Stocks in London opened higher on Friday, with the FTSE 100 flirting with the 9,000 mark again but falling just short of a new record level.

The FTSE 100 index traded up 22.15 points, 0.3%, at 8,994.79. It rose to 9,016.36 shortly after the opening bell, a hair below its best ever level of 9,016.98.

The FTSE 250 was up 61.85 points, 0.3%, at 21,828.28, and the AIM All-Share rose 2.77 points, 0.4%, at 771.70.

The Cboe UK 100 was up 0.1% at 897.22, the Cboe UK 250 added 0.3% at 19,228.35, and the Cboe Small Companies edged up 0.1% at 17,544.53.

In European equities on Friday, the CAC 40 in Paris was up 0.1%, while the DAX 40 in Frankfurt was up 0.4%.

In the US on Thursday, Wall Street ended higher, with the Dow Jones Industrial Average and S&P 500 up 0.5%, while the Nasdaq Composite gained 0.7%.

Events on Wall Street also lifted the mood, and this helped lift tech stocks in Asia.

‘Taiwan’s TSMC led the charge like a stallion out of the gate,’ SPI Asset Management analyst Stephen Innes commented.

In Asia on Friday, the Nikkei 225 index in Tokyo closed down 0.2%. In China, the Shanghai Composite rose 0.5%, while the Hang Seng index in Hong Kong was up 1.3%. The S&P/ASX 200 in Sydney closed up 1.4%.

In Europe, the decline in German annual producer prices sped up a notch as expected, data published by the Federal Statistical Office showed.

German annual producer price deflation accelerated to 1.3% in June, from 1.2% in May, as anticipated by the FXStreet-cited consensus.

Still to come on Friday is the Michigan consumer sentiment index in the US at 1500.

The pound was higher at $1.3429 early on Friday in London, compared to $1.3414 at the equities close on Thursday. The euro stood at $1.1552, down against $1.1594. Against the yen, the dollar was trading at JP¥148.83 up compared to JP¥148.48.

ING analysts said: ‘[US] Retail sales and jobless claims were better than expected yesterday, offering more support for a hawkish rethink of Federal Reserve rate cuts. We expect the residual 14 basic point priced in for September to be gradually reduced and add pressure on EUR/USD. Elsewhere, Japan’s election on Sunday might trigger a break above 150.0 in USD/JPY.

‘One of our key calls this summer is that this return to dollar ’functionality’ reduces the likelihood of new selloffs - unless Trump fires Fed Chair Jay Powell (as Wednesday’s brief dollar collapse showed) or escalates protectionism beyond markets’ current tolerance, particularly against China.’

Japan’s consumer price inflation eased in line with expectations in June, official data showed Friday.

According to the Statistics Bureau of Japan, the national consumer price index eased to 3.3% year-on-year in June, down from 3.5% in May.

The yield on the US 10-year Treasury was quoted at 4.44%, narrowing from 4.45% at the time of the London equities close on Thursday. The yield on the US 30-year Treasury was unchanged at 4.99%.

In London, GSK was the worst performer on the FTSE 100 index, down 6.2%.

The US Food & Drug Administration Oncologic Drugs Advisory Committee voted against the overall benefit/risk profile at the proposed dosage of Blenrep combinations.

Blenrep, also known as belantamab mafodotin, is a treatment for adults with relapsed or refractory multiple myeloma, a form of blood cancer.

The FDA will consider the recommendation of the committee and will decide by next week Wednesday.

‘Although votes from advisory committees are non-binding, the FDA will typically follow the consensus given from these independent panels, hence the odds for securing the desired US approval now look diminished, in our view,’ said analysts at Shore Capital.

Meanwhile, Reckitt Benckiser and BP climbed 2.1% and 1.8% respectively as both firms announced divestments.

Reckitt said it has struck a $4.8 billion deal to sell a majority chunk of its Essential Home division, which houses the Cillit Bang, Calgon and Air Wick range.

The consumer goods firm said the portfolio will be sold to Advent International LP in a deal which values it at $4.8 billion. It will retain a 30% stake in the unit, however.

The $4.8 billion enterprise value includes up to $1.3 billion of contingent and deferred consideration.

BP said it has struck a deal to sell its US onshore wind business, BP Wind Energy North America, to North American energy infrastructure developer LS Power.

It did not disclose financial details of the transaction.

Senior, the best performing FTSE 250 stock, was up 11%.

The engineering firm said it has agreed to sell its Aerostructures business to private equity firm Sullivan Street Partners for a total enterprise value of up to £200 million.

Initial cash proceeds of £100 million will be used to reduce net debt and fund a new £40 million share buyback programme.

Elsewhere, Hamak Gold jumped 47% as said the founding member of its new advisory board is US economist Arthur Laffer.

Laffer is known as the creator of the Laffer Curve and for shaping US fiscal policy during the Reagan administration. He has previously served as an economic advisor for Donald Trump.

Brent oil was quoted higher at $69.80 a barrel early in London on Friday from $68.94 late Thursday. Gold rose to $3,348.30 an ounce against $3,338.20.

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