The FTSE 100 concluded the trading day on Friday with a decline of approximately 0.4%, ending at 9,717. This decline marked a retreat from Thursday's record-setting high and halted a nine-day streak of gains. The week was marked by a flurry of corporate earnings reports, economic data releases, and central bank announcements, which traders carefully considered. Additionally, the ongoing one-year truce between the US and China concerning technology and trade remained an influential factor in the background. Investors are now turning their attention to the upcoming Bank of England meeting scheduled for next week. It is widely anticipated that policymakers will maintain current interest rates; however, there is a growing expectation that a rate cut may be on the horizon.
In terms of sector performance, media and leisure stocks were among the most adversely affected. Notably, WPP saw an extension of its recent losses, with its share price dropping nearly 5% following UBS's decision to reduce its price target from 360p to 280p while maintaining a 'sell' rating in response to weak third-quarter results. Auto Trader experienced a 3.5% decline after the announcement that Catherine Faiers would be stepping down as its chief operating officer.
Whitbread and InterContinental Hotels, two hotel operators, both faced declines, each down by 2.3%. Despite the day's overall decline, the index posted a 0.7% gain for the week and a 3.9% increase for the month of October.
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