- FTSE loses 5 points at 9,095
- Attention is on Central banks
- Gold tops $3,402 an ounce on tariffs
- GSK settles patent dispute for $378mln
5.05pm: FTSE 100 struggles
The FTSE 100 finished Friday’s session down 5 points at 9,095.
“The FTSE 100 has struggled this week despite broader gains for other indices. While strong into Thursday’s session, the index has lost ground following a Bank of England rate cut that didn’t deliver the dovish message many had hoped for,” IG chief market analyst Chris Beauchamp said in a statement.
“Once more it looks like investor appetite has shifted to growth from value, leaving the FTSE 100 out in the cold.”
4:00pm: FTSE 100 to end the week softly
London’s blue-chip benchmark is set to end the week in red, down around 10 points.
At 9,090, the FTSE 100 was down 0.11%.
Much of the week’s attention has been locked on macroeconomics and central banks – namely, the Bank of England’s latest interest rate decision that kept inflation concerns in focus, and, across the pond, the ongoing soap opera at the Federal Reserve.
At the BoE this week, four of the nine policymakers voted to keep rates steady, signalling that the central bank’s cycle of rate cuts may be nearing an end.
In the US, meanwhile, expectations for rate cuts grew after President Donald Trump said he would nominate Stephen Miran, chair of the Council of Economic Advisers, to temporarily join the Federal Reserve board.
Looking back now, at London stocks, the miners outperformed, with precious and industrial metal miners gaining between 1.5% and 1.1% on higher gold and copper prices.
GSK shares rose 1.5% to 1,403.5p after securing a $370.00 million upfront payment from CureVac in a settlement over mRNA patents with Pfizer/BioNTech. The stock is up about 4.29% so far this year.
Flutter shares fell 2.75% to 22,332p after the company reported an 88% drop in net income to $37.00 million due to non-cash charges and one-off costs.
Pennant International dropped around 14% to 24p after warning turnover would miss expectations due to delays in its UK Ministry of Defence GenFly contract, now pushed back to late 2025 or beyond, with related revenues moving into 2026.
12pm: US stocks set to rise at the open
The Nasdaq is expected to lead the market higher when US trading gets underway, a day after the tech-heavy index closed at a new record.
Nasdaq 100 futures were up more than 0.3% ahead of the open, with those for the S&P 500 up 0.3% and Dow Jones futures 0.2% firmer.
The Nasdaq rose 0.4% on Thursday as tech stocks were boosted after US President Donald Trump hinted that upcoming tariffs on semiconductors may include a carveout that could favor Big Tech. The Dow fell 0.5% while the S&P 500 closed just 5 points lower.
Adding to the momentum today is the White House's nomination of Stephen Miran, the current chairman of the Council of Economic Advisors, to the Federal Reserve Board of Governors. His nomination follows the resignation of Adriana Kugler and will run through early 2026.
"Notably, Miran was one of the architects for the Mar a Largo Accord, which advocated for the use of tariffs and dollar devaluation as a strategy to increase economic output and international competitiveness," commented Joshua Mahony, chief market analyst at Rostro.
"From a Fed perspective, this could provide us with greater confidence over the direction of interest rates this year. Miran takes the role on a temporary basis, and thus he is likely to vote for a rate cut in each of the remaining meetings this year."
10.10am: Small caps in the news
Ariana Resources PLC (AIM:AAU) launched plans for an ASX listing to raise A$10–15 million and reported bonanza-grade gold hits in Zimbabwe. Drilling at Dokwe returned standout results, while its Tavsan mine in Türkiye is ready for production. The move comes amid strong gold prices and growing operational momentum. Read more
Faron Pharmaceuticals Limited (AIM:FARN) has secured a new US patent for bexmarilimab, extending its cancer drug protection to 2040. The patent covers use against Clever-1 positive tumours, enhancing Faron’s position as it advances clinical trials targeting AML and MDS. Approval would grant extended market exclusivity in the US. Read more
Futura Medical PLC (AIM:FUM, OTC:FAMDF) has named Alex Duggan interim CEO, while finance chief Angela Hildreth prepares to step down. Duggan leads a review of strategy, sales, and costs after weak uptake of Eroxon, its erectile dysfunction gel. An update is expected with interim results in September. Read more
Petra Diamonds Limited (LSE:PDL, OTC:PDLMF) reported Q4 revenue of $50 million, up 19%, with full-year revenue reaching $206 million. It announced a refinancing plan, including a $25 million rights issue and extended debt maturities. Production met guidance as restructuring concluded at Cullinan and Finsch, with prices and operations stabilising. Read more
Rockfire Resources PLC (LSE:ROCK) will begin drilling at its Molaoi zinc project in Greece before 15 September, targeting an Indicated JORC resource. The 30-hole programme also aims to define an Inferred germanium resource, with a feasibility study running alongside. Drilling results will be released as assays come in. Read more
9.55am: Fresnillo jump on gold's gains
Fresnillo PLC (LSE:FRES) stock is up 2.3% this morning, buoyed by those surging US gold futures. AJ Bell's Danni Hewson pointed out that has taken gains in the gold and silver miner to more than 160% this year.
