The FTSE 100 rose 1% on Friday, buoyed by gains in defense and mining stocks. However, it still marked its second consecutive weekly decline, as volatility from fluctuating US tariff policies and disappointing earnings weighed on equity markets. Precious and industrial metal miners gained 1.8% and 2.3%, respectively, after spot gold prices surpassed the $3,000 mark for the first time. Meanwhile, the UK economy unexpectedly contracted by 0.1% in January, missing the anticipated 0.1% growth. A Bank of England survey showed long-term inflation expectations hit a five-year high in February. Aerospace and defense stocks surged 3.8%, driven by Germany's agreement on a debt overhaul and significant state spending increases. Melrose Industries (up 5.9%) led the FTSE 100, followed by BAE Systems (4.1%) and Rolls Royce (3.2%). Miners Glencore, Anglo American, and Antofagasta rose between 2.5% and 3%. However, Bodycote fell 5% due to supply chain disruptions.
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