The FTSE 100 was set to close the week flat after the index reversed early losses on Friday.
London’s leading index was trading 0.36% higher at 7,468 as traders prepared for the market close. This week’s trade has been dominated by key themes including interest rates and China – all factors set to drive trade as we move into the autumn.
The Federal Reserve and Bank of England will meet later in September to decide on rates so one would expect investors to start to position for these decisions next week.
“The market continues to wax and wane with every data release as investors desperately look for signs the end is in sight on interest rate hikes. Overnight there was weakness on Wall Street as the enmity between China and the US continued to impact the tech sector – reports Chinese government workers have been banned from having iPhones taking a bite out of Apple,” said Russ Mould, investment director at AJ Bell.
“These developments are bitter news for the consumer electronics giant as it gears up for the expected launch of the iPhone 15 on 12 September.”
US equities fell yesterday with Apple dragging the S&P 500 lower. Apple and the S&P 500 both rebounded on Friday.
Melrose was the FTSE 100’s top faller on Friday after reversing yesterday’s rally. The big corporate story on Friday was Berkeley Group Holding’s trading update and reaffirmation of their profit outlook. Berkeley Group Holding shares were dead flat at the time of writing.
JD Sports was 2% higher after Berenberg raised their price target to 225p.