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• Friday Market Opening: What is on the Agenda – 29th January 2021

Friday Market Opening: What is on the Agenda – 29th January 2021

Friday Market Opening: What is on the Agenda

Stocks in London are set to extend losses on Friday as the end of a mixed month draws to a close. 

In early UK company news, boohoo confirmed it is in talks for some of Arcadia’s brands just days after snapping up the online operations of collapsed department store chain Debenhams. Evraz reported steel output growth in the fourth quarter. Airtel Africa saw revenue growth in the first nine months of its financial year. 

The FTSE 100 closed down 41.22 points, or 0.6%, at 6,526.15 on Thursday but is set to open lower this Friday morning. 

European markets look set to open lower as we look back and reflect on what has been a very choppy start to the first month of trading in 2021.  There are continued concerns about extended lockdowns and tighter restrictions for longer across Europe. 

Economic data out of Europe on Friday morning is expected to show a toll from tighter virus restrictions at the end of 2020. 

French gross domestic product, released already, showed the economy contracted 1.3% quarter-on-quarter in the final three months of 2020 after growth of 19% in the third quarter. German GDP is due at 11.00 GMT+2. 

In the afternoon, there are US personal consumption expenditure numbers at 15.30 GMT+2 – the core reading is the US Federal Reserve’s preferred gauge of inflation. 

The dollar was a touch stronger on Friday. 

GBP was quoted at USD1.3704 early Friday, lower than USD1.3725 at the London equities close on Thursday. The euro traded at USD1.2102 early Friday, down from USD1.2125 late Thursday. 

In other UK news, Boohoo Group is in advanced talks to acquire the remaining components of Sir Philip Green’s high street empire in a deal that will accelerate the transition of famous British retail names to becoming online-only brands. 

Boohoo has previously bought several well-known high street brands out of administration, turning them into online-only operations, including Oasis, Coast and Karen Millen. 

Sky News has learned that Boohoo is nearing exclusive negotiations to snap up the Burton, Dorothy Perkins, and Wallis brands from the administrator to Arcadia Group. 

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