London Stocks Decline Amid Wall Street Sell-off and AI Concerns

London's FTSE 100 fell on Friday, influenced by a Wall Street sell-off spurred by AI unrest. Despite early gains, it dipped 0.6% amid concerns about an AI bubble following Broadcom's results. Attention shifts to next week's Bank of England meeting, with expectations for a rate cut solidifying.

London's financial markets faced a turbulent Friday as the FTSE 100 fell 0.6%, overshadowed by a sell-off on Wall Street driven by AI-related concerns. This downturn follows Broadcom's results that reignited fears of a technological bubble.

While precious metal miners initially surged with gold and silver rallies, the FTSE 350 settled with a modest 0.8% gain. Attention now turns to the Bank of England's upcoming meeting, with markets largely anticipating a 25 basis point rate cut on signs of a slackening labor market and cooling inflationary pressures.

In corporate movements, the InterContinental Hotels Group saw a 2% rise following an upgrade by Jefferies, whereas WH Smith and Card Factory faced challenges with shares dropping following disappointing forecasts and delays in results. Harbour Energy, however, rose 3.3% after announcing a significant acquisition deal.

(With inputs from agencies.)