FTSE 100 logs weekly loss as lacklustre results weigh

LONDON: Britain’s FTSE 100 fell on Friday, with the benchmark index posting its second weekly drop after a series of underwhelming earnings updates, with NatWest’s gloomy outlook the latest to weigh on banks.

The FTSE 100 closed 0.9% lower, with consumer staples like Unilever and Diageo falling more than 2% each and pulling the index lower.

Shares of NatWest slumped 11.6% to the bottom of the FTSE 100, and suffered their biggest one-day drop in seven years since Brexit in 2016, after a profit downgrade and as it faced regulatory scrutiny over potential breaches in its “debanking” of former Brexit party leader Nigel Farage.

The banks index shed 2.3% and ended the week 5.4% lower. Focus turned to Bank of England’s interest rate decision next week, after the European Central Bank stood pat on interest rates on Thursday, as expected.