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Summary
- FTSE 100 index opened higher on Friday boosted by positive trading in Asian markets and the UK’s domestic macro data
- UK’s retail sales improved, rising by 2.1% in February
- Oil prices rebounded on Friday, after being impacted by the Suez Canal blockage
London’s key market index, the FTSE 100 was trading higher by 0.76 per cent to GBX 6,728.95 at 08:15 AM GMT on Friday, boosted by Asian equities, which were firmly trading in the green.
The index last closed at 6,674.83, down by 38.06 points or 0.57 per cent on Thursday amid oil prices concern.
(Source: EODHD/Others, Thomson Reuters)
UK Retail Sales
UK’s Office for National Statistics, prior to market open this morning, announced the retail sales data that increased by 2.1 per cent in February on a month-on-month basis, further boosting market sentiments.
UK retail sales fell by 3.7 per cent in February as compared to the same month the previous year, improving slightly from a 5.9 per cent fall in January’s year on year data.
Asian markets up
Asian shares were up on Friday, boosted by gains in US markets the previous day and as traders focused on optimism surrounding global economic recovery from the ongoing pandemic.
Japan’s key index Nikkei 225 closed higher by 1.56 per cent, recovering from a three-month low on Thursday. Meanwhile China’s SSE Composite Index was up by 1.63 per cent.
Hong Kong’s key index Hang Seng was up by 1.57 per cent, while South Korea’s Kospi Composite index closed higher by 1.09 per cent. India’s Nifty 50 shares was up by 1.41 per cent, while Australia’s ASX 200 ended up by 0.49 per cent earlier today.
Oil rebounds
Oil prices faced volatility this week due to an ongoing Suez Canal blockage. Efforts are on for clearing the blockage as it is one of the main arteries for global trade.
However, oil prices rebounded on Friday with Brent crude oil for May futures contract hovering at USD 63.27, up by 2.13 per cent at 08:25 AM GMT, while West Texas Intermediate crude oil May futures were at USD 60.02 per barrel, down by 2.48 per cent.
US Markets
US futures rose, with the Dow Jones Futures’ US 30 Contract up by 0.34 per cent and the S&P 500’s US 500 Contract gaining 0.32 per cent on Friday.
US markets last closed higher on Thursday, buoyed by the rise in industrials, financials and basic materials sectors. The Dow Jones Industrial Average index last closed up by 0.62 per cent, while the S&P 500 index ended higher by 0.52 per cent and the Nasdaq Composite index closed up by 0.12 per cent.
Sterling rallies
(Source: EODHD/Others, Thomson Reuters)
The GBP/USD currency pair was up by 0.2716 per cent, trading at 1.377 at around 0801 AM GMT on Friday. The pair’s previous close stood at 1.374.
The GBP/USD pair’s trading range was between a low of 1.373 and a high of 1.377, respectively, during the session so far.
Meanwhile, the GBP/EUR currency pair was trading higher by 0.2289 per cent, at 1.1693 at around 0807 AM GMT.
The UK central bank’s reference spot exchange rate was fixed at 1.3722 USD and 1.1598 EUR against 1 GBP on 24 March.
