London's FTSE 100 set to snap three-week winning streak amid geopolitical jitters

ReutersJan 23, 2026 12:43 PM

FTSE 100 up 0.1%, FSTE 250 down 0.3%
Energy stocks climb tracking higher oil prices
UK retail sales rise unexpectedly in December
C&C Group shares slump after profit forecast cut

Jan 23 (Reuters) - The UK's FTSE 100 was muted on Friday as losses in heavyweight financials capped gains in energy stocks, even as the index was set for its first weekly loss in four on renewed geopolitical uncertainty.

The blue‑chip FTSE 100 .FTSE was up 0.1% by 1201 GMT, but down over 0.7% for the week. Its three-week winning streak, in which it gained about 3.5%, has been its longest since August.

The domestically focused FTSE 250  .FTMC, retreated 0.3% from a more than four-year high hit on Thursday. It was set to snap a five-week gaining streak, its longest since April-May.

U.S. President Donald Trump's tariff threats over Greenland last weekend weighed on investor sentiment this week. And although he backed away from the threats and ruled out acquiring the territory by force, investors remained uneasy about renewed geopolitical uncertainty.

In the market, FTSE 350 energy index climbed 1.2%, with BP BP.L and Shell SHEL.L up around 1% each, tracking a rebound in oil prices after Trump's renewed warnings to Iran raised supply disruption concerns.

Shares of airlines such as British Airways owner IAG ICAG.L and easyJet EZJ.L fell 3.5% and 2.7%, respectively. London-listed shares of cruise operator Carnival CCL.L were off 2.1%. Wizz Air WIZZ.L fell 4.2% after rising as much as 9% in the previous session on hopes of a Ukraine peace deal.

Financial stocks were the biggest drag on the market, with banks .FTNMX301010 down 0.1%.

Among individual stocks, Babcock BAB.L fell around 1% after the company said that its chief executive, David Lockwood, will retire by the end of 2026.

C&C group GCC.L hit a more than 16-year low after the Irish drinks producer cut its fiscal 2026 profit forecast, blaming weak confidence following November's UK Budget that altered buying habits and saddled demand.

Separately, official data showed British retail sales unexpectedly rose in December, helped by stronger online spending, supporting signs of a pickup in the economy.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.