London Stocks Rise as U.S. Delays Middle East Decision
London stocks saw broad-based gains with the FTSE 100 rising 0.5% after the U.S. deferred its Middle East decision. The Bank of England held rates steady amid energy price concerns. Meanwhile, financial services and personal goods saw increases, countered by declines in energy stocks.
London stocks edged higher on Friday, propelled by widespread gains as the United States deferred its decision on involvement in the Middle East conflict for the next two weeks, boosting market sentiment. The FTSE 100 rose 0.5% by mid-morning despite being poised to break a five-week winning streak.
The Bank of England chose to maintain stable interest rates on Thursday, aligning with expectations, yet it cautioned about potential risks stemming from a weaker labor market and elevated energy prices amidst the Iran-Israel war. As the conflict spilled into its second week, Europe aimed to draw Iran into negotiations.
The White House announced that decisions regarding U.S. involvement are anticipated within two weeks. Investment analyst Dan Coatsworth noted that while immediate U.S. intervention seems unlikely, the issue will continue to affect markets. European ministers planned strategic talks with Iran. The financial sector saw gains, particularly Standard Chartered and Barclays, while energy stocks declined.
(With inputs from agencies.)
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