Still, she said the FTSE 100 is just about keeping its head above water to stay above the 9,100 mark. It's currently 3 points up at 9,103.42.
“US gold futures hit a fresh record high on reporting that the Trump administration has imposed tariffs on imports of one-kilo bars," Hewson added. "Sustained by factors like its safe-haven credentials and a weakening dollar in 2025 – this latest development will have gold bugs eyeing the $4,000 level.
“The news is more bad news for Switzerland after being hit by a shock 39% export tariff to the US, given it is one of the biggest precious metal hubs globally."
9.15am: Gold glistens on US tariffs
Gold is up 0.24% this morning at $3,402.26 an ounce following a report by the Financial Times that the US is slapping tariffs on one-kilo gold bars, shaking up global bullion trade and dealing a blow to Switzerland, the top supplier.
In New York, the metal surged to an all-time high at $3,534.10 an ounce before paring some gains.
A Customs ruling reclassified the bars under a tariffed code, sparking a record spike in Comex gold futures. Swiss refineries, caught off guard, are now pausing shipments to the US
The move adds to tensions after Washington hit Swiss imports with a 39% tariff last week.
"Gold is up to some funny business with the US apparently slapping tariffs on one-kilo bars, which has seen New York futures surge," commented Saxo's Neil Wilson.
"Rather like the copper market, it’s unbalanced the usual internal structure of the physical vs futures markets. The NY market is used by bullion banks as a hedging tool, so we’re seeing shorts intended as hedges get blown up. For now, the London spot price is the most reliable gauge of price."
8.15am: Stocks break higher at the open
The FTSE 100 opened higher, retracing some of Thursday's losses after the Bank of England cut interest rates by 25 basis points, as expected, but raised its inflation outlook.
Shortly after the open, the blue-chip index was up 23 points at 9,123.73, a gain of 0.25%.
Glencore PLC (LSE:GLEN) is leading the gainers this morning, adding 2.2% after announcing it more share buybacks, with AstraZeneca PLC (LSE:AZN) and Intertek Group PLC (LSE:ITRK) close behind.
GSK gained 1.3% on news of the settlement of the patent dispute with CureVac.
Leading the decliners are IMI PLC (LSE:IMI) and Intercontinental Hotels Group PLC (LSE:IHG), both down over 1%.
8am: Good news for GSK
GSK PLC (LSE:GSK, NYSE:GSK) is set to receive $370 million upfront from CureVac after settling a patent dispute involving Pfizer and BioNTech’s mRNA vaccine tech. On top of that, GSK will get a 1% cut of US sales from Pfizer and BioNTech’s mRNA flu and COVID vaccines starting in 2025.
Most of the money comes in cash, with the rest tied to a revised licensing deal that also reduces what GSK would owe on its own future mRNA vaccines. If BioNTech goes ahead with its CureVac takeover, GSK could pocket another $130 million.
The company says it’ll still pursue separate legal action in the US and Europe.
7.15am: FTSE 100 likely to edge higher
The FTSE 100 is predicted to make small gains in Friday's opening trades following a mixed session on Wall Street overnight and the Bank of England's hawkish tone after it cut interest rates by 25 basis points but raised its expectations for inflation.
Futures are calling the London index 8 points higher when the market opens after Thursday's 64-point decline.
"The Bank of England added a layer of complexity to the macro backdrop with a rate cut that surprised in tone if not in magnitude," Deutsche Bank's Jim Reid commented in his morning note.
"The MPC reduced the Bank Rate by 25 basis points to 4%, in line with expectations, but the messaging was notably hawkish. The initial vote split was an unprecedented 4-4-1, with four members favouring a hold. A second vote was required to reach a 5-4 majority—something never seen before."
US markets closed out Thursday on a mixed note, as fresh tariff headlines from Washington initially rattled markets before investors regained some ground by the closing bell.
The Dow Jones slipped 0.5% to 43,969, weighed down by concerns over President Trump’s newly announced tariffs targeting a broad range of U.S. trading partners. The S&P 500 managed to claw back earlier losses to close nearly flat, while the tech-heavy Nasdaq defied the wider trend, rising 0.4% to a record high of 21,243.
Tech stocks caught a boost after Trump hinted that upcoming tariffs on semiconductors may include a carveout that could favour Big Tech.
Asian markets are also mixed this morning. Tokyo's Nikkei is up 1.7%, the Hang Seng in Hong Kong is down 1%, and Shanghai's SSE Composite is flat.