- Nation in mourning, King Charles III to address the nation at 6pm
- Prime Minister leads tributes to the Queen in Parliament
- Bank of England postpones next MPC meeting
4:50pm: King Charles set to address the nation
The FTSE 100 closed higher on Friday as all eyes turn to King Charles III's first address, which is set to happen at 6pm.
London’s blue-chip index closed 1.2% higher at 7,351 points, with mining companies leading the way thanks to a softening dollar.
“UK investors will no doubt be feeling somewhat conflicted given the current events, and the BoE has followed the lead set by other institutions by postponing its rate increase," Chris Beauchamp, chief market analyst at online trading platform IG wrote Friday.
"But otherwise it is very much business as usual, and next week will still see a significant focus on the UK with CPI and employment data, although it is unlikely to provide a real change in trend for sterling, which still looks to be on a downward path against the dollar.”
Earlier, the new King met with the new Prime Minister, Liz Truss, at Buckingham Palace in the first of their traditional weekly meetings.
3.40pm: Mood in the City sombre
On a tumultuous day for the country the FTSE 100 made significant gains although the mood in the City was sombre and events in the financial markets took a back seat as the nation mourns Queen Elizabeth II.
Heading to the close on Friday the lead index was trading 105 points higher at 7,368 while the broader FTSE 250 surged 301 points to 19,179.
Mining stocks led the way as better than expected Chinese inflation numbers were seen as giving the freedom for its central bank to provide additional support to boost the economy.
But, attention has been elsewhere with the new King set to address the nation at 6pm.
3.15pm: King Charles mingles with the crowds at Buckingham Palace
King Charles III and Queen Camilla have met crowds outside Buckingham Palace.
They were greeted with cheers by huge crowds that have gathered at the palace.
The new King is expected to address the nation at 6.00pm after the death of his mother, Queen Elizabeth II.
2.40pm: King and Queen arrive at Buckingham Palace
King Charles III and Queen Camilla have arrived at Buckingham Palace, where he is due to meet Prime Minister Liz Truss.
The King's plane landed at RAF Northolt in west London just after 1.30pm.
Charles will be officially proclaimed as King at a meeting of the Accession Council, attended by his son Prince William, on Saturday.
For the first time ever, the event will be shown on TV.
The council, due to take place from 10am, is also attended by invited Privy Councillors, serving government ministers, and could also include former ministers and prime ministers.
2.40pm: Energy price cap will go ahead
The Government’s new energy price cap is set to go ahead as planned despite the mourning period for the Queen’s death.
The Prime Minister’s official spokesman said on Friday that the two-year energy price guarantee for Britain will be ready for households from October 1, as scheduled.
Officials are working in the background to draw up a strategy to support businesses through the gas crisis for six months and come up with a plan for Northern Ireland, as part of the multibillion-pound package.
Chancellor Kwasi Kwarteng will also need to find a date to reveal his emergency financial package, as politics as normal pauses for around 10 days, while the House of Commons will be suspended.
2.35pm: US stocks open higher
US stocks opened higher on Friday as investors digested Fed chair Jerome Powell’s latest comments which all but confirmed a 75 basis point interest rate hike was coming later this month.
At the open, the Dow Jones Industrial Average had added 170 points or 0.5% at 31,945 points, the S&P 500 was up 27 points or 0.7% at 4,033 points, and the Nasdaq Composite had gained 102 points or 0.9% at 11,964 points.
2.20pm: FTSE rises over 100 points
FTSE 100 made significant gains on Friday boosted by strength in mining stocks as investors took the view that the likely aggressive moves on interest rates by central banks were already priced in.
There were also hopes that the Government’s energy price cap would prevent a deep recession and dampen inflationary pressures in the UK..
Credit Suisse took this view forecasting a shallower recession than before with a decline in GDP in 2023 now forecast of 0.2% against its previous estimate for a 0.6% fall.
Hope for further gains in the US today provided additional support with US futures pointing to a higher open with US S&P 500 futures up 0.8% and Nasdaq futures up 1.1%.
In London, the lead index was 119 points higher at 7,381 with the broader FTSE 250 index up 256 points at 19,134.
1.00pm: Prime Minister leads tributes to the Queen in Parliament
The Prime Minister, Liz Truss, has led tributes to the Queen in Parliament today.
Speaking in the House of Commons she said “In the hours since last night’s shocking news, we have witnessed the most heartfelt outpouring of grief at the loss of Her Majesty the Queen.”
“On the death of her father King George VI, Winston Churchill said the news had stilled the clatter and traffic of 20th century life in many lands.”
