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London stocks on the FTSE 100 rose in early trade on Friday as investors continued to mull the main event of the week – the trade deal between the US and China.
At 0840 BST, the FTSE 100 was up 0.4% at 8,669.45.
Kathleen Brooks, research director at XTB, said: “The chief driver of global markets this week has been improving US trade relations, especially with China.”
There are no major UK data releases due, but in the US, the Michigan consumer sentiment index for May will be eyed.
Derren Nathan, head of equity research at Hargreaves Lansdown, said: “It’s expected to rise from 52.2 last month to 53.1. Anything significantly higher could dampen the prospects for further US rate cuts this year.”
In equity markets, Land Securities fell even as the real estate investment trust met consensus forecasts with a small increase full-year profits, and reiterated confidence in its plans to reallocate capital away from offices in the coming years.
Workspace tanked after the office space provider flagged a trading profit headwind of around £7m for the year ending 31 March 2026.
Specialist media platform Future slid as it reported a jump in interim profits but cautioned that it expected a low single-digit decline in full-year 2025 organic revenue amid economic uncertainty.
The company posted a 21% increase in pre-tax profit to £56.6m for the six months to March. Revenue fell 3% to £378.4m, as growth in the first quarter was offset by uncertain macroeconomic sentiment in March, impacting US direct advertising.
Vesuvius tumbled as it said its end markets remain challenging and it now expects full-year results to be slightly lower than previous guidance.
Fresnillo nudged up as it announced the sale of the majority of its stake in MAG Silver following Pan American Silver’s agreement to acquire MAG, as the resulting reduced shareholding in Pan American would no longer align with Fresnillo’s strategic investment objectives.
Top 10 FTSE 100 Risers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
St. James’s Place Plc | +4.58% | +49.00 | 1,120.00 |
| 2 |  |
Astrazeneca Plc | +2.03% | +206.00 | 10,348.00 |
| 3 |  |
Gsk Plc | +1.80% | +24.50 | 1,387.00 |
| 4 |  |
International Consolidated Airlines Group S.a. | +1.74% | +5.60 | 326.70 |
| 5 |  |
Carnival Plc | +1.67% | +26.00 | 1,580.50 |
| 6 |  |
Ck Infrastructure Holdings Limited | +1.36% | +7.00 | 522.00 |
| 7 |  |
London Stock Exchange Group Plc | +1.31% | +150.00 | 11,570.00 |
| 8 |  |
British American Tobacco Plc | +1.23% | +38.00 | 3,115.00 |
| 9 |  |
Experian Plc | +1.09% | +43.00 | 3,971.00 |
| 10 |  |
Barclays | +1.09% | +3.50 | 325.80 |
Top 10 FTSE 100 Fallers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Smurfit Westrock Plc | -1.59% | -56.00 | 3,465.00 |
| 2 |  |
Marks And Spencer Group Plc | -1.20% | -4.30 | 352.70 |
| 3 |  |
Fresnillo | -1.18% | -12.00 | 1,004.00 |
| 4 |  |
South32 Limited | -0.97% | -1.40 | 142.40 |
| 5 |  |
Glencore Plc | -0.91% | -2.45 | 268.15 |
| 6 |  |
Intercontinental Hotels Group Plc | -0.88% | -80.00 | 9,000.00 |
| 7 |  |
Antofagasta Plc | -0.73% | -13.50 | 1,842.50 |
| 8 |  |
Anglo American Plc | -0.65% | -14.00 | 2,129.00 |
| 9 |  |
Melrose Industries Plc | -0.59% | -2.80 | 472.80 |
| 10 |  |
Rentokil Initial Plc | -0.54% | -1.90 | 350.00 |
US close: Stocks mixed as investors digest data, Walmart outlook
US stocks finished in mixed fashion on Thursday as gloomy comments about inflation from Walmart’s boss and a tepid increase in retail sales dampened sentiment.
The Dow gained 0.7% after two days in the red, while the S&P 500 rose 0.4%, erasing earlier losses to push higher in afternoon trade. The Nasdaq fell 0.2% after five days of gains.
Markets have risen strongly over the past three trading sessions as the economic outlook brightened following a temporary trade truce between the US and China, along with a lower-than-expected consumer price inflation reading on Tuesday.
However, despite a de-escalation in trade war fears, Walmart chief executive Doug McMillon warned on Thursday that customers could still face higher prices.
