Economic news

FTSE 100 Opens Flat as Losses in Financials Counter Healthcare Boost

  • FTSE 100 flat, FTSE 250 off 0.3%

July 14 (Reuters) - UK's internationally-focussed FTSE 100 was subdued at the open on Friday, with losses in financials countering support from healthcare stocks, although the index was on track for a strong weekly gain on optimism around U.S. interest rates peaking.

By 0718 GMT, the blue-chip FTSE 100 was flat at 7440.2 points, while the more domestically-focussed FTSE 250 midcap index fell 0.3%.

The pharmaceuticals and biotech sector rose 0.8%, rising for a third straight session.

UK banks slipped 0.3%, while homebuilders extended losses after Thursday's slump.

The FTSE 100 is poised for its best weekly performance in more than three months, while midcap index eyes its best week in eight months.

Global markets have rallied this week as evidence of cooling inflation in the United States bolstered hopes that the Federal Reserve is nearing the end of its rate-hike trajectory.

Shares of Ashmore lost 6.4% after the investment group reported a $1.8 billion drop in assets under management for the quarter ended June.

Reporting by Shashwat Chauhan in Bengaluru; Editing by Sherry Jacob-Phillips

Source: Reuters

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