since July 2009. It shows the pace of decline accelerated from the 1.1% fall seen the month before. The March reading was worse than FXStreet-cited market consensus of a 2.2% fall. On a monthly basis, house prices fell 0.8%, speeding up from a 0.5% fall in February. It was also steeper than the 0.3% fall expected by the market.
----------
Hundreds of thousands of UK small and medium-sized businesses will face a multi-pronged hit from the start of April, as energy bill support is slashed and their tax bills rise. Though household energy support has been kept in place at the current level for another three months, businesses have not been so lucky. The cap on the price per megawatt hour that non-domestic energy users consume will be lifted from Saturday, April 1. It will not be the end of all government support for non-domestic energy bills, but the scheme that replaces the current set-up will be significantly less generous.
----------
BROKER RATING CHANGES
----------
Barclays raises International Consolidated Airlines to 'overweight' (equal weight) - price target 170 (165) pence
----------
Berenberg cuts John Wood Group to 'hold' (buy) - price target 200 (165) pence
----------
Jefferies raises Spire Healthcare to 'buy' (hold) - price target 250 (240) pence
----------
COMPANIES - FTSE 100
----------
Rolls Royce named Helen McCabe as its new chief financial officer, to join the jet-engine maker "later this year". She is currently senior vice president of finance for the Customer & Products division of BP and was previously CFO of BP Downstream's fuels and refining Europe & Southern Africa businesses. CFO Panos Kakoullis will remain in post until August 31, the company said. Rolls also announced a series of other senior management changes, including a new head of Rolls-Royce North America.
----------
Ocado celebrated another legal win in a patent dispute against AutoStore. The UK High Court verdict concerned two patents. Autostore back in October 2020 had claimed online grocer and warehouse technology firm Ocado infringed on six of its patents, though two of those claims were invalidated by the European Patent Office before a judgment was made. Another two were withdrawn by Autostore before a hearing started. The remaining two patents were invalidated by a judge in Thursday's verdict. Autostore had said it sued and filed complaints in the US and the UK, accusing Ocado's Smart Platform of infringing Autostore's patented technology. Ocado Smart Platform is a storage and picking system used in fulfilment centres.
----------
COMPANIES - FTSE 250
----------
Cybersecurity firm NCC Group lowered annual guidance for the year to November 30, as it faces a "further deterioration in the macro-economic and market environment". It lowered its adjusted operating profit to a range of GBP28 million to GBP32 million, having previously expected GBP47 million. NCC said market volatility was hitting its near-term revenue and profit, particularly in the North American tech sector. It said buying decisions delays and cancellations were being exacerbated by tech sector lay offs, and the recent turmoil in the banking sector has hit market confidence, resulting in "reduced appetite" for spending on technology. Interest rate challenges are also causing further inflationary challenges in the US and UK, NCC noted. "These economic headwinds and current challenges to the group's cyber security revenues, which the board expects will persist into the next financial year, reinforce the need to implement the next chapter of the NCC Group strategy," the firm said, adding it will look to cut costs.
----------
OTHER COMPANIES
----------
Beijing-based e-commerce company JD.com will spin off its industrial and property units and take both of them public, the company said, in the latest reorganisation of a major Chinese tech firm. One of China's largest retailers, JD.com's fortunes were hit hard by heightened scrutiny of big tech by the state as well as a Covid-induced sales slump in recent years. The company said in filings with the Hong Kong stock exchange Thursday that its property and industrial arms will be spun-off and taken public, though the parent company will retain a controlling stake in both. JD Property operates construction projects across China and dozens of overseas infrastructure works, according to its website. JD Industrials specialises in supplying mechanical components and electronic products to carmakers and other manufacturers. The firm gave no timeline for taking the two companies public, and the size of the share offerings has not been finalised.
----------
By Elizabeth Winter, Alliance News senior markets reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
