LONDON: The UK’s benchmark FTSE 100 ended the week slightly lower led by losses in aerospace and defence stocks, while the pound had its best week since November after softer US data indicated the Federal Reserve might be close to cutting interest rates.
The internationally focussed FTSE 100 was down 0.4% on the day and logged its third straight week of losses, lagging its European and US counterparts, which rose to all-time highs on the back of technology stocks in the week.
A no-surprise annual budget statement, however, drove the midcap FTSE 250 index higher by 1.3% for the week. It was up 0.1% for the day.
The pound gained 0.18% to $1.2826, after hitting its highest since August against a weakening dollar after data showed US job growth accelerated in February but the unemployment rate rose and wage growth slowed.
“If we are genuinely seeing the unemployment rate having troughed and moving higher and wage growth slowing,…
