Stock prices in London were lower on Friday morning, with FTSE 250’s Ibstock falling as it noted demand was weaker than expected, while silver rose to over $50 per ounce and Japan’s ruling coalition collapsed.
The FTSE 100 index was down 12.55 points, 0.1%, at 9,496.85. The FTSE 250 was down 46.51 points, 0.2%, at 22,006.32, and the AIM All-Share was down 2.51 points, 0.3%, at 791.19.
The Cboe UK 100 was down 0.2% at 948.72, the Cboe UK 250 was down 0.3% at 19,246.79, and the Cboe Small Companies was down 0.2% at 17,880.48.
Ibstock was the worst FTSE 250 performer, down 9.4%.
The building products and solutions manufacturer said a more uncertain near-term backdrop for its core construction markets has caused demand to be weaker than expected, affecting Clay and Concrete revenues during the third quarter.
‘Market dynamics, coupled with the continued shift in sales mix towards new-build residential demand, have also limited the group’s ability to achieve targeted pricing levels,’ it said.
In European equities on Friday, the CAC 40 in Paris was up 0.3%, while the DAX 40 in Frankfurt was up 0.2%.
The pound was quoted lower at $1.3296 early on Friday in London, compared to $1.3305 at the equities close on Thursday. The euro stood at $1.1576, higher against $1.1563. Against the yen, the dollar was trading lower at JP¥152.85, compared to JP¥153.11.
In Asia on Friday, the Nikkei 225 index in Tokyo was down 1.0%. In China, the Shanghai Composite was down 0.9%, while the Hang Seng index in Hong Kong was down 1.8%. The S&P/ASX 200 in Sydney closed down 0.1%.
Komeito, the junior partner in Japan’s ruling coalition, said Friday said it was leaving the alliance with the Liberal Democratic Party.
The announcement puts in question whether Sanae Takaichi, who became head of the LDP less than a week ago, will become Japan’s first woman prime minister as expected, AFP said.
‘We want the LDP-Komeito coalition to go back to the drawing board for now and bring an end to our relationship,’ Komeito chief Tetsuo Saito said.
‘Given that we have not received clear and concrete cooperation from the LDP regarding our demands, and if these reforms prove impossible to achieve, I said [in the meeting] that it would be utterly impossible for us to write Sanae Takaichi’s name in the nomination,’ he said.
In particular Saito told Takaichi that her answers on the LDP’s recent slush fund scandal were unsatisfactory, media reports said.
In the US on Thursday, Wall Street ended lower, with the Dow Jones Industrial Average down 0.5%, the S&P 500 down 0.3% and the Nasdaq Composite down 0.1%.
The yield on the US 10-year Treasury was quoted at 4.12%, narrowing from 4.15%. The yield on the US 30-year Treasury was quoted at 4.70%, narrowing from 4.73%.
China said Friday it would impose ‘special port fees’ on ships operated by and built in the US after Washington announced charges for Chinese-linked ships in April.
Incremental fees will be collected at Chinese ports from Tuesday, the transport ministry said in a statement.
Brent oil was quoted lower at $64.81 a barrel early in London on Friday, from $65.95 late Thursday.
Gold was quoted at $3,973.03 an ounce, lower against $4,020.10.
Silver strengthened to $50.66 an ounce from $49.66 at Thursday afternoon.
Silver has attained levels not seen since 1980, according to Bloomberg. The surge comes in the wake of sister safe-haven gold, which retreated after hitting a record above $4,000 an ounce on Wednesday.
Still to come on Friday’s economic calendar, the afternoon has Canadian unemployment and the US Michigan consumer sentiment index.
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