UK stocks set for weekly gains as investors seek shelter in defensive sectors
(For a Reuters live blog on US, UK and European stock markets, click LIVE/ or type LIVE/ in a news window) Oct 16 (Reuters) — Britain's main stock indexes were heading for weekly gains on Friday, as investors sought refuge in defensive sectors from a rout in AI-linked equities globally, while a dip in bond yields boosted risk sentiment ahead of next week's inflation figures. The blue-chip FTSE 100 index edged 0.08% lower to 10,831.70 points by 10:12 GMT, but was on track for its best week since early April, while the midcap FTSE 250 rose 0.55%. The defensive healthcare sector was set for a nearly 5% gain for the week, despite falling over 1% on Friday Drugmakers AstraZeneca and GSK fell 1.8% and 1%, respectively, on the day The personal goods sector was up 7.2% for the week Heavily weighted banks slipped on Friday after the Guardian reported British finance minister John Healey was set to tax the lenders in the budget later this month "While big international banks in the UK are likely to be less affected, domestic names are in the firing line," said Kathleen Brooks, research director at XTB, in a note NatWest Group and Lloyds Banking were down 2.2% each Bank of England Governor An
(For a Reuters live blog on US, UK and European stock markets, click LIVE/ or type LIVE/ in a news window) Oct 16 (Reuters) — Britain's main stock indexes were heading for weekly gains on Friday, as investors sought refuge in defensive sectors from a rout in AI-linked equities globally, while a dip in bond yields boosted risk sentiment ahead of next week's inflation figures. The blue-chip FTSE 100 index edged 0.08% lower to 10,831.70 points by 10:12 GMT, but was on track for its best week since early April, while the midcap FTSE 250 rose 0.55%.
The defensive healthcare sector was set for a nearly 5% gain for the week, despite falling over 1% on Friday Drugmakers AstraZeneca and GSK fell 1.8% and 1%, respectively, on the day The personal goods sector was up 7.2% for the week Heavily weighted banks slipped on Friday after the Guardian reported British finance minister John Healey was set to tax the lenders in the budget later this month "While big international banks in the UK are likely to be less affected, domestic names are in the firing line," said Kathleen Brooks, research director at XTB, in a note NatWest Group and Lloyds Banking were down 2.2% each Bank of England Governor Andrew Bailey said signs of second-round inflation were limited ahead of next week's data release for September Traders are pricing in four BoE rate hikes over the next 12 months, according to LSEG data The UK's 10-year benchmark yields were heading for weekly declines after three straight weeks of gains Defence stocks helped limit the losses on Friday: BAE Systems, Melrose Industries and Babcock International rose between 1.5% and 3.7% E-commerce group THG rose 6.7%, extending a surge of 16% on Thursday after it raised its annual adjusted core profit forecast (Reporting by Darshan Kumar in Bengaluru; Editing by Sahal Muhammed) ((darshan.kumar@thomsonreuters.com)