All Things Newz

London stocks climb higher on gains in banking, energy sectors

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UK’s blue-chip stock index rose on Friday, hauled by the banking and energy sectors, while the market focussed on Britain’s prime minister elections and U.S. job data due later in the day for clues of monetary policy tightening from the world’s largest economy.

The FTSE 100 rose 0.3% at 0708 GMT but was still on track for its worst weekly performance since mid-June, after a sharp selloff this week on rising expectations of hawkish global rate hikes.

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The banking sector rose 0.8% with HSBC leading it higher after the U.S. Federal Reserve terminated a decade-long enforcement order against the bank for violating anti-money laundering laws.

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Shell Plc advanced 0.6% after the oil major and Exxon Mobil Corp confirmed the sale of their California oil joint-venture Aera to German asset manager IKAV for $4 billion.

Peer BP rose 0.9% tracking firm crude prices on bets that OPEC+ will discuss output cuts at a meeting on Sept. 5.

The mid cap index gained 0.5% but was still headed for its third consecutive week of losses.

Investors focussed on U.S. August nonfarm payroll data on fears robust data could spur more Fed tightening.

The Tory Party is expected to announce its new Prime Minister on Monday, who will have to deal with rising food and energy prices, unrest among workers and a looming recession.

(Reporting by Johann M Cherian in Bengaluru; Editing by Krishna Chandra Eluri)

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