FTSE 100 tracks global markets higher but set for weekly losses

London's FTSE 100 rose on Friday as a tech-driven rally on Wall Street spilled over to European markets, but the blue-chip index was on track to record its second consecutive weekly decline as investor confidence about an economic revival waned.

London's FTSE 100 rose on Friday as a tech-driven rally on Wall Street spilled over to European markets, but the blue-chip index was on track to record its second consecutive weekly decline as investor confidence about an economic revival waned. The FTSE 100 index gained 0.1%, although it was down 2.9% for the week so far, with auto makers, travel stocks and insurers being the biggest laggards.

British car production fell nearly by a half in August as the sector continued to suffer due to the COVID-19 pandemic-led impact on demand, an industry body said. Vodafone Group Plc rose 0.5% on reports that the telephone operator has started talks to buy Spanish rival MasMovil with the three buyout funds who recently took it over.