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    UKX   GB0001383545

FTSE 100

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7150.48 PTS   +0.23%
04:49aFTSE Opens Higher as Oil Stocks Rise
04:05aLONDON STOCK EXCHANGE : Financials, energy stocks boost FTSE 100 ahead of reopening decision
03:53aEconomic recovery hopes power European shares to record high
SummaryMost relevantAll NewsOther languagesNews of the index componentsMarketScreener Strategies

FTSE 100 bounces on Barclays earnings, but logs losses on the week

10/23/2020 | 12:36pm EDT
FILE PHOTO: A broker looks at financial information on computer screens on the IG Index the trading floor

(Reuters) - London stocks jumped on Friday, boosted by upbeat Barclays' earnings and rising hopes of a Brexit trade deal before year end, but the blue-chip FTSE 100 still logged its second weekly decline on concerns over fresh coronavirus restrictions.

The FTSE 100 index closed up 1.3%, with shares in the British lender jumping 7% as its consumer businesses swung back to profit and provisions against bad loans fell in the third quarter.

The wider banks sub-index <.FTNMX8350> added almost 5% with gains in energy <.FTNMX0530>, homebuilder <.FTNMX3720> and aero <.FTNMX2710> stocks also helping the blue-chip index outperform regional peers.

The domestically-focussed mid-cap FTSE 250 index, considered a barometer for Brexit sentiment, ended 1.2% higher after Reuters reported France is laying the ground for a compromise on fisheries, one of the key sticking points in trade negotiations between the European Union and Britain.

"There is a renewed enthusiasm to talk again. Perhaps there will be concessions made and if there is some kind of agreement going forward, that increases the chances of a deal," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.

However, the blue-chip index still suffered a second straight weekly loss on concerns over new coronavirus-led curbs as cases surged, and Brexit trade deal-related uncertainty, with data also pointing towards a faltering economic recovery.

The UK's composite PMI fell to a four-month low of 52.9 in October, while consumer morale tumbled to its lowest level since late May, surveys showed on Friday.

"Today's UK data paint a picture of an economic recovery that is now clearly at risk of losing steam," said Hugh Gimber, global market strategist at J.P. Morgan Asset Management.

In company news, InterContinental Hotels Group Plc slipped 1.5% after the Holiday Inn-owner posted a plunge in third-quarter hotel room revenue (RevPAR).

(Reporting by Devik Jain in Bengaluru; editing by Uttaresh.V)

By Devik Jain

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC 0.01% 180.54 Delayed Quote.22.99%
EURO / BRITISH POUND (EUR/GBP) 0.18% 0.8592 Delayed Quote.-3.94%
FTSE 100 0.20% 7147.53 Delayed Quote.10.43%
FTSE MID 250 INDEX 0.22% 22782.06 Delayed Quote.10.96%
HARGREAVES LANSDOWN PLC -0.19% 1637.3761 Delayed Quote.7.57%
INTERCONTINENTAL HOTELS GROUP PLC -1.45% 5046 Delayed Quote.9.17%
MSCI UNITED KINGDOM (STRD) 0.49% 1178.462 Real-time Quote.13.75%
S&P UNITED KINGDOM (PDS) 0.20% 1422.81 Delayed Quote.10.88%
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