(Alliance News) - Stocks in London are set to open higher on Friday, as Keir Starmer wins the UK election ending nearly a decade and a half of Tory rule.

IG says futures indicate the FTSE 100 to open up 16.2 points, 0.2%, at 8,257.46 on Friday. The index of London large-caps closed up 70.14 points, or 0.9%, at 8,241.26 on Thursday.

The UK's Labour Party has won a highly anticipated landslide victory in the general election. Just after 0500 BST, Labour secured the 326 seats needed for a majority.

The "sunlight of hope" is "shining once again" on Britain, Keir Starmer said as he hailed his party's landslide UK election victory.

In the early hours of Friday morning, the Labour leader addressed party supporters in the Tate Modern's Turbine Hall, telling them: "We did it."

IG's Chris Beauchamp commented: "Labour will form the next government in the UK, but compared to 2019 it has been accompanied by little fanfare on financial markets. This moment has been on the cards since Liz Truss' short-lived premiership, and the lack of movement overnight in sterling is a testament to how much of a foregone conclusion this has been."

Sterling was quoted at USD1.2767 early Friday, slightly higher than USD1.2765 at the London equities close on Thursday.

In the US on Thursday, Wall Street was closed as the US celebrated Independence Day.

On Friday, markets will reopen, with all eyes on nonfarms data.

"Federal Reserve (Fed) doves are waiting in ambush to boost their rate cut bets," said Ipek Ozkardeskaya at Swissquote Bank.

"A weaker-than-expected set of data should further fuel the Fed rate cut bets, weigh on the yields and the US dollar, while a positive surprise should get the Fed doves to scale back their rate cut bets – that have been rising lately thanks to a set of soft economic data and dovish Fed comments - and throw a floor under the yields and back the dollar."

The euro traded at USD1.0819 early Friday, higher than USD1.0812 late Thursday. Against the yen, the dollar was quoted at JPY160.75, down versus JPY161.16.

In Asia on Friday, the Nikkei 225 index in Tokyo was down 0.2%. In China, the Shanghai Composite was down 0.6%, while the Hang Seng index in Hong Kong was down 0.9%. The S&P/ASX 200 in Sydney closed down 0.2%.

Gold was quoted at USD2,363.40 an ounce early Friday, higher than USD2,358.90 on Thursday.

Brent oil was trading at USD87.07 a barrel early Friday, lower than USD87.44 late Thursday.

Friday's economic calendar has a handful of data, including a house price index reading from the UK at 0700 BST, and industrial production from France at 0745 BST, and from Germany at 0800 BST. Bank of England Executive Director James Benford is due to speak at 1000 BST.

By Sophie Rose, Alliance News senior reporter

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