London stocks opened in positive territory on Friday, with traders eyeing fresh economic data and US jobs numbers later in the day. The FTSE 100 rose 0.3% to 9,239.71, the FTSE 250 climbed 0.3% to 21,542.03, and the AIM All-Share gained 0.5% to 765.47.
UK retail sales volumes rose 0.6% in July, double June’s pace and ahead of forecasts. Clothing sales were the standout, up 2.5% on the month, though food and household spending slowed. Annual growth of 1.1% undershot expectations, suggesting households remain cautious as the autumn budget looms.
Meanwhile, UK house prices notched a record high. The Halifax index reported the average price rose 0.3% in August to £299,331, up 2.2% over the year, a touch softer than July’s 2.5% growth but still above consensus.
In equities, Ashmore Group dropped 7.3% after reporting $5.8 billion in net outflows and a 15% fall in annual pretax profit. Gear4music surged 11% after lifting expectations on the back of a 27% sales jump, while Peel Hunt also gained 11% after flagging a strong start to the financial year, with investment banking activity and trading revenues ahead of last year.
Overnight in the US, Wall Street rallied, with the Dow and S&P 500 each up 0.8% and the Nasdaq climbing 1.0%. Attention now shifts to nonfarm payrolls at 13:30 GMT, a release that could cement expectations for a September Fed rate cut if job creation continues to slow.