FTSE 100's Streak Ends Amid Global Tensions and Rate Decisions
The UK's FTSE 100 saw its five-week winning streak halted, influenced by global tensions between Israel and Iran, and significant interest rate decisions. Despite minor gains in the midcap index and sector-specific variances, overall market stability was impacted, with notable stock movements in major companies like GSK, AstraZeneca, and Metro Bank.
The UK's FTSE 100 index ended its winning streak, closing out the week with investors wary amidst the ongoing conflict between Israel and Iran. A series of global interest rate decisions also played a significant role in shaping investor sentiment.
The FTSE 100 fell 0.2%, reaching a two-week low, while the midcap index increased by 0.4%, though still marking a weekly loss. Pharmaceutical giants GSK and AstraZeneca were among the most significant detractors, with shares dropping 2.3% and 1.5% respectively.
The energy sector also faced setbacks as crude oil prices declined, partly driven by new Iran-related sanctions imposed by the U.S. Meanwhile, central banks like the Bank of England and the U.S. Federal Reserve opted to maintain current interest rates. In a noteworthy development, Metro Bank surged 4% on potential shareholder moves to divest stakes.
(With inputs from agencies.)
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