FTSE 100 Remains Under Pressure, Set for a Weekly Decline

Equities in London extended losses for a fourth consecutive session on Friday, with the benchmark FTSE 100 hovering around the 7,450 mark, as losses in the energy sector offset gains among materials.

Oil giants BP and Shell were among the biggest laggards, down roughly 1.5% and 1%, respectively.

Conversely, Rio Tinto added almost 2% to lead the FTSE 100.

In a week soft in terms of economic data, sentiment remained dominated by worries about the pace of interest rate rises to combat inflation on a backdrop of slowing growth.

Still, signs that China is gradually moving away from its stringent COVID-19 controls, with the government making it easier to travel domestically, keep businesses operating, and allow patients to quarantine at home, offered investors some respite.

Given the above, the export-oriented index is down more than 1% this week, on track to post its first weekly decline in four.