By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- The U.K.'s FTSE 100 benchmark rose
Friday, aiming for its first win in two sessions, but still on
track for a loss for a week that saw fears about stagnating global
growth drive the benchmark into a correction.
The FTSE 100 rose 1% to 6,258, but a weekly fall of more than 1%
remained in store. At its lowest point during the week, the
benchmark was down 10% from its 2014 high reached in May, marking a
correction. European, U.S. and Asian equities were also battered
this week, with most major indexes in the red.
The chief economist at the Bank of England, Andrew Haldane, on
Friday said he's become "gloomier" over the past three months about
the outlook for the U.K. economy, which overall has recently
recovered at a stronger pace than other developed economies.
Haldane also said the U.K.'s benchmark interest rate, which
currently sits at a record low of 0.5%, could remain "lower, for
longer" without pushing inflation higher than the bank's 2%
target.
Later in the trading day, investors will monitor a speech by
U.S. Federal Reserve Chairwoman Janet Yellen for any comments she
may make about the outlook of the world's largest economy. She's
slated to begin speaking in Boston at 1:30 p.m. London time, or
8:30 a.m. Eastern Time.
Among individual stocks, shares of Petrofac Ltd. jumped 5.3%
after the provider of services to the oil and gas industry said
it's on track to meet its full-year profit expectations, in the
range of $580 million to $600 million.
Meanwhile, Tullow Oil PLC tacked on 4.9%. The company said it
plans to resume exploration activities at a number of its oil sites
in Kenya after resolving a dispute with workers, according to a Dow
Jones Newswires report.
Royal Mail PLC shares picked up 2.1% following a ratings upgrade
to equal-weight from underweight at Morgan Stanley. "Although we
believe Royal Mail continues to face many challenges, following the
fall in the share price, the risk-reward is now more balanced,"
analysts wrote to clients.
But Rolls-Royce Holding PLC shares skidded 11% lower after the
company cut its full-year sales projection. The engine maker said
it's received a number of canceled or delayed orders as economic
conditions have worsened and Russian trade sanctions have
tightened.
Jimmy Choo PLC shares made their trading debut in London, priced
at 140 pence each ($2.27), the bottom of an expected range. Shares
stayed unchanged in late-morning trading.
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