UK's FTSE 100 snapped a three-session losing streak on Friday, underpinned by miners and energy firms, while a decline in the pound after a fall in December retail sales supported the export-heavy bourse.
were the biggest boost in the benchmark index with a 0.7% and 1.1% jump, respectively, as crude and copper prices climbed on hopes of demand recovering in post-COVID China.as higher food prices squeezed consumers. The pound extended losses and was down 0.3%.
"We had a little bit of a negative reaction in the pound this morning after the retail sales data came in. The data hasn't shocked anyone and we were expecting it to drop with inflation still high," said Daniela Hathorn, senior market analyst at Capital.com. Considering inflation, growth and retail sales data from the previous quarter, Hathorn added that the market is expecting the Bank of England to deliver a 50-basis-point hike in February.
The mid-cap FTSE was severely battered in 2022, logging its biggest annual decline since 2008. However, the domestically focussed index notched its first golden cross in over two years on Friday. The golden cross is a technical indicator where the 50-day moving average breaks above the 200-day moving average, heralding a bullish momentum in markets.rose 3.6% as it expected full-year profit before tax to be above the upper-end of range of analysts' forecasts.
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