London outperforms a falling global market

The FTSE 100 rose on Friday, outperforming global markets that were hit by a tech-led sell-off. TradingView News reported the index up 0.5%, supported by strong results from heavyweight stocks AstraZeneca and BP. At midday the index stood at 10,741.82, up 0.2% from Thursday's close of 10,722.07, according to Alliance News via Morningstar, and it was on course for a gain of about 0.7% over the week. The contrast with Wall Street was striking. US futures pointed lower on Friday, with the S&P 500 called down about 1% and the Nasdaq down more than 2%, after Amazon, Intel and Alphabet all weighed on sentiment. European markets were mixed at the open, with Italy and Spain leading losses, while London's heavier weighting in healthcare, telecoms and energy helped it hold up.

AstraZeneca and BP beat expectations

AstraZeneca gained around 3% after reporting third-quarter core operating profit and earnings per share above expectations, driven by double-digit revenue growth across oncology, respiratory and immunology, and rare disease businesses. Alliance News reported third-quarter pretax profit up 22% to $3.96 billion, with revenue up 6.7% to $16.21 billion, and the company maintained its full-year guidance. BP climbed more than 1% after posting profits of $8.46 billion, well above analyst estimates, supported by strong refining margins. Shell rose around 0.8%. Brent crude was quoted at $117.25 a barrel at midday, up from $113.75 at Thursday's London close, which helped energy stocks even as it raised inflation concerns elsewhere in the economy.

Banks drag, but telecoms help

Not every part of the index rose. NatWest was among the main laggards, falling more than 3% in early trading and 7.4% by midday in the Alliance News account, despite reporting operating profit ahead of estimates and reaffirming guidance. BT Group was among the strongest performers, rising 5.7% after reports that Virgin Media O2 was nearing an agreement to use BT's Openreach fibre network. The pattern underlines London's defensive mix: when technology stocks fall on AI-spending fears, healthcare, telecoms and energy can cushion the index, but they cannot fully insulate it if the global sell-off deepens.

Sources: TradingView News | Alliance News via Morningstar