London Shares Boosted by Anticipated U.S. Federal Reserve Rate Cut
London shares were mixed but poised for weekly gains as markets anticipated a U.S. Federal Reserve interest rate cut. Gains in mining and defense sectors bolstered the FTSE 100, while domestic economic data showed no growth, possibly affecting upcoming UK budget strategies.
London's stock market showed mixed results on Friday as investors anticipated a potential interest rate cut by the U.S. Federal Reserve next week. Despite this, the market was set for weekly gains, buoyed by strong performances in the mining and defense sectors.
The FTSE 100 index rose by 0.3%, marking its second consecutive weekly gain, mainly driven by a rally in precious and industrial metals. Leading the charge were Fresnillo, Endeavor Mining, and Hochschild Mining. Aerospace and defense stocks reached record highs, with BAE Systems and Avon showing notable increases.
The anticipated Fed rate cut, coupled with surging gold prices, supported the market. However, a decline in personal goods and retail stocks, along with stagnant economic data for the UK, reflected challenges ahead for fiscal policy makers.
(With inputs from agencies.)
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