FTSE 100 holds up; London set for exceptional weekend with restaurants fully

• FTSE 100 up 36 points
• London restaurants fully booked
• US stocks mixed

12.05pm: Gains made across Europe and in the US

The FTSE 100 ended Friday up 36 points, 0.5%, at 7,020, while the FTSE 250 picked up 50 points, 0.2%, to 22,522.

“US markets have seen a slight slowdown in the momentum of earlier in the week, but this has been compensated for by solid gains in European markets, which have woken up after a mixed week,” IG Chief Market Analyst Chris Beauchamp wrote. “… In London, while the FTSE 100 has been unable to match the bullishness of continental indices, it has nonetheless been supported by a wide range of stocks. This equity rally shows no sign of slowing, fortified by hopes of continued economic growth in coming quarters.”

Across the pond, the Dow gained 93 points, 0.3%, to 34,129 at midday, which would be another record high this week. The Nasdaq slipped 14 points, 0.1%, to 14,024, and the S&P 500 ticked up 7 points, 0.2%, to 4,177, also a record high, which would mark the fourth consecutive positive wek for the index.

Traders got more positive economic news Friday when the University of Michigan announced that its preliminary consumer sentiment index rose to 86.5 in the first half of April, a one-year high and up from 84.9 in March.

3.30pm: London set for exceptional weekend with restaurants fully booked

FTSE 100 held up before close and rose 32 points to 7,014.

Meanwhile, sterling clawed back earlier losses and added 0.2% to US$1.3818.

London’s West End is set for a weekend to remember as spending over the two and half days could top £300mln.

Almost every outdoor table in the Capital has booked from this evening until close Sunday, according to the Centre for Retail Research, with bookings even higher than last July when the ban on eating out after the first lockdown was lifted.

Bookings app TheFork said numbers are more than double this weekend than ‘Super Saturday’ a year ago.

The rest of the country has seen reservations jump by 105%, he added, though the acid test will be how many of those who have booked actually turn up.

The British Beer and Pub Association was also cautious saying that gardens are only around 25% of capacity and to be classed as fully booked need to be 80% filled.

Hospitality stocks remained fairly unphased, with PLC () up 1% to 1,380p and Wagamama owner The Restaurant Group PLC () flat at 123.1p.

2.42pm: Mixed open for Wall Street

The main indices on Wall Street got off to a mixed start on Friday, however recent strong economic data and a positive start to earnings season pushed the Dow to fresh highs in early trading.

Shortly after the opening bell, the Dow Jones Industrial Average was up 0.49% at 34,208, while the S&P 500 climbed 0.23% to 4,180. The Nasdaq was the negative outlier, falling 0.15% to 14,017.

Market sentiment is likely to have been helped by earnings from , which reported record first quarter profits that more than doubled year-on-year.

Back in London, the FTSE 100’s rally had lost a little steam into late afternoon, however, the blue-chip index was still up 28 points at 7,011 at 2.40pm.

2.20pm:  to cut rents for retail tenants to boost sector

FTSE 100 held its gains in the afternoon and surged 36 points to 7,019.

plc () rose 1% to 39.65p after revealing it will cut rents for retail tenants by a third.

The landlord, which owns London’s Brent Cross, only collected 75% of rent due last year because of the economic damage suffered by brick’n’mortar shops during the pandemic.

“Typically, we’re resetting our rents to more affordable levels,” managing director of UK & Ireland Mark Bourgeois told the BBC.

“We are really doing our bit as are… all landlords to make sure we maintain vibrancy in these centres.”

He noted that the vaccine rollout has made people feel safer, while the sector will enjoy consumer confidence after UK residents have amassed more savings than usual during lockdowns.

“People just love…