UKX FTSE 100 Index

By Victor Reklaitis, MarketWatch

Analyst: 'Equity markets are experiencing a bit of a bounce'

U.K. stocks traded higher Friday, helped by a rally for the energy sector as oil prices gained, but the FTSE 100 benchmark remained virtually unchanged for the week.

How markets are moving

The FTSE 100 jumped 1% to 7,633.10, after dropping 0.9% Thursday (http://www.marketwatch.com/story/ftse-100-gains-ground-as-pound-dips-before-bank-of-england-rate-verdict-2018-06-21).

For the week, the blue-chip gauge is on track the mostly end the 5-session period flat.

The pound rose to $1.3283, up from $1.3241 late Thursday in New York. It is finding buyers after the Bank of England on Thursday revealed a hawkish tilt (http://www.marketwatch.com/story/dollar-rallies-to-11-month-high-pound-slumps-ahead-of-boe-call-2018-06-21) as its policy makers voted 6-3 in favor of keeping rates unchanged.

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What's driving markets

Oil prices are in focus as Organization of the Petroleum Exporting Countries members and other key crude producers gather in Austria to discuss the future of an output-cut pact that has been in place since January 2017. Crude-oil futures (http://www.marketwatch.com/story/oil-prices-climb-amid-signs-of-strain-ahead-of-opec-meeting-2018-06-22)traded higher Friday as Iran appeared to oppose a deal (http://www.marketwatch.com/story/iran-says-it-opposes-opec-plan-to-raise-oil-output-2018-06-21) to increase crude production, and that seemed to give a lift to shares of the London-listed oil giants.

Don't miss:OPEC risks destroying its oil market success (http://www.marketwatch.com/story/opec-risks-destroying-its-oil-market-success-2018-06-14)

(http://www.marketwatch.com/story/opec-risks-destroying-its-oil-market-success-2018-06-14)Investors feared that trade tensions between the U.S. and major trading partners such as China and the European Union could develop into a big drag on the global economy. These concerns come as the American economy, the world's largest, is increasingly viewed as in the late stages of its expansion (http://www.marketwatch.com/story/slowing-growth-stalling-stocks-raise-fear-that-economys-good-days-are-numbered-2018-05-07). The EU has said it would begin implementing tariffs (http://www.marketwatch.com/story/eu-to-impose-tariffs-on-32-billion-of-us-goods-starting-friday-2018-06-20) on $3.2 billion in U.S. imports on Friday.

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What strategists are saying

"Equity markets are experiencing a bit of a bounce on Friday at the end of what has been another worrying week, in which trade concerns have weighed on risk appetite," said Craig Erlam, senior market analyst at Oanda, in a note.

"All eyes today will be on the OPEC meeting as producers discuss whether and how much to increase production," Erlam added.

Stock movers

As oil prices gained, shares in oil giant Royal Dutch Shell PLC (RDSA.LN) (RDSA.LN)rose 1.4% and rival BP PLC's stock (BP.LN) (BP.LN)tacked on 1.1%.

Off the FTSE 100, Uvenco UK PLC (UVEN.LN)said Friday that it will delay the publication (http://www.marketwatch.com/story/uvenco-uk-to-delay-full-year-results-2018-06-22) of its accounts for 2017, as talks with its principal creditor continue. The vending-machine operator said its shares will remain suspended from trading on London's junior AIM market.

(END) Dow Jones Newswires

June 22, 2018 07:36 ET (11:36 GMT)

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