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LONDON MARKETS: FTSE 100 Trims Weekly Loss As Resource Firms 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 that U.S. monetary policy will remain loose after Federal Reserve Chairwoman nominee Janet Yellen defended the central bank's bond-buying program. The benchmark index rose 0.4% to 6,693.44, trimming its weekly loss to 0.2%. The gain was a continuation of advances seen in global stock markets on Thursday, when Yellen 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, known as quantitative easing, but the remarks from Yellen calmed fears of an imminent reduction. 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%, and HSBC Holdings PLC (HBC) gained 0.6%. In the resource sector, oil giant Royal Dutch Shell PLC (RDSB) climbed 2%, BP PLC (BP) gained 1%, and BG Group PLC added 0.8%. Oil prices were slightly higher. Among miners, Anglo American PLC added 1.4%, BHP Billiton PLC (BHP) rose 1%, and Rio Tinto PLC (RIO) picked up 0.8%. Metals prices were mixed. Bucking the positive trend in the mining sector, shares of Vedanta Resources PLC slid 6.7% 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
05/27/201616:52:00Big Oil Companies Stay Shy Despite Upswing in Prices
05/25/201617:00:00Exxon, Chevron Shareholders Reject Climate-Change Stress Tests
05/19/201613:41:00Business Watch
05/19/201605:44:00BP Sells 11.5% Stake in Castrol India for Undisclosed Sum; Still...
05/19/201603:05:00BP to Raise GBP400 Million of New Debt Financing for General...
05/17/201618:43:00ADRs End Lower; NQ Mobile Rises
05/17/201614:31:00Construction Begins on Trans Adriatic Gas Pipeline
05/17/201613:48:00BP Head Of Exploration Richard Herbert Departs -- Update
05/17/201613:10:00Top BP Executive Departs
05/17/201613:00:00BP Head Of Exploration Richard Herbert Departs
05/16/201603:37:00BP Doubles Interest in North Sea Culzean Field Development
05/10/201614:10:00Advisory Firm Urges Shell Shareholders to Reject Pay Package
05/10/201606:10:00Oil Prices Rise, Supply Outages in Focus
05/05/201614:10:00BP to Open Iran Office, Iranian Firm Says
05/05/201613:59:00BP to Open Iran Office in Summer, Iranian Oil Firm Says -- Update
05/05/201611:48:00BP to Open Office in Iran in Summer, says NIOC
05/03/201621:30:00BHP, Vale Face $44 Billion Lawsuit Over Brazil Dam Disaster
04/29/201608:40:00Oil Companies Begin to Benefit From Cost Cuts
04/28/201603:15:00John Wood Group Secures $500 Million Services Contract
04/27/201603:03:00Huge Oil Spill From 2010 Still Shadows BP -- WSJ

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