London stocks bounce even as slowdown, inflation woes linger

div classBodysc17zpet90 cdBBJodivpReuters – UKs FTSE 100 recouped losses on Friday towards the end of a volatile week, led by a rebound in oil and banking stocks, even as investors continued to wrestle with concerns over stubborn inflation and economic slowdown. p

pThe bluechip FTSE 100 was up 0.7 at 0706 GMT, tracking an overnight relief rally on Wall Street as it reversed part of its initial selloff on Thursday. The benchmark index lost 1.4 so far this week. pdivdivdiv classBodysc17zpet90 cdBBJodiv

pThe domestically focussed midcap index advanced 0.8, but was still set for its sixth straight weekly decline.p

pOil majors BP and Shell climbed 1.8 and 1, respectively, tracking a recovery in oil prices as worries over China‘s COVID lockdowns slowing global growth offset concerns about dwindling fuel supplies from Russia, the world’s secondlargest oil exporter. [OR]p

pBanks gained 1.8, recouping most of their previous sessions losses.p

pIn company news, Sage Group rose 3 as the software company met market estimates and said its margin was expected to trend higher in the second half and beyond.p

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pp Reporting by Bansari Mayur Kamdar in Bengaluru Editing by Sherry JacobPhillipsp

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