The FTSE 100 is waiting patiently early on Friday with the US Fed chair set to address the Jackson Hole summit of economic policymakers later on today.
“Whether Powell will say anything of substance remains to be seen, although the slightest hint in the direction of tapering could prompt an outsized market response,” says AJ Bell financial analyst Danni Hewson.
“The resources sector provided some support to the UK’s flagship index as mining stocks followed commodity prices higher on a quiet day for corporate news ahead of the August Bank Holiday.”
In other news, British Airways is reported to be planning the launch of a budget airline to take on EasyJet and Ryanair after the collapse in business travel hit its flagship routes – particularly flights from London to New York.
The airline confirmed it was working with unions on the proposals but said it would not add any further information.
FTSE 100 Top Movers
Tesco (1.46%), AngloAmerican (1.41%) and Burberry (1.4%) are leading the way on the FTSE 100 on Friday.
While at the other end, Just Eat (-4.49%), Sainsbury’s (-1.66%) and Rolls-Royce (-1.44%), are the bottom three on the UK index as the week draws to a close.