- FTSE 100 rose 0.5%, FTSE 250 added 0.34%
- Berkeley falls after naming a new chairman
- Bank, personal good and travel stocks among gainers
- Energy shares give up recent gains
June 20 (Reuters) - London stocks edged up on Friday with broad-based gains as the United States deferred its decision on whether to get involved in the Middle East conflict to the next two weeks, aiding market sentiment.
The blue-chip FTSE 100 rose 0.5% by 0947 GMT, but remained on track to end its five-week winning streak.
The Bank of England opted to keep rates steady on Thursday, as widely expected, but warned about risks from a weaker labour market and higher energy prices amid the ongoing Iran-Israel war.
As the air war between the two nations entered its second week, Europe tried to draw Iran to the negotiating table.
Meanwhile, the White House said that decisions on potential U.S. involvement are expected within two weeks.
"While the immediate prospect of a US intervention in Iran may have diminished, the fact this is reportedly a two-week hiatus means it will remain a live issue for the markets going into next week," said Dan Coatsworth, investment analyst at AJ Bell
"A meeting of European ministers with their Iranian counterparts to try and formulate a deal today could be crucial."
Banks and financial services gained 1.24%, with Standard Chartered and Barclays rising 3.4% and 2%, respectively.
Personal goods were up 1.7%, while travel stocks added 1.4%.
On the flip side, energy stocks gave up some of their recent gains, down 0.5%, with oil prices easing from this week's highs.
On the economic data front, UK retail sales saw their sharpest decline since December 2023 while consumer confidence rose to its highest level of 2025.
Across the Atlantic, the U.S. Federal Reserve said on Wednesday that two rate cuts were on the table for the year.
The mid cap index was up 0.34%, but was set to post its first weekly loss in 11 weeks, breaking its longest winning streak in 35 years.
In individual stocks, high-end homebuilder Berkeley dragged down the index, falling 7.6% after its chairman stepped down.
Reporting by Twesha Dikshit; Editing by Shailesh Kuber
Source: Reuters