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(Alliance News) - Stocks in London were called slightly higher, on the last trading day before the Easter break.
Financial markets in the London, Paris, Frankfurt and New York will be closed on Friday to mark Good Friday. However, the US jobs report will still be reported at 1330 BST on Friday.
UK and European markets will remain closed on Easter Monday. New York re-opens on Easter Monday.
"Soft jobs data from the US will likely send the short-term yields to levels that were tested when the Silicon Valley Bank collapsed last month, and the dollar index to a fresh year-to-date low," said Swissquote Bank's Ipek Ozkardeskaya.
"Unfortunately for the stock markets, the softer yields will likely not be a catalyser of a further rally, as the recession fears should weigh on earnings expectations and the latter should weigh on the valuations and outweigh the positive impact of softer yields," Ozkardeskaya added.
In early UK economic news, UK house prices saw the weakest rate of annual growth in nearly three-and-a-half years, and footfall fell sharply in March.
In company news, Shell guided for slightly higher Integrated Gas volumes in the first quarter, while Robert Walters warned of a "slower start" to 2023.
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 16.2 points, 0.2%, at 7,679.14
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Hang Seng: up 2.4 points at 20,277.01
Nikkei 225: closed down 1.1% at 27,507.65
S&P/ASX 200: closed down 0.3% at 7,214.90
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DJIA: closed up 80.34 points, or 0.2%, at 33,482.72
S&P 500: closed down 10.22 points, or 0.3%, at 4,090.38
Nasdaq Composite: closed down 129.47 points, 1.1%, to 11,996.86
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EUR: down at USD1.0897 (USD1.0919)
GBP: down at USD1.2447 (USD1.2471)
USD: up at JPY131.25 (JPY130.94)
Gold: down at USD2,015.84 69 per ounce (USD2,021.30)
(Brent): down at USD84.46 a barrel (USD84.48)
(changes since previous London equities close)
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ECONOMICS
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Thursday's key economic events still to come:
11:00 IST Ireland industrial production and turnover
09:30 BST UK construction PMI
08:30 EDT US unemployment insurance weekly claims report
09:00 CDT US Fed St Louis President James Bullard speaks
16:30 EDT US foreign central bank holdings
16:30 EDT US federal discount window borrowings
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Growth in UK house prices slowed in March, according to data from Halifax. According to the mortgage lender, average house prices edged up 0.8% in March on a monthly basis. Growth slowed from a 1.2% climb in February. Annually, growth in house prices slowed to 1.6% in March, from the 2.1% climb seen in each of the previous three months. "This is the weakest rate of annual growth in nearly three-and-a-half years (October 2019), having fallen markedly since June 2022's peak of 12.5%," said Kim Kinnaird, Halifax Mortgages director.
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March delivered a "sharp shock" to UK retailers as consumers reined themselves in to cover essential shopping in the face of spiralling cost-of-living pressures. Footfall across all UK retail destinations fell by 2.8% on the month before – a significant drop from the 9.4% increase seen between January and February, according to MRI Springboard. Meanwhile, footfall on UK high streets was down 19% on 2019 levels and 0.6% below last March.
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BROKER RATING CHANGES
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Goldman Sachs raises Spirent Communications to 'neutral' (sell) - price target 170 (175) pence
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COMPANIES - FTSE 100
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Oil major Shell said it expects a rise in Integrated Gas production in the first quarter of 2023, though it predicted an adjusted corporate loss on a tax hit. Shell predicted an adjusted loss in its corporate segment between USD900 million and USD1.2 billion, widening from USD600 million in the fourth quarter of 2022. The outcome "includes one-off tax charges", the company said. It expects Integrated Gas adjusted earnings pre-tax depreciation between USD1.2 and USD1.6 billion, compared to USD1.4 billion in the fourth quarter. Upstream adjusted earnings are expected between USD2.8 billion to US3.1 billion, compared to USD2.9 billion. For Integrated Gas, it forecast production between 930,000-970,000 barrels of oil equivalent, up from 917,000 boe in the fourth quarter. Upstream production volumes are expected to be within a similar range to the previous quarter, between 1.8 million and 1.9 million boe per day, compared to 1.85 million in the fourth quarter.
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COMPANIES - FTSE 250
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Iron ore pellet maker Ferrexpo updated on its production in the first quarter. Total iron ore pellet production doubled to 901,000 tonnes from the 420,000 tonnes in the fourth quarter. The rise was mostly down to the improvement in electricity supply to its operations in Ukraine, the firm said. This enabled Ferrexpo to restart a second pelletiser line in late February. However, total pellet production was down 67% year-on-year, following the production challenges since the outbreak of war in Ukraine back in February last year. "We now are in a position to operate a second pelletiser line (out of four in total), with our logistics networks able to deliver sales volumes to customers in line with this level of demand," said Chief Executive Jim North. The firm plans to balance production volumes with a "conservative approach" to its balance sheet and liquidity going forward.
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OTHER COMPANIES
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Recruitment firm Robert Walters reported a "slower start" to 2023. Net fee income in the first quarter rose 4% year-on-year to GBP102.4 million. It grew 16% in Europe and 18% in Other Internation, helping to offset a 9% decline in the UK and a 1% fall in Asia Pacific. On a constant currency basis, net fee income was flat. "Uncertain global macroeconomic conditions continued to impact recruitment activity levels across a number of the group's markets and disciplines," the firm said. Robert Walters pointed to the "relatively robust" market fundamentals such as vacancy levels and salary inflation, as well as a global shortage of qualified professionals. It expects the rebound in the Chinese economy, easing inflation and the stabilisation of the technology sector to boost the global outlook.
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The UK competition watchdog said it was looking into Electricite de France's acquisition of General Electric's nuclear steam power business. The Competition & Markets Authority said it will consider whether the transaction would substantially lessen competition in UK goods or services markets.
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By Elizabeth Winter, Alliance News senior markets reporter
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