- FTSE down 18 points at 9,120
- NatWest jumps on upgraded guidance
- Rightmove sinks despite strong results
- Retail sales rebound in June
4.52pm: FTSE 100 falls back
The FTSE 100 snapped its winning streak on Friday, closing down 18 points at 9,120 points.
Hopes of an EU-US trade deal supported Europe this week but the mood weakened on Friday, IG chief market analyst Chris Beauchamp said.
“Profit warnings from several European firms have meant that sentiment has remained under pressure, though some buying at the lows has been seen,” Beauchamp said.
“Despite NatWest’s healthy gains today, the FTSE 100 has finally paused after its strong run this week.”
1.15pm: Wall Street set for mixed open
Wall Street futures are mixed ahead of Friday's opening bell, with the S&P 500 set to continue its winning streak into a fifth day.
S&P 500 futures are up 0.1%, with Dow Jones futures up by the same margin, while those for the Nasdaq are down 0/1%.
The FTSE 100, meanwhile, is 33 points lower at 9,105.44.
10.30am: JD Sports falls on Puma warning
JD Sports Fashion PLC (LSE:JD.) was among the morning's biggest losers, falling as much as 1.5% after Puma warned it now expects to post a loss for the year, a sharp reversal from previous forecasts as the impact of US tariffs hit the German sports brand. Puma's shares plunged 19%.
“Trump’s tariffs have put the boot into the sportswear market, with Puma following in Nike’s and Lululemon’s footsteps to warn about the negative impact of levies," commented AJ Bell's Russ Mould.
“A lot of sports clothing and footwear is made in Asia and subject to tariffs upon entry into the US. It looks like wholesalers loaded up on stock before new tariffs came into force, creating a situation where inventory levels are now significantly greater than demand."
Mould noted that JD has large exposure to the US market and runs the risk of being swept up in a whirlwind of discounting.
"Excessive stockpiles of Asian-sourced goods in the US could encourage retailers to slash prices to get products moving," he added. "In this situation, sportswear sellers like JD will need to decide if they take part and stomach lower profit margins or stand firm to protect margins but risk shoppers going elsewhere.”
10am: Small cap headlines
HeLIX Exploration PLC (AIM:HEX, OTCQB:HHEXF) has wrapped up wireline logging at its Inez #1 well, with early data looking promising. The well hit 140 feet of reservoir and shows strong similarities to a nearby producing well. Well testing kicks off in August, while plant construction in Montana is also moving ahead. Read more
Mirriad Advertising PLC (AIM:MIRI, OTCQX:MMDDF) has signed a two-year deal with MBC to deliver virtual in-video ads across its MENA platforms. The contract guarantees at least $370,000 annually, with Mirriad as the exclusive provider. Shares jumped on the news, offering a boost after recent funding challenges and a stake buy from Zeus. Read more
John Wood Group PLC (LSE:WG.) is selling its 50% stake in turbine services firm RWG to Siemens Energy for $135 million in cash. The deal supports Wood’s plan to offload non-core assets, cut debt, and simplify operations, with completion expected by early 2026, pending regulatory approval. Read more
capAI PLC (LSE:CPAI) has launched its capMedia division by signing a global licence deal for the Author42 AI platform from R42 Group. The 12-month agreement includes an option to fully acquire the tech for £2 million in shares or notes, with no upfront cost and a revenue share if monetised. Read more
GenIP PLC (LSE:GNIP) says demand is picking up, with a record order book and cash rising to $1.08 million in H1 2025. New contracts in Asia and growth in markets like Brazil and the UK are helping drive momentum, with strong expectations for the second half, especially from its Vortechs product. Read more
Coinsilium Group Limited (AQSE:COIN, OTCQB:CINGF) has raised £500,000 in an oversubscribed WRAP Retail Offer, following a £5 million broker-led placing. The funds will mainly support Forza, its Bitcoin-focused subsidiary, as part of the group’s expanding treasury strategy. Demand for the retail offer was four times higher than the available shares. Read more
9.15am: Blame the Fed
The US Federal Reserve isn't expected to cut interest rates next week, and projections for cuts later this have have also been reduced following stronger-than-expected US jobs data this week, according to Tickmill Group's Patrick Munnelly.
