Market Analysis

The FTSE 100 index gained 0.7% on Friday morning, driven by strong performances in energy and industrial metal mining sectors. BP Plc and Shell saw their shares increase by more than 1% each as oil prices edged higher.

Man Group experienced a 2.7% rise following the announcement of record assets under management, while Drax surged 14.7% after reporting higher first-half profits and a positive annual profit forecast.

NatWest raised its yearly outlook and secured a deal to purchase a £2.5 billion mortgage portfolio from Metro Bank. Despite a 16% decline in first-half pre-tax profit to £3.03 billion, the results exceeded expectations. The bank also increased its interim dividend by 9.1% to 6.0 pence per share.

In the UK investment banking sector, BNP Paribas is making headlines. The French bank has been expanding its M&A teams and corporate broking client base. Its investment banking division reported a 21% year-on-year earnings increase in the second quarter. BNP Paribas aims to enhance its market share by assisting UK businesses in accessing international finance.

With investors eagerly awaiting the US personal consumption expenditure (PCE) data, speculation is mounting. This data could significantly influence the Federal Reserve's decision on a possible rate cut in September.

Paraphrasing text from "Reuters" all rights reserved by the original author.