London stocks bounce even as slowdown, inflation woes linger

UK's FTSE 100 recouped losses on Friday towards the end of a volatile week, led by a rebound in oil and banking stocks, even as investors continued to wrestle with concerns over stubborn inflation and economic slowdown.

UK's FTSE 100 recouped losses on Friday towards the end of a volatile week, led by a rebound in oil and banking stocks, even as investors continued to wrestle with concerns over stubborn inflation and economic slowdown. The blue-chip FTSE 100 was up 0.7% at 0706 GMT, tracking an overnight relief rally on Wall Street as it reversed part of its initial sell-off on Thursday. The benchmark index lost 1.4% so far this week.

The domestically focussed mid-cap index advanced 0.8% but was still set for its sixth straight weekly decline. Oil majors BP and Shell climbed 1.8% and 1%, respectively, tracking a recovery in oil prices as worries over China's COVID lockdowns slowing global growth offset concerns about dwindling fuel supplies from Russia, the world's second-largest oil exporter.

Banks gained 1.8%, recouping most of their previous session's losses. In company news, Sage Group rose 3% as the software company met market estimates and said its margin was expected to trend higher in the second half and beyond.

 

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