The FTSE 100 climbed on Friday after UK retail sales topped forecasts, outweighing concerns over an escalating U.S.-Iran conflict. European peers advanced alongside London, while oil slid and sterling firmed against the dollar.
British stocks traded higher on Friday as unexpectedly strong retail data outweighed concerns over the escalating U.S.-Iran conflict. The FTSE 100 rose 0.32% as of 03:27 ET.
European indices track London higher
Elsewhere in Europe, Germany's DAX gained 0.88% and France's CAC 40 added 0.23%. Sterling advanced to 1.3341 against the dollar, up 0.20% on the session.
Retail data drives the move
On the domestic front, UK retail sales volumes rose 1% in June, confounding expectations for a 0.3% decline, the Office for National Statistics said, as shoppers spent more on air conditioning and clothing during warmer weather and World Cup-related buying. Annual sales growth reached 4.2%, far outpacing forecasts of 2.3%. UK inflation slowed in June as motor fuel and food prices eased during a brief Gulf ceasefire, while the labour market showed signs of stabilising.
Middle East and tariffs weigh on sentiment
Meanwhile, U.S. Central Command said it carried out its 13th consecutive night of strikes against Iran, hitting military command centres, drone storage sites and coastal surveillance infrastructure. Iranian state broadcaster IRIB reported explosions across multiple provinces and said two people were injured near Bandar Abbas.
In Washington, the U.S. House voted 214-208 on Thursday to restrict President Donald Trump's authority to continue strikes without congressional approval, though the Senate rejected a parallel measure 47-49. Separately, a new wave of U.S. tariffs on 60 trading partners took effect Friday, ranging from 10% to 12.5% and hitting China, India and the EU among others.
Oil retreats, gold holds
Oil fell 1.92% to $98.76 a barrel on Brent, and WTI dropped 1.83% to $90.47. Gold traded mixed, with futures up 0.04% at $4,051.87 an ounce and spot gold down 0.01% at $4,049.27.
Source: Investing.com
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