Britain’s FTSE 100 index fell on Friday as the rise in the pound penalized exporting companies, while Burberry soared after the luxury company’s quarterly sales came in better than expected thanks to the good season holidays in the United States.
The FTSE 100 was down 0.3% at 1214 GMT, but still appears on track for its fifth consecutive week of gains.
The benchmark index hit a record high this week as global stocks jumped on signs that U.S. President Donald Trump was taking a softer stance on tariffs against China and seeking to boost exports. American economy by cutting taxes and making big investments in artificial intelligence.
Sterling rose 0.5% against the dollar on Friday as the lack of concrete tariff policies during Mr. Trump’s first week in office hurt the dollar, weighing on shares of global companies such as Shell and HSBC.
UK-listed global miners such as Antofagasta, Glencore and Rio Tinto climbed as copper prices hit their highest level in more than two months, driven by hopes of a trade deal between the United States and China.
The mid-cap FTSE 250 index gained 0.3%, boosted by a 13% rise in Burberry shares after the company reported a smaller-than-expected 4% fall in quarterly store sales comparables and said it was now more likely it would post a profit in its financial year.
The results boosted shares of other European luxury goods companies, including Kering and LVMH.
-Harry Potter publisher Bloomsbury Publishing rose 3.8% after renewing its supply deal with Amazon.
Meanwhile, a survey showed that tepid growth in British businesses accelerated only slightly at the start of 2025, with employment and optimism contracting again as pressures on Prices were rising, highlighting the challenge facing the Bank of England (BoE).
The survey is the latest sign of lackluster growth and a weakening jobs market since Finance Minister Rachel Reeves increased payroll taxes for businesses in her October 30 budget.
Traders expect there to be an 81% chance that the interest rate will be cut by 25 basis points on February 6, the date of the next meeting of BoE monetary policy makers.
Swiss
