The FTSE 100 index has overcome earlier losses in the session and is now trading in green territory. However, it remains weak as global stock markets remain risk-averse due to geopolitical tensions and a slew of PMI data pointing to growing manufacturing contraction.
Renewed US-China tensions over US House Speaker Nancy Pelosi’s Taiwan trip also spooked the markets, as China has vowed retaliation in response to the visit by the US House Speaker. Beijing views Taiwan as its territory, and visits by top US officials are seen as lending credence to that territory’s independence bid.
However, the FTSE 100 index bounced back from the losses as BP reported a 14-year high in its second-quarter profits on higher energy prices. BP climbed % on the day, as robust refining capacity and trade margins helped boost its repurchase programs and dividend payout potential.
Leading the gainers’ chart on the FTSE 100 index is BP, which topped the chart with a 3.58% gain, Pearson (3.54%), National Grid (2.73%), British American Tobacco (2.37%), and Standard Chartered (2.64%). Fresnillo led the losers’ chart, followed by Taylor Wimpey, which is down 4.45%, Barratt Developments (-4.09%), and Dechra Pharmaceuticals (-3.60%)