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Friday Morning Markets: FTSE Edges Lower After Retail Sales Data, US Tech Selloff

The FTSE 100 is edging lower in early trade following a US tech selloff, with oil-linked shares higher and September's UK retail sales reported down 0.4%.

The FTSE 100 is down 0.4% in early trade on Friday, tracking a Wall Street tech selloff. The FTSE 250 is 0.1% lower, the DAX is down 0.5%, the CAC 40 is down 0.7% and the Stoxx 50 is down 0.5%.

Oil offsets the tech drag

FTSE.INDX

Oil is the offset. Brent, the international crude benchmark, is up 0.7% at $113.96 and WTI is up 1.1% at $100.57, lifting BP and Shell, as well as Ithaca Energy, Harbour Energy and EnQuest.

The oil price rise comes amid continued reports regarding strikes on Iran. The Telegraph reported that unnamed officials say the US and Israel have drawn up plans for fresh strikes on Iran after the US midterms in November.

Retail sales slip

UK retail sales fell 0.4% in September, more than the expected 0.1% decline and below the previous reading of 0.7%. Burberry is down 2.16%.

FTSE 100 risers and fallers

Anglo American is up after Bank of America upgraded it to buy. Rolls-Royce is the sharpest faller.

CompanyPriceChange
BP (LON: BP.)624.35p+2.01%
Ithaca Energy (LON: ITH)294.80p+1.73%
Weir (LON: WEIR)2504.00p+1.46%
Anglo American (LON: AAL)3674.00p+1.32%
Shell (LON: SHEL)3939.50p+1.31%
Rolls-Royce (LON: RR.)1218.90p-3.22%
Computacenter (LON: CCC)4715.00p-2.28%
Burberry (LON: BRBY)1063.00p-2.16%

In the FTSE 250, WAG Payment Solutions is down 7.13%.

Rio Tinto is slightly lower after saying it will invest $1.9bn in Queensland’s Kangwinan bauxite project, the ore used to make aluminium, with first output targeted for 2029.

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

Gold is down 0.4% at $4,010 and sterling is down 0.2% at $1.3380 against the dollar.

Sam Boughedda
Sam Boughedda
Team Member

Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples. 

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