FTSE 100 Dips on Weak Retail Sales, Tech Selloff; Oil Gains Cushion Energy Stocks

The FTSE 100 slipped 0.4% in early Friday trading, pressured by a technology-led selloff on Wall Street. The FTSE 250 edged 0.1% lower, while the DAX declined 0.5%, the CAC 40 fell 0.7%, and the Stoxx 50 dropped 0.5%.

Oil Offsets the Tech Drag

Rising crude prices provided a counterweight. Brent crude, the international benchmark, advanced 0.7% to $113.96 a barrel, while WTI climbed 1.1% to $100.57. The gains lifted energy majors BP and Shell, along with Ithaca Energy, Harbour Energy, and EnQuest.

The oil rally comes amid persistent reports of potential strikes on Iran. The Telegraph reported that unnamed officials say the U.S. and Israel have drawn up plans for fresh strikes after the U.S. midterm elections in November.

Retail Sales Slip

UK retail sales volumes fell 0.4% in September, exceeding the 0.1% decline forecast by economists and reversing the previous month’s 0.7% gain. Burberry shares fell 2.16% on the news.

FTSE 100 Risers and Fallers

Anglo American led gainers after Bank of America upgraded the stock to buy, while Rolls-Royce topped the fallers list.

In the FTSE 250, WAG Payment Solutions tumbled 7.13%.

Rio Tinto traded slightly lower after announcing a $1.9 billion investment in Queensland’s Kangwinan bauxite project, the ore used to produce aluminium, with first output targeted for 2029.

Unite Group edged higher after agreeing to sell the academy school at its Hawthorne House development in London for £40.7 million.

Gold declined 0.4% to $4,010 an ounce, while sterling slipped 0.2% to $1.3380 against the dollar.

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