Lunchtime market roundup: Stocks mostly lower ahead of US data bonanza

Stocks in London were mostly a notch lower on Friday midday ahead of a bunch of US data releases, including personal consumption expenditures price index, gross domestic product and durable goods orders.

The FTSE 100 index was up 10.73 points, 0.1%, at 10,316.39. The FTSE 250 was up 2.31 points, marginally higher, at 22,170.80, and the AIM all-share was down 4.91 points, 0.6%, at 762.11.

The Cboe UK 100 was up 0.3% at 1,025.13, the Cboe UK 250 was down 0.2% at 19,433.61, and the Cboe small companies was down 0.3% at 17,603.83.

In European equities on Friday, the CAC 40 in Paris was down 0.2%, while the DAX 40 in Frankfurt was also down 0.2%.

Fresh explosions were reported in Tehran on Friday after Israel said it had launched another ‘wide-scale wave of strikes’ against regime targets, following claims that new missiles had been fired from Iran. US President Donald Trump wrote on social media that the US is ‘totally destroying’ the Iranian regime and urged followers to ‘watch what happens’ in the conflict on Friday.

Meanwhile, a building in Dubai’s financial district was hit by debris from an intercepted attack Friday, witnesses and an AFP journalist saw.

Separately, a US refuelling aircraft crashed over western Iraq in what the US military described as an ‘incident’ involving two planes, adding that neither hostile nor friendly fire was responsible.

In a further development, the US temporarily authorised countries to purchase sanctioned Russian oil and petroleum already at sea. Treasury Secretary Scott Bessent said the measure, which runs until April 11, is aimed at ‘promoting stability in global energy markets’ during the war and would not materially benefit Russia.

In response, Antonio Costa, president of the European Council, said Friday the US’ ‘unilateral decision’ to lift sanctions on Russian oil exports was ‘very concerning, as it impacts European security.’

Oil prices remained volatile. Brent traded at $99.20 a barrel at midday Friday, up from $98.65 late Thursday, as three additional cargo vessels were struck on Thursday in the Gulf and Iran’s new supreme leader reiterated plans to keep blocking the Strait of Hormuz, through which about a fifth of global oil shipments pass.

Bessent said the recent rise in oil prices represents a temporary disruption and confirmed the US will begin escorting vessels through the Strait of Hormuz ‘as soon as it is militarily possible’.

UK Chancellor Rachel Reeves has urged the competition watchdog to clamp down on ‘rip-off’ fuel pricing ahead of talks with energy executives, warning that she will not tolerate profiteering amid the Iran war. The Treasury said Reeves and Energy Secretary Ed Miliband will press petrol retailers and energy suppliers to ensure drivers are not overcharged. The government has already pledged to intervene if companies engage in unfair practices affecting households facing rising heating oil costs.

The pound was quoted at $1.3259 at midday in London, lower compared to $1.3410 at Thursday’s close. The euro stood at $1.1465, lower against $1.1522. Against the yen, the dollar was trading at JP¥159.33, up from JP¥159.21.

It was a busy day for eurozone data. Industrial output in the euro area fell 1.5% month-on-month in January, according to Eurostat, confounding expectations for a 0.6% rise. December’s decline was revised to 0.6% from 1.4%. On an annual basis, output dropped 1.2%, versus expectations of a 1.4% increase, though December’s annual figure was revised sharply higher to 2.2%.

Across the EU, Portugal posted the strongest monthly growth at 4.2%, while Ireland saw the steepest fall at 9.8%. On a yearly basis, Latvia led gains at 13.3%, while Luxembourg recorded the largest contraction at 14.9%.

In Germany, wholesale prices rose 0.6% month-on-month in February, above expectations of 0.4%, though slower than January’s 0.9% increase. On an annual basis, prices rose 1.2%, unchanged from January. The rise was largely driven by a 45% surge in prices for non-ferrous metals and related products.

Separate figures showed German corporate insolvencies rose 10% to 24,064 in 2025, the highest level since 2014, as Europe’s largest economy struggles to regain momentum. In December alone, bankruptcies increased nearly 14%.

In France, the annual inflation rate accelerated to 0.9% in February from 0.3% in January, as the decline in energy prices eased.

Back in London, declines were broad-based on the FTSE 100, with banks and miners weighing on the index. BP and Shell were among the few gainers, both up 1.0%, supported by elevated oil prices.

Back in London, declines were broad-based on the FTSE 100, with banks and miners weighing on the index. BP and Shell were among the gainers, both up 1.0%, supported by elevated oil prices.

Among smaller caps, BSF Enterprise plunged 36% after confirming that its proposed £15 million equity fundraise and capital reorganisation have been terminated. The company said its £300,000 convertible loan note will be extended by 12 months and that it is in discussions with alternative funding partners.

Atome rose 21% after signing definitive debt agreements for its $650 million low-carbon fertiliser plant in Paraguay, securing a $420 million package from lenders including the International Finance Corp, European Investment Bank and IDB Invest.

Catenai gained 23% after investing a further £250,000 in Alludium as part of a £1.0 million fundraising, increasing its stake to 16%. It also confirmed the termination of its proposed £15 million equity raise and extended a £300,000 convertible loan note by 12 months.

Stocks in New York were called higher. The Dow Jones Industrial Average was seen up 0.2%, the S&P 500 up 0.1%, and the Nasdaq Composite up 0.1%.

A batch of US data is due later, including the fourth-quarter core PCE index at 1230 GMT, with estimates for a 2.7% quarter-on-quarter rise.

The yield on the US 10-year Treasury was quoted at 4.25%, unchanged from Thursday. The yield on the US 30-year Treasury was quoted at 4.90%, narrowing from 4.89%.

Gold was quoted at $5,094.70 an ounce, down from $5,131.30.

Still to come on Friday’s economic calendar are US fourth-quarter GDP and quarterly personal consumption expenditures, the January PCE reading, durable goods orders, Canadian unemployment and manufacturing sales, and German current account figures.

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