London stocks steady, eyes on US employment report
LONDON: London shares remained nearly flat on Friday as investors adopted a wait-and-see approach ahead of crucial US jobs data.
As of 09:50 GMT, the blue-chip FTSE 100 was up 0.05 per cent, poised for its fourth consecutive weekly gain.
The domestically focused FTSE 250 was up 0.03 per cent on the day, heading towards its second straight weekly advance.
The upcoming US non-farm payrolls report will likely set the market tone, offering insights into how US President Donald Trump's trade policies are affecting the labour market and how the Federal Reserve might navigate the uncertain trade environment.
British government bond yields eased across the curve, mirroring eurozone counterparts ahead of the data release.
Earlier this week, Trump doubled tariffs on steel and aluminium imports, though the UK received an exemption following a limited trade deal signed in early May that established a framework for future negotiations.
Global attention also remained fixed on trade negotiations, with potential easing in US-China trade tensions following Trump's phone call with Chinese President Xi Jinping on Thursday.
On the stock indexes, homebuilders were leading the way with a gain of 0.9 per cent.
Life insurers were up 0.5 per cent after Deutsche Bank upgraded Phoenix and Prudential to "buy", with both stocks climbing nearly 1 per cent.
On the flip side, industrial metal miners dropped 1.1 per cent.
The heavy-weight aerospace and defence index shed 0.8 per cent with Babcock International Group sliding 3.4 per cent, making it the biggest decliner on the blue-chip index.
In other major developments, Finance Minister Rachel Reeves said on Thursday that upbeat business surveys and strong first-quarter GDP indicate the British economy is recovering from its weak end to 2024, though the public remains concerned about slow improvements in living standards.
Purchasing managers' indexes released this week have shown a recovery in activity after a sharp fall in April due to the shock of Trump's tariffs. — Reuters
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times of Oman
9 hours ago
- Times of Oman
US, China to hold trade talks in London next week
Washington, DC: US President Donald Trump on Friday announced that US and Chinese representatives will meet in London on June 9 for talks to resolve trade dispute, a day after calling his Chinese counterpart, Xi Jinping. The meeting aims to discuss the trade deal between the two countries. Sharing a post on his Truth Social account, Trump wrote, "I am pleased to announce that Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and United States Trade Representative, Ambassador Jamieson Greer, will be meeting in London on Monday, June 9, 2025, with Representatives of China, with reference to the Trade Deal." "The meeting should go very well. Thank you for your attention to this matter!" he added. On Thursday, Trump said he had a "good conversation" with his Chinese counterpart, Xi Jinping, and they straightened out any complexity. He stated that the US has a deal with China, but they were straightening out some of the points. Speaking to reporters at the White House on Thursday (local time), Trump stated that Xi Jinping invited him to China and that he had accepted the invitation. He also mentioned that he had invited Xi to the US. Trump stated that the US is in "very good shape" with China and the trade deal. Regarding his telephonic conversation with Xi Jinping, Trump said, "We had a very good talk and we've straightened out any complexity. It's very complex stuff and we straighten it out. The agreement was we're going to have Scott and Howard and Jameson will be going and meeting with their top people and continue it forward. But no, I think we have everything. I think we're in very good shape with China and the trade deal. We have a deal with China, as you know, but we were straightening out some of the points, having to do mostly with rare earth, magnets and some other things." Trump also shared details regarding his conversation with Xi on his social media platform Truth Social. He stated that the call lasted for one and a half hours and resulted in a "very positive conclusion of both nations." The talks between the two leaders come days after Trump accused China of breaching a deal negotiated between officials of the two nations in Geneva last month to roll back high tariffs for 90 days. However, China rejected Trump's allegations on Monday and accused the US of provoking "new economic and trade frictions." On May 30, Trump accused China of violating a recent trade agreement with the US. However, he did not mention China's action that violated its agreement with China.
