London Stocks Rise Amidst Mining Merger Talks and Oil Price Boost

London stocks experienced an upward trend on Friday following losses, driven by potential merger talks between Glencore and Rio Tinto. The FTSE 100 saw gains, supported by rising energy stocks due to increased oil prices. Meanwhile, UK lawmakers urged enhanced credit data collection amid an anticipated slowdown in U.S. job growth.

On Friday, London stocks showed signs of recovery following two days of downturns, with a boost from Glencore amid talks of merging with Rio Tinto, potentially creating the world's largest mining company. This news pushed Glencore's stock up by 10%, while Rio Tinto's dropped 2.2%.

The FTSE 100 rose by 0.4% by late morning, poised for a consecutive weekly gain. The mid-cap index also climbed, nearing its four-year high, as it marks its fourth consecutive week of gains. Energy stocks further bolstered the market, with oil prices climbing for the second day while BP and Shell enjoyed a 2.2% increase.

In domestic developments, British lawmakers stress-tested the rapid growth in the private credit market, pushing for the Bank of England to have more oversight. Meanwhile, the market awaits a pivotal U.S. jobs report anticipated to reveal a slowdown in December. Anglo American and Sainsbury's additionally saw market fluctuations due to separate merger and sales reports respectively.

(With inputs from agencies.)