Speaking to CNBC, the big box retail boss said: “We will do our best to keep our prices as low as possible, but given the magnitude of the tariffs – even at the reduced levels announced this week – we aren’t able to absorb all the pressure given the reality of narrow retail margins.”
In other news, Federal Reserve Chair Jerome Powell said that US interest rates are more likely to be higher over the longer term as the global economy faces more frequent and persistent supply shocks.
In a speech on the Fed’s first policy framework review since mid-2020, Powell said the economic environment “has changed significantly” since then and the central bank’s stance would “reflect our assessment of those changes”.
Meanwhile, oil prices tanked with WTI crude down 2.2% at $61.74 a barrel on speculation that the US was close to reaching a nuclear deal with Iran.
Economic data barrage
In economic data, US retail sales rose by 0.1% in April, slowing from the 1.5% growth seen in March but ahead of the consensus forecast for no change.
Initial jobless claims held steady in the week ended 9 May, while the four-week moving average edged higher to 230,500 from 227,250.
The Empire State and Philly Fed manufacturing surveys came in ahead of expectations for May, though both indicators were still registering in negative territory.
Lastly, US producer prices fell by 0.5% in April after no change the previous month, surprising economists who pencilled in a 0.2% increase. The annual rate of PPI inflation eased to 2.4% from 2.7%.
“Factory-gate inflation was in negative territory, piling on the pressure on the Fed to move, though it is worth noting that since PPI excludes imports, the actual impact of tariffs has yet to show up,” said Chris Beauchamp, chief market analyst at IG.
Market movers
Walmart headlines were mostly focusing on cautious comments from CEO McMillon, though the retailer also reported first-quarter earnings on Thursday, which were mixed. The stock was 0.5% lower as revenues of $165.61bn missed the $165.84bn forecast, but earnings per share of 61 cents topped the 58 cents estimate.
Foot Locker surged more than 80% early on following an announcement by Dick’s Sporting Goods that is will buy the footwear and apparel retailer for $2.4bn.
Danni Hewson, head of financial analysis at AJ Bell, said: “The acquisition will give Dick’s a toehold in international markets and presents them with a younger, more dynamic consumer and more muscle to do deals in the hugely competitive sporting goods market.”
However, shares in Dick’s tumbled 15% on the news.
Network tech giant Cisco surged 5% after the company beat both revenue and profit estimates in its third quarter, reported overnight.
Shares in UnitedHealth dropped 11% on rumours that the company could face an investigation for possible Medicare fraud from the Justice Department.
Friday newspaper round-up: Thames Water, Wireless Logic, United Health
Ministers plan to use new powers to block bosses from Thames Water taking bonuses worth hundreds of thousands of pounds as the company fights for survival, the Guardian can reveal. Britain’s biggest water company admitted this week that senior managers are in line for “substantial” bonuses linked to an emergency £3bn loan. – Guardian
Wealthy individuals in Britain could be avoiding more tax than thought, the government’s spending watchdog has said, after a dramatic fall in the number of penalties being issued to the super-rich. In a report urging ministers to redouble their efforts to secure more of the money owed by wealthy people to the exchequer, the National Audit Office (NAO) said billions of pounds was going unpaid each year. – Guardian
The King’s property company is in talks to buy a slice of the struggling £5.5bn development over London’s Euston station, in a vote of confidence in the project. The Crown Estate is drawing up a deal with Australian development giant Lendlease for a 50pc stake in six major British projects – the joint venture’s sites are expected to be worth a combined £22bn once fully developed. The partnership would aim to attract more investment to the projects. – Telegraph
One of the founders of a telecoms company has sold a stake to a US private equity firm, valuing the business at £3.5 billion, or 100 times what he paid the Dragons’ Den investor Peter Jones for it in 2011. Oliver Tucker, co-founder and chief executive of Maidenhead-based Wireless Logic, said General Atlantic had acquired a minority stake for an undisclosed sum in the global business, which employs about 1,000 people. As part of the deal Vittorio Colao, the former chief executive of Vodafone, who is a vice-chairman at General Atlantic, joins the Wireless Logic board, which is chaired by Sir Michael Rake, a former chairman of BT. – The Times
One of America’s biggest healthcare organisations is under criminal investigation by the US Department of Justice over potential fraud just days after the departure of its British chief executive, it has been reported. The healthcare unit of the justice department’s criminal division is overseeing the investigation into United Health Group and it has been an active inquiry since at least last summer, The Wall Street Journal reported. – The Times