“Now, 70 years later in the tumult of the 21st century, life has paused again. Her Majesty Queen Elizabeth II was one of the greatest leaders the world has ever known.”
Labour leader Sir Keir Starmer said "Our Queen's commitment to us, her life of public service, was underpinned by one crucial understanding, that the country she came to symbolise is bigger than any one individual or any one institution.”
"The reason our loss feels so profound is not because she stood at the head of our country for 70 years but because, in spirit, she stood amongst us" he said.
12.30pm: Bank of England postpones next MPC meeting
The Bank of England has delayed its next interest rate decision by a week, due to the death of Queen Elizabeth II..
The UK’s central bank’s monetary policy committee had been due to meet next week to set interest rates, and to announce their decision next Thursday at noon.
The decision has now been rescheduled to the following Thursday.
The Bank said: “In light of the period of national mourning now being observed in the United Kingdom, the September 2022 meeting of the Monetary Policy Committee has been postponed for a period of one week."
“The Committee’s decision will be announced at 12 noon on 22 September.”
12.00pm: TUC postpones Congess
The TUC has postponed its annual Congress, following the death of the Queen.
The 2022 Congress was due to begin on Sunday but will now be rescheduled for a later date.
A TUC spokesperson said: “The General Council sends our condolences to the King and the Royal Family on the death of the Queen, and recognises her many years of dedicated service to the country.."
“As a mark of respect, we have decided to postpone Congress 2022 until later this autumn.”
11.20am: ONS to release data as scheduled from Monday
The Office for National Statistics has postponed all the publications scheduled for today until 9.30am on Monday morning, following the Queen’s death.
But next week’s scheduled publications will go ahead as advertised (unless further changes are announced).
That would include the latest UK GDP, unemployment, inflation and retail sales data all important information about the health of the UK economy at a crucial time, as it risks falling into recession.
11.20am: Credit Suisse predicts shallower UK recession
Credit Suisse said the UK could be heading for a shallower recession following the announcement yesterday by the UK government to freeze household energy bills for two years.
As a result economists at the Swiss bank expect GDP in 2023 to only shrink by 0.2% compared its previous forecast for a fall of 0.6%.
Credit Suisse also expects higher interest rates as a result of the energy package and forecast the Bank of England would lift rates from a current 1.75% to 4.0% by the first quarter of 2023, compared to its previous forecast of 3.5%.
11.00am:CBI praises Queen's leadership
Tony Danker, CBI director general, praised the Queen’s leadership and values:
“Throughout her unprecedented 70 years on the throne, HRH Queen Elizabeth II served the nation with distinction as a stalwart example of British values of honour, dignity and resilience.”
“She dedicated her life to the people of the UK and the Commonwealth, providing compassionate and inspirational leadership during the many challenging times of her long reign.”
10.10am: Business pays tribute to the Queen
Leading British businesses paid tribute to the Queen today.
British Airways said: “We are deeply honoured and proud to have flown Her Majesty on a number of occasions, moments which we will always cherish.”
“Her Majesty has for so long shown immense resilience and encouraged us to stand together to face difficult times, so now we proudly stand together with the United Kingdom, to thank her for her service and bid her a final farewell.”
Department store Harrods said: “Her Majesty stood as a symbol of Britain, bringing comfort, leadership and steadfastness to millions over her 70-year reign.”
Chocolate maker Cadbury tweeted that it was mourning the loss of the Queen.
“We are grateful for the extraordinary service she gave to the UK, the Commonwealth & our international relations over the years,” it said.
Marks & Spencer said “We’re deeply saddened to hear of the passing of Her Majesty The Queen.”
“She’s led for over 70 years with quiet determination and selfless devotion.”
Sainsbury’s said “She was a truly remarkable woman and an inspiration to so many people.”
“We thank her for her decades of service to our country. Our thoughts and condolences are with Her Majesty’s family at this difficult time.”
9.50am: Mining stocks push FTSE 100 higher
The FTSE 100 made a bright start to trading as mining stocks made strong gains in the wake of better than expected inflation data from China.
Analysts said this would leave room for the People’s Bank of China to ease monetary policy further.
At 9.50am the blue chip index was trading 102 points higher at 7,364 with the broader FTSE 250 up 226 points at 19,105.
9.40am: Royal Family to mourn until seven days after Queen's funeral
A period of mourning for the Royal Family will be observed from now until seven days after the Queen's funeral, Buckingham Palace says.
The date of the Queen's funeral has not yet been confirmed.
