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London open: FTSE nudges down in very quiet trade
London stocks nudged lower in early trade on Friday in very quiet trade, with no news of any note to move markets as most traders were still away from their desks for the Christmas and new year break.
At 0840 GMT, the FTSE 100 was down 0.1% at 8,128.47.
Data released earlier by restructuring firm Begbies Traynor showed the number of UK retailers facing “critical” financial problems rose more than 25% in the last three months.
Begbies Traynor said there were 2,124 retailers in “critical financial distress” between October and 16 December, up from 1,696 between July and September. Still, this was a little lower than the 2,142 reported in the last quarter of 2023.
Begbies put the jump down to subdued consumer confidence and rising costs.
Julie Palmer, a partner at Begbies Traynor, said: “This year has highlighted the resilience and adaptability of some UK retailers, but the sector remains under significant strain.
“Clearly, some retailers have found ways to manage financial pressures effectively, but others, particularly in general retail, are struggling under the weight of rising operational costs and squeezed consumer spending.”
Corporate news was unsurprisingly scarce, but life science investor Syncona gained as it said its investment Achilles Therapeutics has sold technology assets to AstraZeneca for $12m (£9.58m).
The deal involves transferring of the commercial license of data and samples from Achilles’ TRACERx non-small cell lung cancer study to AstraZeneca, including samples and data.
Top 10 FTSE 100 Risers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Ck Infrastructure Holdings Limited | +2.81% | +15.60 | 570.00 |
| 2 |  |
Smith (ds) Plc | +1.01% | +5.50 | 552.00 |
| 3 |  |
Banco Santander S.a. | +0.98% | +3.50 | 362.00 |
| 4 |  |
Rentokil Initial Plc | +0.91% | +3.60 | 399.40 |
| 5 |  |
Ferguson Enterprises Inc. | +0.64% | +90.00 | 14,090.00 |
| 6 |  |
Prudential Plc | +0.63% | +4.00 | 637.20 |
| 7 |  |
Pearson Plc | +0.59% | +7.50 | 1,286.00 |
| 8 |  |
Diageo Plc | +0.46% | +11.50 | 2,509.00 |
| 9 |  |
Rolls-royce | +0.45% | +2.60 | 578.20 |
| 10 |  |
Aib Group Plc | +0.34% | +1.50 | 437.00 |
Top 10 FTSE 100 Fallers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Carnival Plc | -1.40% | -26.00 | 1,828.00 |
| 2 |  |
Anglo American Plc | -1.32% | -31.50 | 2,350.00 |
| 3 |  |
Haleon | -1.28% | -4.90 | 377.50 |
| 4 |  |
Next Plc | -1.18% | -116.00 | 9,730.00 |
| 5 |  |
Whitbread Plc | -1.05% | -31.00 | 2,928.00 |
| 6 |  |
National Grid Plc | -0.97% | -9.20 | 935.00 |
| 7 |  |
Vodafone Group Plc | -0.91% | -0.62 | 67.14 |
| 8 |  |
Admiral Group Plc | -0.84% | -22.00 | 2,602.00 |
| 9 |  |
Smurfit Westrock Plc | -0.77% | -33.00 | 4,276.00 |
| 10 |  |
Rightmove Plc | -0.76% | -5.00 | 654.20 |
US close: Stocks little changed after Christmas breather
US stocks closed with little movement Tuesday as investors returned from the Christmas holiday, grappling with muted volumes and limited economic data.
The Dow Jones Industrial Average edged up 0.07% to close at 43,325.80, marking the only major index to post gains.
Meanwhile, the S&P 500 dipped slightly, down 0.04% to 6,037.59, while the Nasdaq Composite slipped 0.05% to close at 20,020.36.
In currency markets, the dollar was last down 0.01% on sterling to trade at 79.83p, as it slipped 0.02% against the euro to 95.93 euro cents, and weakened 0.16% on the yen, changing hands at JPY 157.74.
“US equities are stuck in a holding pattern as trading volumes dry up following the holiday break, and Europe is largely absent from the action,” said analyst Stephen Innes in his Dark Side of the Boom commentary.
“Liquidity remains razor-thin, and market moves appear more about year-end housekeeping than aggressive positioning.
“With the calendar year winding down and little in the way of tier-one economic data, the market is content mainly to drift until something shakes it from its slumber – likely a late-year squeeze or perhaps a Trump-driven shift in global economic sentiment.”
