The FTSE 100 fell by 0.8% on Friday, reaching its lowest point in two and a half months and bringing its total weekly decline to 2.8%. This marks the index's worst weekly performance since August 2023, driven by market instability linked to Trump's tariff announcements. The banking sector was notably affected, with Standard Chartered seeing a 4% decrease, Barclays dropping 3.7%, NatWest declining by 3.4%, and HSBC slipping by 3%. Mining stocks were similarly impacted; Glencore, Anglo American, and Fresnillo each experienced approximately a 3% drop, while Rio Tinto decreased by 1.4%. The oil sector did not escape unscathed, as both Shell and BP witnessed declines of over 1.5%, attributed to the ongoing pressure from increased supply by OPEC+ and trade tensions. Additionally, BP Chairman Helge Lund announced his resignation, stating that the company is now concentrating on implementing its strategic plans. In a notable policy shift, BP also announced a renewed focus on oil and gas production, scaling back its investments in green energy.
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