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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
07/03/201509:30:15BP Turns Page on a Dark Chapter
07/02/201519:01:24BP to Pay $18.7 Billion to Settle Oil Spill Claims -- 5th Update
07/02/201516:28:50U.S. Spill Settlement Lets BP Turn Page on Dark Chapter
07/02/201515:28:12U.S. Spill Settlement Lets BP Turn Page on Dark Chapter
07/02/201512:32:47BP to Pay $18.7 Billion to Settle Oil Spill Claims -- 4th Update
07/02/201511:12:34BP to Pay $18.7 Billion to Settle Oil Spill Claims -- 3rd Update
07/02/201510:32:34BP to Pay $18.7 Billion to Settle Oil Spill Claims -- 2nd Update
07/02/201510:00:38BP to Pay $18.7 Billion to Settle Oil Spill Claims -- Update
07/02/201509:50:07BP to Pay $18.7 Billion to Settle Oil Spill Claims
07/02/201509:43:37BP Agrees to Pay $18.7 Billion to Settle Deepwater Horizon Oil...
06/30/201520:12:22Woodside's Browse LNG Joint Venture to Commence Early Works
06/30/201516:04:08Former BP Engineer Should Get New Trial, Appeals Court Rules
06/26/201516:40:27Exxon Mobil, BP Suspend Canadian Arctic Exploratory Drilling...
06/26/201516:27:07Exxon Mobil, BP Suspend Canadian Arctic Exploratory Drilling...
06/25/201515:59:05Pemex in Talks With Union Over Pension, Labor Reforms
06/25/201514:55:03Takeover Chatter Sends Penn Virginia Corporation's Stock Zooming...
06/19/201519:11:45Russia Deals To East And West
06/19/201507:47:27BP, Rosneft Sign Production, Exploration, Refining Pacts -- Update
06/19/201505:15:55BP, Rosneft Sign Production, Exploration, Refining Pacts
06/18/201511:45:03How Big Oil Was Saved From the Oil Price Crash

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