FX.co ★ UK Stocks Almost Steady

The FTSE 100 index stabilized and edged up slightly to around 9,316 on Friday afternoon, rebounding from an initial decline in a session characterized by careful trading. This cautious approach was due to anticipation of Federal Reserve Chair Jerome Powell’s upcoming address at the Jackson Hole symposium. Investors are keenly awaiting Powell’s discussion on economic prospects amidst ongoing trade disputes and uncertainties, particularly in hopes of hints regarding a potential interest rate cut in September. The banking sector fueled the upward movement, led by Standard Chartered, which saw a nearly 4% increase following a positive ruling from the US Department of Justice in a longstanding civil case concerning alleged sanctions violations. Other leading gainers included Pershing Square Holdings, Airtel Africa, and Hikma Pharmaceuticals. In contrast, Rightmove, Anglo American, Coca-Cola, and Prudential recorded the largest declines, falling between 0.8% and 1.1%. Overall, the index was poised to close the week with an almost 2% gain.