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LONDON MARKETS: FTSE 100 Trims Weekly Loss As Banks, Resources Gain

By Sara Sjolin, MarketWatch LONDON (MarketWatch) -- Resource firms and banks led the U.K.'s FTSE 100 index higher on Friday, as investors remained optimistic about the future of monetary policy in the U.S. after Federal Reserve Chairwoman nominee Janet Yellen defended quantitative easing. The benchmark index climbed 0.4% to 6,693.36, trimming its weekly loss to 0.2%. The gain was a continuation of advances seen in global stock markets on Thursday, after Yellen at her confirmation hearing at the Senate Banking Committee said the benefits of Fed stimulus outweigh the costs and that the central bank will maintain its asset-purchase program until the U.S. economy is stronger. She also eased concerns that bubbles are forming in the equity markets. Investors have worried that some recent upbeat economic data would bring forward the timing of tapering the bank's asset purchases, but the remarks from Yellen calmed fears of an imminent reduction in bond buys. The biggest gainers on Friday were in sectors that are sensitive to monetary easing and typically rise when investors are willing to take on more risk. Among banks, Royal Bank of Scotland Group PLC (RBS) put on 1.1%, and HSBC Holdings PLC (HBC) gained 0.3%. In the resource sector, oil giant Royal Dutch Shell PLC (RDSB) climbed 1.5%, BP PLC (BP) gained 0.8%, and BG Group PLC added 0.6%. Oil prices were slightly higher. Among miners, Anglo American PLC added 1.4%, BHP Billiton PLC (BHP) rose 1.4%, and Rio Tinto PLC (RIO) picked up 0.5%. Metals prices, however, were lower across the board. Bucking the positive trend in the mining sector, shares of Vedanta Resources PLC slid 6.8% after the company said it swung to a first-half loss due to lower commodity prices and a continued ban on iron ore mining in two key Indian states, as well as due to foreign exchange losses and higher net interest expenses. Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Bp (BP)
DateTimeHeadline
08/30/201603:04:00Statoil Slashes Project Spending -- WSJ
08/29/201621:10:00Companies' Report on Brazil Dam Failure Adds Little New on Causes
08/29/201604:40:00Statoil Recalibrates Giant North Sea Project to Save Billions...
08/29/201604:09:00Statoil to Cut Costs, Raise Output at Giant North Sea Oil Project...
08/25/201603:03:00Oil Firms Binge on Debt -- WSJ
08/24/201617:12:00Largest Oil Companies' Debts Hit Record High -- Update
08/24/201605:59:00Largest Oil Companies' Debts Hit Record High
08/02/201615:00:00Executives at Riverstone on Hook to Return More Than $300 Million...
07/30/201603:02:00Oil Price Retreat Slams Producers -- WSJ
07/29/201615:21:00Low Crude Prices Hammer Big Oil Companies -- Update
07/29/201612:30:00Low Crude Prices Hammer Big Oil Companies
07/29/201612:11:00Low Crude Prices Hammer Big Oil Companies
07/29/201605:30:00Italy's Eni Posts Loss on Weak Oil Price
07/29/201603:03:00Crude Slump Weighs On Oil Firms' Earnings -- WSJ
07/28/201610:52:00Oil Price Rout Casts Shadow Over Earnings in Energy sector
07/27/201605:50:00Statoil Cuts Spending After Posting a Net Loss
07/26/201618:05:00ADRs End Higher; Telecom Italia, Tim Participacoes Rise
07/26/201608:48:00BP Suffers Third Straight Quarterly Loss -- 2nd Update
07/26/201604:11:00BP Suffers Third Straight Quarterly Loss -- Update
07/26/201603:30:00BP Posts Loss of $2.25 Billion

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