That's put the brakes on rising stock prices.
"A global stock rally that lasted for seven days stalled in Asia due to uncertainty regarding the Federal Reserve's plans for rate cuts, which dampened investors' risk appetite," Munnelly wrote in a morning note. "The MSCI All Country World Index declined, marking the end of the longest winning streak for Asian stocks since January."
The FTSE 100 is now down 34 points at 9,104.43, a decline of 0.4%. On the continent, Frankfurt's DAX is 0.8% lower and the Paris CAC 40 has shed 0.4%.
In Asia this morning, Tokyo's Nikkei 225 shed 0.9%, Hong Kong's Hang Seng dropped 1.1% and Shanghai's SSE Composite ended 0.3% down. In Mumbai, the BSE Sensex closed 0.8% weaker.
8.45am: NatWest bounces on revised guidance
NatWest Group PLC (LSE:NWG) shares are up 1.4% this morning after it raised full-year profit forecasts and hiked its dividend. The bank reported a £2.5 billion profit for the six months to June, up 28%, and added over 1 million new customers—helped by its Sainsbury’s Bank deal. It’s also launching a £750m buyback and ramping up tech investment, including AI partnerships with OpenAI and AWS.
CEO Paul Thwaite says the bank’s simplifying fast and gearing up for more growth.
The FTSE 100 is now 25 points down at 9,112.96.
8.15am: Footsie retraces strong gains
The FTSE 100 fell at the open, reversing some of the strong gains of the previous two sessions that saw the blue-chip index close at consecutive highs.
About 15 minutes into the session, the Footsie is 33 points lower at 9,104.91, a fall of 0.37%.
Leading the decliners is Rightmove PLC (LSE:RMV), down 6.9%, despite the property portal reporting a solid set of half-year results, showing revenue up 10% to £211.7 million and operating profit rising by the same margin to £145.4 million.
JD Sports Fashion PLC (LSE:JD.) and London Stock Exchange Group PLC (LSE:LSEG) are also weighing on the index with declines of over 1%.
On the upside, Centrica PLC (LSE:CNA) has added 0.9% and Shell PLC (LSE:SHEL, NYSE:SHEL) and BP PLC (LSE:BP.) are also positive as Brent crude oil heads towards $70 a barrel on optimism about US trade deals.
7.50am: Retail sales rebound
Shoppers hit the high street and their keyboards in June, with UK retail sales bouncing back 0.9% after a soggy May slump. The sunshine helped, sending supermarket and fuel sales higher, while online deals tempted buyers, too.
The Office for National Statistics said overall sales were up 0.2% for the quarter and 1.7% year-on-year—though still not quite back to pre-COVID highs. Online spending jumped 2.3%, as Brits made the most of the warm weather and a flurry of summer promotions.
7.15am: FTSE 100 set for a muted start
The FTSE 100 is expected to open little changed as the week draws to a close after notching up another record on Thursday.
The London benchmark is being called less than a point higher on the futures market as investors pause for breath following a strong week.
The index closed 77 points, or 0.85%, higher at 9,138 yesterday, supported by 10% jumps in the shares of both BT Group PLC (LSE:BT.A) and Reckitt Benckiser Group PLC (LSE:RKT, ETR:3RB).
“Helping to lift investor spirits was chatter that the EU was close to striking a trade framework agreement with the US," commented AJ Bell's Dan Coatsworth. "Talk of a 15% levy would be a winner given threats of a 30% tariff from 1 August. The EU could call this a victory by getting a ‘half-price’ tariff while Trump would have his thumbs up, smiling at having secured higher tariffs on most EU products than under Joe Biden."
Overnight, it was a mixed bag for US stocks. The Dow Jones slipped 0.7%, but the S&P 500 nudged up slightly by 0.1%, marking its fourth record close in a row. The Nasdaq also edged higher by 0.2%.
In Asia this morning, Tokyo's Nikkei 225 is currently 0.9% lower, Hong Kong's Hang Seng is also down 0.9%, while Shanghai's SSE Composite has slipped 0.3%. In Mumbai, the BSE Sensex has shed 0.7%.
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