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FTSE 100 Gains, Tracking Global Tech Rally Fueled by Amazon Earnings
The UK's FTSE 100 index rose on Friday, taking its cue from a global rally in technology stocks after blockbuster earnings from Amazon lifted market sentiment. The positive momentum from Wall Street and Asian markets carried over into European trading.
As of 07:28 GMT, the FTSE 100 was up 0.74%, according to Investing.com data. Gains were seen across the continent, with Germany’s DAX adding 1.2% and France’s CAC 40 rising 0.95%.
Global Tech Sentiment Drives Gains
The risk-on mood was sparked by after-hours trading in the U.S., where Amazon shares surged 10% following strong second-quarter results. This overshadowed a more cautious report from Apple, which saw its shares fall after warning of worsening supply constraints.
The rally extended through Asia, where Japanese and South Korean markets closed sharply higher, led by a rebound in chipmakers like Samsung Electronics and SK Hynix. However, this optimism was tempered by reports of new geopolitical tensions in the Middle East, which investors appeared to be largely looking past in early trading.
AdUK Corporate and Economic News
Several major UK companies provided significant updates on Friday, influencing individual stock movements:
- NatWest (NWG): The bank reported first-half profit that beat forecasts and raised its full-year profitability outlook, citing higher income and cost controls.
- BP (BP) and Shell (SHEL): Both energy giants announced major portfolio adjustments. BP launched a formal sale process for its North Sea business, while Shell agreed to sell its BG Cyprus unit for up to $720 million.
- Taylor Wimpey (TW): The homebuilder cut its 2026 completions forecast, noting that affordability pressures and economic uncertainty were weighing on buyer demand.
- Sainsbury's (SBRY): The retailer agreed to sell its Argos business for at least £120 million to sharpen its focus on its core grocery operations.
On the economic front, data from Nationwide showed that annual house price growth slowed in July, pointing to a softer housing market. In currency markets, the pound sterling was down 0.11% against the U.S. dollar, trading at $1.3452.
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