FTSE 100 Drops 2% This Week
The FTSE 100 fell around 0.5% on Friday, extending its weekly losses to nearly 2%. Rolls-Royce tumbled 7.5% as the company reportedly approached a deal for up to £200 million in UK government subsidies to develop a new short-haul aircraft engine. Precious metals miners also weakened, with Fresnillo falling 6% and Endeavour dropping more than 3%, as gold prices slipped below $4,000 an ounce to their lowest level since mid-July. AstraZeneca lost 1.5%, GSK declined around 1%, while Unilever and BAT fell more than 0.5% and 1%, respectively. Banking stocks extended recent losses amid concerns over potential tax increases in next week’s budget. In contrast, Shell rose more than 3.5% and BP gained over 4% as Brent crude reached new highs amid escalating attacks on Saudi Arabia and mounting supply concerns linked to the US-Iran war.
The FTSE 100 fell around 0.5% on Friday, extending its weekly losses to nearly 2%. Rolls-Royce tumbled 7.5% as the company reportedly approached a deal for up to £200 million in UK government subsidies to develop a new short-haul aircraft engine. Precious metals miners also weakened, with Fresnillo falling 6% and Endeavour dropping more than 3%, as gold prices slipped below $4,000 an ounce to their lowest level since mid-July. AstraZeneca lost 1.5%, GSK declined around 1%, while Unilever and BAT fell more than 0.5% and 1%, respectively.
Banking stocks extended recent losses amid concerns over potential tax increases in next week’s budget. In contrast, Shell rose more than 3.5% and BP gained over 4% as Brent crude reached new highs amid escalating attacks on Saudi Arabia and mounting supply concerns linked to the US-Iran war.