Observer
15 hours ago
- Observer
Trump-Musk bromance descends into brawl over contracts, impeachment
WASHINGTON: Donald Trump threatened on Thursday to cut off government contracts to Elon Musk's companies and the world's richest man suggested the US president should be impeached, marking a stark end to an unlikely alliance and leaving onlookers wondering what was next. The hostilities between the former allies intensified when the president criticised Tesla CEO Musk in the Oval Office and the pair then lobbed verbal barbs at each other on their social media platforms: Trump's Truth Social and Musk's X. "The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts," Trump posted. Tesla shares closed down over 14 per cent on Thursday, losing about $150 billion in market value in the largest single-day decline in value in its history. Minutes after the closing bell, Musk replied, "Yes," to a post on X saying Trump should be impeached, an unthinkable move in Congress where Trump's Republicans hold majorities in both chambers. The trouble between the two started brewing days ago, when Musk denounced Trump's sweeping tax-cut and spending bill. The president initially held his tongue while Musk campaigned to torpedo the bill, saying it would add too much to the nation's $36.2 trillion in debt. Trump broke his silence on Thursday, telling reporters he was "very disappointed" in Musk. "Look, Elon and I had a great relationship. I don't know if we will anymore," Trump said. As Trump spoke, Musk responded in real time on X. "Without me, Trump would have lost the election," wrote Musk, who spent nearly $300 million backing Trump and other Republicans in last year's election. In another post, Musk asserted that Trump's signature tariffs would push the US into a recession later this year. Musk's businesses also include rocket company and government contractor SpaceX and its satellite unit Starlink. Musk, whose space business plays a critical role in the US government's space programme, said that as a result of Trump's threats he would begin decommissioning SpaceX's Dragon spacecraft. Dragon is the only US spacecraft capable of sending astronauts to the International Space Station. Late on Thursday, Musk backed off the threat. And in a sign of a possible detente to come, Musk subsequently wrote: "You're not wrong," in response to billionaire investor Bill Ackman saying Trump and Musk should make peace. Trump and Musk are both political fighters with a penchant for using social media to attack their perceived enemies and many observers had predicted a falling out. Musk had become one of Trump's most visible advisers as head of the Department of Government Efficiency, which mounted a sweeping and controversial effort to downsize the federal workforce and slash spending. After leaving that role, Musk this week targeted what Trump has named his "big, beautiful bill", calling it a "disgusting abomination" that would deepen the federal deficit. His attacks amplified a rift within the Republican Party that could threaten the bill's prospects in the Senate. Nonpartisan analysts say Trump's bill could add $2.4 trillion to $5 trillion to the nation's $36.2 trillion in debt. A prolonged feud between the pair could make it harder for Republicans to keep control of Congress in next year's midterm elections if it leads to a loss of Musk's campaign spending or erodes support for Trump in Silicon Valley. "Elon really was a significant portion of the ground game this last cycle," said a Republican strategist with ties to Musk and the Trump administration who spoke to Reuters on condition of anonymity. "If he sits out the midterms, that worries me." On Tuesday, Musk posted that "in November next year, we fire all politicians who betrayed the American people." — Reuters HIGHLIGHTS The trouble between the two started brewing days ago, when Musk denounced Trump's sweeping tax-cut and spending bill
Observer
15 hours ago
- Observer
London stocks steady, eyes on US employment report
LONDON: London shares remained nearly flat on Friday as investors adopted a wait-and-see approach ahead of crucial US jobs data. As of 09:50 GMT, the blue-chip FTSE 100 was up 0.05 per cent, poised for its fourth consecutive weekly gain. The domestically focused FTSE 250 was up 0.03 per cent on the day, heading towards its second straight weekly advance. The upcoming US non-farm payrolls report will likely set the market tone, offering insights into how US President Donald Trump's trade policies are affecting the labour market and how the Federal Reserve might navigate the uncertain trade environment. British government bond yields eased across the curve, mirroring eurozone counterparts ahead of the data release. Earlier this week, Trump doubled tariffs on steel and aluminium imports, though the UK received an exemption following a limited trade deal signed in early May that established a framework for future negotiations. Global attention also remained fixed on trade negotiations, with potential easing in US-China trade tensions following Trump's phone call with Chinese President Xi Jinping on Thursday. On the stock indexes, homebuilders were leading the way with a gain of 0.9 per cent. Life insurers were up 0.5 per cent after Deutsche Bank upgraded Phoenix and Prudential to "buy", with both stocks climbing nearly 1 per cent. On the flip side, industrial metal miners dropped 1.1 per cent. The heavy-weight aerospace and defence index shed 0.8 per cent with Babcock International Group sliding 3.4 per cent, making it the biggest decliner on the blue-chip index. In other major developments, Finance Minister Rachel Reeves said on Thursday that upbeat business surveys and strong first-quarter GDP indicate the British economy is recovering from its weak end to 2024, though the public remains concerned about slow improvements in living standards. Purchasing managers' indexes released this week have shown a recovery in activity after a sharp fall in April due to the shock of Trump's tariffs. — Reuters