In a statement, Buckingham Palace says: "Following the death of Her Majesty The Queen, it is His Majesty The King's wish that a period of Royal Mourning be observed from now until seven days after The Queen’s Funeral."
Royal mourning is to be observed by "members of the Royal Family, Royal Household staff and Representatives of the Royal Household on official duties, together with troops committed to Ceremonial Duties".
9.20am: Selfridges and Liberty amongst retailers that remain closed
Selfridges and Liberty are among stores that will remain closed today as businesses pay tribute to the Queen.
Liberty London will not reopen its store in the West End of London until Saturday morning, saying: “Our heartfelt sympathy and thoughts are with the Royal Family at this sad time. As a mark of respect Liberty Store will be closed until Saturday 10th September at 10am while we join the country in mourning.”
Selfridges’s stores will remain closed today too, after closing early yesterday after the Queen’s death was announced.
They will reopen on Saturday 10 September with the usual opening hours.
Some of the biggest looming strikes have been called off after the death of Queen Elizabeth II.
8.30am: Strike action cancelled
Unions representing Royal Mail postal workers and rail staff said that "out of respect for her service to the country and her family" they had chosen to cancel immediate strike action.
Planned strike action by postal workers on Friday 9 September and RMT rail worker strike action on 15 and 17 September was suspended.
8.30am: King Charles III to meet new Prime Minister
King Charles and Camilla, now the Queen Consort, stayed at Balmoral on Thursday night but will travel to London on Friday where the new king will have an audience with the new prime minister, Liz Truss.
The King is likely to meet the Earl Marshal (the Duke of Norfolk) who is in charge of the accession and the Queen’s funeral, to approve the carefully choreographed schedule for the coming days.
The government will confirm the length of national mourning, which is likely to be about 12 days according to PA, from now up to the day after the Queen’s funeral.
8.10am: Bank of England governor pays tribute
Bank of England governor Andrew Bailey paid tribute to the Queen.
"It was with profound sadness that I learned of the death of Her Majesty The Queen."
"On behalf of everyone at the Bank I would like to pass on my deepest condolences to the Royal Family."
8.05an: Sporting fixtures amongst events cancelled as a mark of respect
Sporting fixtures scheduled on Friday have mostly been cancelled, including football matches in the English Football League and Northern Ireland Football League iwith a decision yet to be made over the weekend's Premier League and Football League matches.
Horse racing was halted, while Friday's play in the Test match between England and South Africa was also called off.
In golf there will be no play at the BMW PGA Championship on Friday while stage six of the Tour of Britain cycling race, set to take place on Friday, will not go ahead.
And the world-renowned classical music festival BBC Proms cancelled its events on Friday 9 September and its Last Night of the Proms on Saturday 10 September, as a mark of respect for the Queen.
7.35am: ASOS profits to be at the low end of expectations
ASOS PLC (LSE:ASC) has cautioned that adjusted pre-tax profits and net debt will be at the bottom end of company guidance, with constant currency sales growth of circa 2% and net debt around £150mln.
Company guidance issued in June was for adjusted pre-tax profits in the range of £20mln to £60mln, sales growth of between 4% to 7% and net debt in the range of £75mln to £125mln.
In a trading update the online retailer said sales in August were weaker than anticipated after having seen good growth in June and July.
The group said this reflected the impact of accelerating inflationary pressures on consumers and a slow start to Autumn/Winter shopping.
“While ASOS remains cautious about the outlook for consumer spending, it continues to make strategic progress and manage the business for the current environment” the company said in a statement.
The cautious statement comes a day after a profit warning from Primark owner, Associated British Foods PLC (LSE:ABF) yesterday.
6.55am: FTSE expected to open higher
The FTSE 100 is expected to open higher on Friday following gains in the US on Thursday and as better than expected inflation figures in China pushed Asian markets higher overnight as well.
Spread-betting companies are calling the lead index up by around 25 points.
However, the mood and activity will remain sombre as the nation mourns the death of Queen Elizabeth II.
In the US, markets ended a roller coaster day in positive territory shrugging aside Federal Reserve Chair Jerome Powell’s comments on the central bank’s continuing fight against inflation.
Powell reiterated his determination to tame inflation adding to the likelihood that the Fed will hikes interest rates by 75 basis points at this month's meeting.
The Dow Jones Industrial Average closed 193 points higher, or 0.61%, at 31,774, the S&P 500 gained 26 points, or 0.66%, to 4,006 and the Nasdaq Composite rose by 70 points, or 0.6%, to 11,862.