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London stocks held firm at midday on Friday as attention turned to Alaska, where an evening meeting between US and Russian leaders could influence geopolitical tensions and set the tone for global markets next week. ‘It is not often that the market’s attention is centred on Alaska but the US state will be firmly in focus on Friday as President Donald Trump and Russian leader Vladimir Putin meet to discuss the Ukraine conflict,’ AJ Bell’s Russ Mould commented. ‘Any outcomes will not come until after UK markets have concluded trading for the day but investors will be watching closely for signs a credible peace deal is in the offing and any outcomes could set the mood music for next week.’ The FTSE 100 index was up 5.35 points, 0.1%, at 9,182.59. Earlier on Friday, it had risen to 9,222.07, its highest level since the end of last month, according to the Guardian. The FTSE 250 was up 73.98 points, 0.3%, at 21,875.65, and the AIM All-Share was up 1.70 points, 0.2%, at 761.41. The Cboe UK 100 was up 0.1% at 919.99, the Cboe UK 250 was up 0.3% at 19,269.01, and the Cboe Small Companies was up 0.7% at 17,165.27. ‘Broadly markets seemed in an optimistic mood with the FTSE 100 making new intra-day record highs early on. The miners were in demand despite weak economic data from key commodities consumer China in the hope this might persuade Beijing to launch further stimulus measures.’ Miners in the green included Anglo American, up 3.4%; Glencore, up 2.8%; and Antofagasta, up 1.8%. Associated British Foods was 0.2% higher, as markets continue digesting its acquisition of bakery business Hovis. ‘[Hovis and AB Foods’ Kingsmill] have struggled against the market leader Warburton of late and neither is making money right now, the hope is that by combining they will be in a much stronger position,’ Mould explained. ‘The danger is the regulator gets involved. Bread is a staple for most households and there might be some perceived risk that the deal would leave consumers out of pocket,’ he warned. On the FTSE 250, Murray International Trust was up 0.4%. The Edinburgh-based trust said net asset value per share rose 3.4% over the first half of 2025, to 287.9 pence as at June 30. NAV total return was 6.0% for the first half of 2025, outperforming its reference index, the FTSE All Share World TR index in sterling, which had a return of 1.0%. Murray also announced an interim dividend of 2.6p per share, up 4.0% from 2.5p a year prior. The company said the most significant contributors included Marlboro owner Philip Morris International, airport operator Grupo Asur and financial data provider Hong Kong Exchanges & Clearing Ltd. In European equities on Friday, the CAC 40 in Paris was up 0.7%, while the DAX 40 in Frankfurt was up 0.3%. The pound was quoted higher at $1.3555 at midday on Friday in London, compared to $1.3541 at the equities close on Thursday. The euro stood at $1.1684, higher against $1.1650. Against the yen, the dollar was trading lower at JP¥146.88 compared to JP¥147.72. Stocks in New York were called higher. The Dow Jones Industrial Average was called up 0.6%, the S&P 500 index up 2.75 points, and the Nasdaq Composite down 0.2%. Intel shares gained 3.1% pre-market in New York. They closed 7.4% on Thursday, after Bloomberg reported that the Trump administration is in talks with the company to take a stake in it. The move would support Intel’s efforts to expand US production, according to the report. ‘Shareholders in the chip firm may be suffering from whiplash after seeing President Trump first call for the exit of their CEO Lip-Bu Tan at the beginning of the week before a meeting between the two and subsequent rumours the administration might take a stake in the business,’ Mould commented. ‘As one of the few domestic operators capable of producing high-tech chips at scale the company has potential strategic significance.’ The yield on the US 10-year Treasury was quoted at 4.29%, widening from 4.28%. The yield on the US 30-year Treasury was quoted at 4.89%, widening from 4.87%. Brent oil was quoted lower at $66.37 a barrel at midday in London on Friday from $66.80 late Thursday. ‘Oil prices have been somewhat volatile ahead of the [Trump-Putin] summit as traders seek to work out if Russian exports to Western countries might resume,’ Mould noted. ‘For the bears, the White House’s confirmation that it will not impose tariffs on gold has sharply eased market panic...However, prices remain firmly above $3,300, driven by strong market expectations of a Fed rate cut in September and concerns over the central bank’s policy independence.’ Gold was quoted higher at $3,340.01 an ounce against $3,339.74. ‘I expect gold to remain in an elevated range between $3,300 and $3,400 in the short term, with bulls and bears locked in a stalemate and no clear catalyst yet to break the deadlock,’ commented Pepperstone’s Dilin Wu. As for the Ukraine war, Wu said: ‘If the US and Russia reach some form of agreement and Russia’s crude exports are spared from ’secondary sanctions’, gold prices could come under short-term pressure. ‘Conversely, if talks break down - or tensions spill over to major buyers of Russian oil - an escalation in geopolitical risks could once again lift gold.’ Still to come on Friday’s economic calendar, the several US data releases due in the afternoon include retail sales, industrial production and the Michigan consumer sentiment index. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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