Standard Life reports jump in profits

London open

The Footsie is seen starting the day six points lower than Thursday's closing level of 5,971.95.

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Standard Life said pre-tax operating profits rose 9% to £665m with a £38m reduction in the spread/risk margin and diluted operating EPS of 26.1p. Assets under administration were up 4% to £307.4bn in volatile markets, driven by net inflows of £6.3bn against £1bn in 2014. The company said its institutional and wholesale operations continued to meet the needs of clients with net inflows more than doubling to £12.6bn, representing 13% of opening assets under management. It added that 67% of net inflows from outside the UK as it continue to expand its global reach.

The European Commission has given AstraZeneca’s Zurampic drug authorisation for the treatment of gout in the European Union. It has been approved in combination with a xanthine oxidase inhibitor (XOI) for the treatment of hyperuricemia in adult gout patients who have not achieved target serum uric acid levels with an adequate dose of an XOI alone. Sean Bohen, executive vice president of Global Medicines Development and chief medical officer at AstraZeneca, said: "There has been limited therapy innovation in gout over the last 50 years. With the approval of Zurampic, we are pleased to offer a new treatment option for the many patients who are suffering from the effects of gout and who are not reaching the recommended serum uric acid treatment targets with the current standard of care."

A thirsty clientele saw volumes increase at Coca-Cola HBC in the year ended 31 December, but foreign exchange had an adverse impact on revenues. Volumes in the FTSE 100 bottler's established markets grew during the year for the first time in five years. Net sales revenue declined by 2.5% during the year, to €6.35bn (£4.93bn), though the firm blamed currency fluctuations - specifically the Russian rouble - for this.

In the press

European leaders were joining together to insert a “last chance” clause into David Cameron’s renegotiation deal last night, ensuring that Britain would never be allowed to reopen talks. In the surprise move, pushed by Belgium and backed by France, all 28 countries will insist that an agreement struck today is the maximum that can ever be offered to Britain. Although British officials stressed that the move had not been prompted by the prime minister, he is believed to support it as a way of convincing Eurosceptics that the deal on the table is the last and only offer. - The Times

Market expectations that UK interest rates will remain on hold until 2019 are not justified, according to the deputy governor of the Bank of England. Sir Jon Cunliffe said bets by investors that rates could even be cut were not backed by economic fundamentals. “I can’t see anything in the economic news over the last three-to-four weeks that would lead to a shift like that,” he said at a conference in Brussels. - The Daily Telegraph

US close

Wall Street slipped lower, breaking a three day streak of gains as oil prices retreated although the latest jobs data revealed an unexpected drop in weekly unemployment claims.

The Dow Jones Industrial Average fell 0.25%, the Nasdad ended 1.02% lower and the S&P 500 lost 0.46%.

West Texas Intermediate crude futures ended the session down by 1.04% to $30.45 per barrel.