Upbeat earnings from British American Tobacco and Glencore helped the FTSE 100 bounce on Friday following a U.S.-data driven slump in the previous session, while British Airways-owner IAG slipped on plans to raise equity.
“While we may be seeing a slightly more positive bias today, that needs to be set in the context of the big sell-off yesterday,” said Michael Hewson, chief markets analyst at CMC Markets UK.
“People are just tidying up ahead of the month end. The economic picture hasn’t really changed and there are increasing concerns about rising infection rates and more localised lockdowns.” The FTSE 100 is headed for its first monthly decline since the coronavirus-driven crash in March as a second wave of COVID-19 infections has raised the prospect of another round of shutdowns, threatening once again to cripple business activity.
While a worsening economic outlook has raised bets of more stimulus from Europe and the United States, Britain’s central bank is expected to keep its policy unchanged when it meets next week. British Airways-owner IAG tumbled 7.1% as it said it would raise about 2.75 billion euros in equity to strengthen its finances after the pandemic wiped out global travel demand.Our Standards:
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