London FTSE 100 rises as banks rebound amid AI concern
London’s FTSE 100 rose 0.6% to 10,316.05 as banks including HSBC and Standard Chartered gained and tech stocks fell over concerns about debt-backed AI spending plans.
The FTSE 100 climbed 0.6% to 10,316.05 by 0917 GMT on Thursday. The mid-cap FTSE 250 was largely unchanged during the session.
Financial stocks provided the strongest support. HSBC and Standard Chartered each gained about 2%. Prudential rose 3.4% after firms with significant exposure to Hong Kong had been hit in recent sessions when China tightened rules on cross-border investments.
Technology shares weighed on the market. Relx fell 1.6% and Sage Group dropped 2.5%. Oracle announced plans for debt-backed spending on artificial intelligence and UBS downgraded the broader European information technology sector.
Frasers Group rose 1% after launching a €2 billion takeover offer for Hugo Boss. Wizz Air gained 5.3% after reporting an operating profit above analysts’ expectations, though it forecast lower revenue per available seat kilometre in the first quarter because of disruptions linked to the conflict involving Iran. Halma fell 12.6% after projecting slower organic constant-currency revenue growth for fiscal 2027.
Market participants monitored policy and geopolitical risks. Traders awaited the European Central Bank’s policy decision and commentary on interest rates. Data compiled by LSEG showed markets expect the Bank of England to raise borrowing costs by 25 basis points in September.
The British pound traded in the mid-$1.33 to $1.34 range, holding just below $1.34 ahead of US inflation data.
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