Jobless claims decline in the week before Christmas
In economic news, the number of Americans filing new unemployment claims declined last week, signalling continued resilience in the labor market even as hiring momentum cools.
Initial claims for state unemployment benefits dropped by 1,000 to a seasonally adjusted 219,000 for the week ended 21 December, according to the Labor Department.
The figure came in below economists’ expectations of 224,000 and remained consistent with the average level of claims over the past year.
Labour market trends have been volatile in recent weeks, influenced by seasonal factors such as temporary holiday hiring.
Despite that, layoffs remain subdued, reflecting a labor market that, while slowing, shows no immediate signs of significant deterioration.
However, challenges were emerging for those who lost their jobs – the number of individuals continuing to receive unemployment benefits after an initial claim rose by 46,000 to 1.91 million in the week ended 14 December, the highest level since November 2021.
That measure, a proxy for ongoing hiring activity, exceeded expectations of 1.88 million.
The average duration of unemployment also increased to 23.7 weeks in November, the longest since April 2022.
While continued claims had edged higher over the past year, they remained just 100,000 above year-ago levels, far from the sharp increases typically seen in a weakening jobs market.
The data aligned with expectations for slower job growth in December, following the addition of 227,000 nonfarm jobs in November.
Tesla and Meta in the red, GameStop rises as Roaring Kitty returns
In equity markets, Tesla shares fell 1.76%, while Meta Platforms slipped 0.72%, pulling down the communication services sector.
On the upside, chipmaker Broadcom gained 2.37%, marking its fourth consecutive day of increases.
GameStop surged 5.94% as enthusiasm reignited following a cryptic social media post by Keith Gill, known as Roaring Kitty, a prominent figure in the meme stock movement.
The stock had climbed roughly 16% over the past five days and was up more than 88% in 2024.
Elsewhere, Apple touched an all-time intraday high of $260 before trimming gains, closing up 0.32%.
The rally followed an upgraded price target from Wedbush analyst Dan Ives, who cited expectations of a “golden era of growth” for the tech giant in 2025.
Apple shares had risen over 11% in the past month, pushing the company closer to a $4trn market cap.
Friday newspaper round-up: Steel industry, Daily Mirror, pensions
The UK steel industry has called for the government to promise to buy British as it prepares for a major expansion of offshore wind generation. Wind generation has become a key part of the UK’s energy system, contributing 29% of generated electricity in 2023. However, despite the huge increase in the number of turbines, only 2% of the steel used in British offshore wind projects over the past five years was made in the UK, according to a study by the consultants Lumen Energy & Environment, commissioned by UK Steel, a lobby group. – Guardian
Labour ministers have backed plans for a £15m fund to redistribute food from farms that otherwise go to waste, particularly around Christmas. Grants starting from £20,000 will be handed to the not-for-profit food redistribution sector in England to repackage farm food and deliver it to homeless shelters, food banks and charities. – Guardian
Journalists at the Daily Mirror have been offered bonuses to write sponsored articles promoting household products as the newspaper’s publisher for new sources of revenue. Staff at Reach, which also owns the Express and regional titles including the Manchester Evening News and Liverpool Echo, have been offered an extra £60 if they create “affiliate content” that generates more than £600 in revenues. – Telegraph
A campaign to save a popular “mild” cask beer from Carlsberg’s axe has been backed by thousands of drinkers – including former Slade rocker Noddy Holder. Mr Holder, best known for Slade’s 1973 hit “Merry Xmas Everybody”, has signed a petition urging Carlsberg to keep brewing barrels of Banks’s Mild, which was first served 150 years ago. Banks’s Mild is among a slate of beers being withdrawn by the Danish brewer next week. – Telegraph
International investors increased their holdings of UK government bonds before the budget as analysts forecast that the pound and shares would be the winners of the country’s political stability and closer relations with the European Union in the coming years. Foreign bondholders ramped up their gilt holdings by £55 billion in October — a rare vote of confidence for the new government, which has been widely criticised by business groups for tax rises. – The Times
Pensioners in their eighties and nineties are mounting a campaign to shame some of the world’s biggest companies after seeing their real retirement incomes shrink by another 3 per cent in the past year. Former employees of blue-chip companies including American Express, Pfizer, KPMG UK, Hewlett Packard Enterprise and Goldman Sachs have formed an alliance to lobby ministers to put pressure on the businesses, which in some cases have frozen their pensions for years. – The Times
