FTSE 100 live: London in the red as retail sales and debt reports out
The daily London market update: Market moving news from the FTSE 100 and around the world from City A.M.
The latest updates on the FTSE 100 and London’s financial markets from City A.M.’s newsroom in the heart of the City of London.
The Dow Jones Industrial Average rose by 0.77 per cent to close at 39,134.76 points, while the S&P 500 slightly declined by 0.25 per cent to 5,473.17 points, and the Nasdaq Composite fell by 0.79 per cent to 17,721.59 points.
Nvidia experienced a notable 3.5 per cent drop in its stock price, which pushed its market value below that of Microsoft,
Kroger saw its stock price decrease by 3.27 per cent after expressing caution about consumer spending.
Meanwhile, Trump Media & Technology Group faced a significant decline of 14.56 per cent due to concerns over potential dilution of equity.
In Europe, EURO STOXX 50 futures rose by 0.06 per cent. The FTSE 100 managed a 0.8 per cent gain on Thursday, and its futures suggested a positive start on Friday, increasing by 0.08 per cent to 8,279.5 points.
In Asia, Japan’s Nikkei N225 index edged up by 0.1 per cent, while the yen weakened slightly by 0.1 per cent to 159.01 against the dollar.
Chinese stocks remained mostly unchanged, with the Shanghai Composite index struggling to stay above the critical level of 3,000 points, while Hong Kong’s Hang Seng index dropped by 0.9 per cent.
Oil prices stabilized on Friday after earlier hitting their highest levels in seven weeks. Brent crude futures slipped by 0.1 per cent to $85.59 per barrel, and US crude also dipped by 0.1 per cent to $81.19 per barrel.
Meanwhile, gold prices held steady at $2,358.83 per ounce.
Japan’s inflation rate in May reached its lowest since September 2022, posing challenges for the Bank of Japan’s rate hike plans.
UK fintech Revolut plans to achieve over $40 billion valuation in a forthcoming share sale with Morgan Stanley, aiming to become Europe’s most valuable start-up, supported by SoftBank.
This target is 20 per cent higher than its 2021 valuation of $33 billion and could surpass UK lender NatWest and Société Générale in market value, aligning closely with Lloyds Banking Group, the FT reported.
The UK released May’s public sector borrowing and retail sales figures. The UK government borrowed £15bn last month, almost a billion pounds more than the previous year and the highest for May since the Covid-19 pandemic.
In the US, data on May’s existing home sales is also scheduled for release.
