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The FTSE 100 opened 31 points higher at 10,670 amid Middle East conflict concerns, higher oil prices and fresh US tariff risks weighing on sentiment. Meanwhile, oil prices rose above $90. Brent crude futures fell 2.22% to $98.45 per barrel. US West Texas Intermediate (WTI) declined 2.21% to $90.15 per barrel.
Sterling firmed to $1.3315 early Friday from $1.3303 at Thursday’s London close. Against the euro, the pound edged down to €1.1693.
On the upside, 3i Group rose 3.33% to 2,763p. RELX advanced 3.31% to 2,532p, while JD Sports Fashion gained 3.12% to 88.46p. Weir Group climbed 2.67% to 2,612p, Pershing Square Holdings added 2.58% to 3,736p, and Sage Group increased 2.56% to 842p.
On the downside, Airtel Africa declined 5.32% to 327.20p. Shell fell 0.76% to 3,318.50p, while AstraZeneca slipped 0.69% to 12,600p. GSK dropped 0.50% to 1,896p, Endeavour Mining eased 0.45% to 3,548p, and Rio Tinto edged 0.37% lower to 6,831p.
The US said it will impose new tariffs on 60 trading partners over forced labour concerns, replacing an expiring global duty introduced earlier this year.
The levies, which take effect Friday, range from 10% to 12.5%. Canada, the EU and the UK are expected to face the lower 10% rate, while China and Japan are among those facing the higher 12.5% rate, while China and Japan are among those facing the higher 12.5% rate.
Retail sales jumped in June as heavy discounting led to online shopping. The volume of retail sales jumped by 1% in June, having slowed slightly from 1.2% growth in May, according to the Office for National Statistics (ONS).
Online shopping grew to the largest proportion of total retail sales since spring 2021, when the COVID-19 pandemic kept Brits away from the high street.
Hannah Finselbach, senior statistician at the ONS, said, “Internet retailers did especially well, with businesses telling us that this was because of promotions and the warm weather.”
HSBC has agreed to sell its life and health insurance business in Singapore to Allianz. The German insurance company agreed to snap up the business arm for $2.1 billion (£1.6 billion). Completion is anticipated in the first half of 2027.
The deal is expected to generate HSBC a pre-tax gain of $1.8 billion. The transaction follows an internal review by HSBC, determining a sale would be the “best outcome for both parties” as the bank looks to shift its focus to areas where it has a “clear competitive advantage”.
In the US, stocks fell overnight; the Nasdaq declined 2.2%. The S&P 500 dropped 1.2%, its worst session of the month, while the Dow shed 1%. Meanwhile, in Asia on Friday, Tokyo's Nikkei 225 backed 2.73% to 64,611.15, while China’s Shanghai Composite dipped 1.61%.
Hong Kong’s Hang Seng declined 1.04%, and South Korea’s Kospi fell 5.72%. In India, both the Nifty 50 and the Sensex fell by 0.31% and 0.44%, respectively.
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