Economy worries drag FTSE 100 lower, British Airways owner slides
UK's blue-chip index slipped on Friday, with British Airways owner falling the most after disappointing earnings, while worries about the economy weighed on the mood after a recession warning from the Bank of England.
- Country:
- United Kingdom
UK's blue-chip index slipped on Friday, with British Airways' owner falling the most after disappointing earnings, while worries about the economy weighed on the mood after a recession warning from the Bank of England. The FTSE 100 slipped 0.5% by 0727 GMT. The midcap FTSE 250 index fell 0.8%, on course for its biggest weekly decline in two months.
Sterling extended losses on Friday to fall below $1.23 after the central bank warned on Thursday that Britain risks a double-whammy of a recession and inflation above 10% as it raised interest rates to their highest since 2009. British Airways operator IAG fell 6.8% as it reported a bigger-than-expected quarterly operating loss due to the impact of the Omicron variant and the cost of ramping up capacity.
Holiday Inn-owner IHG slipped 0.9% despite signaling a sharp rebound in the hospitality sector. Overall, UK's travel & leisure index fell 1.6%.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- Bank of England
- FTSE
- British Airways
- Britain
- Omicron
ALSO READ
FTSE 100 takes a breather from nine-month high; Vistry shimmers
UK's FTSE 100 muted as investors assess data-heavy week; Vodafone jumps
FTSE 100 closes lower under impact of baby formula fine
UK's FTSE 100 muted as investors assess data heavy week; Vodafone jumps
UK's FTSE indexes end flat ahead of data-packed week; Marshalls sinks