FTSE 100 inches higher as miners gain, US jobs data eases recession fears By Reuters

(Reuters) – London’s FTSE 100 rose on Friday as better-than-expected U.S. jobs data eased fears of a recession in the world’s biggest economy, while industrial metals miners further boosted much recovery.

The blue-chip was up 0.3 percent, while the mid-cap was up 0.2 percent by 0709 GMT.

However, both indices are set to post weekly declines for the second week in a row.

Data showed on Thursday that weekly U.S. jobless claims fell more than expected, suggesting fears of a unraveling labor market were overblown and easing some fears of a potential U.S. recession.

Weak economic data last week fueled recession fears in the US, and a rebound in trading in the Japanese yen sparked a sharp sell-off in stock markets on Monday.

Industrial metal miners led the gains in London on Friday, rising 1.9 percent as prices rebounded and base metals rose on hopes of a rate cut and better-than-expected U.S. data . (MET/L)

Rate-sensitive real estate investment trusts and the real estate sectors also rose 1 percent each.

Energy and precious metals miners also gained 0.4% and 0.8%, respectively, as oil prices rose and gold steadied. (O/R) (GOL/)

On the other hand, personal care, medicine and food stocks led declines, down 0.4%.

Investors look forward to next week, packed with inflation data in both the US and UK, alongside UK gross domestic product figures.

Among other shares, Hargreaves Lansdown gained 1.8 percent after the investment platform accepted a 5.44 billion pound ($6.94 billion) takeover by a consortium.

Beazly was the biggest gainer on the FTSE 100 for a second straight session, up 2.3% after jumping more than 10% on Thursday.