The FTSE 100 opened lower on Friday, falling 1% to 9432.38, as global markets struggled to absorb a surge in volatility sparked by a reversal in US equities. The S&P 500, which rallied early on NVIDIA’s earnings, ended 1.6% lower after traders shifted focus towards a stronger US jobs report on the Federal Reserve’s interest rate path.
Haleon gained 1.33% to £374.50 as investors rotated into defensive healthcare. Diageo advanced 1.29% to £1,726 as consumer staples attracted buying interest.
Rentokil rose 1.15% to £405.30 while Persimmon added 0.92% to £1,212.50 on improving sentiment in the housing sector.
RELX added 0.89% to £3,055, benefiting from robust demand for data and analytics services, while Severn Trent increased by 0.88% to £2,742.
On the other hand, miners and industrials faced selling pressure. Fresnillo dipped 3.59% to £2,254 as precious metal markets weakened. Antofagasta declined 3.14% to £2,564 amid softness in copper prices.
Endeavour Mining fell 2.79% to £3,132, continuing recent underperformance across gold-linked names. Rio Tinto slid 1.91% to £5,235.
Spirax Group declined 1.71% to £6,630 following weakness in engineering stocks, while Pershing Square Holdings dropped 1.71% to £4,728.
GSK escalated its dispute over rights to its fast-growing cancer medicine Jemperli. Its US subsidiary, Tesaro, filed a lawsuit seeking confirmation that alleged breaches in a 2014 licensing agreement would allow it to terminate the contract while retaining perpetual rights to the drug at reduced royalty and milestone payments.
The legal uncertainty adds another layer of complexity for the pharmaceutical giant at a time when defensive healthcare stocks are increasingly in focus.
The cryptocurrency market deepened its sell-off, with Bitcoin plunging 9.25% in 24 hours and dropping below $83,653.
This decline extends Bitcoin’s month-long slide of over 30% from its early October peak. The slump also affected listed crypto-treasury firms, with Strategy Inc falling 5% and MARA Holdings dropping 7.75%.
Public sector borrowing rose to £17.4 billion in October, significantly above market expectations. Retail sales fell 1.1%, marking the steepest monthly decline since May.
Meanwhile, Ofgem confirmed a 0.2% rise in the energy price cap for January-March, putting the average annual household bill at £1,758 for those paying by direct debit.
The regulator said wholesale prices have fallen 4% over the past three months.
Global markets remain on edge. In the US, the Nasdaq fell 2.2% and the Dow declined 0.8% as hopes for a December rate cut diminished.
Asia markets reflected the weakness, with the Nikkei 225 and Hang Seng both fell around 2%. Analysts cited growing worries about AI-related credit risk, increasing inventories at NVIDIA, and the potential for a Japanese yield movement to cause return flows.
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