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Britain's FTSE 100 was on track to experience its longest weekly losing streak since March 2020 on Friday, as uncertainty surrounding interest rates and political unrest in Europe weighed on investors. The blue-chip FTSE 100 index declined by 0.06%, marking its fifth consecutive weekly drop with a 1.2% decrease. The repercussions of French President Emmanuel Macron's decision to call for snap elections, a hawkish outlook from the U.S. Federal Reserve, and lower-than-anticipated UK GDP data for April had a negative impact on the British markets this week. Investors will now turn their attention to the domestic inflation report and the Bank of England's (BoE) monetary policy meeting which will be the final meeting before the July 4 election. According to a survey by the Bank of England, the British public's outlook on inflation decreased last month, with the highest percentage since the global financial crisis believing that it would benefit the economy if interest rates were to decrease. The FTSE 250 midcap index was also in the red and on track for its third consecutive week of declines.

Crest Nicholson, a UK-based homebuilder, saw its shares climb by as much as 10% to 234 pence, making it the top gainer on the FTSE midcap index. The company rejected a revised and unsolicited all-share offer of 650 million pounds ($827.13 million) from rival Bellway, stating that it significantly undervalues the company. As a result, Bellway's shares fell by 3.4% to 2,626 pence, placing them among the top losers on the FTSE mid cap index. Despite this development, Crest Nicholson's shares were down 1.8% year-to-date as of the last close.

Tesco, the British supermarket chain, maintained its annual guidance on Friday after announcing a 4.6% increase in UK first-quarter sales. However, the spotlight was on company boss Ken Murphy's £10m pay packet. Tesco saw an increase in its stock value as it announced a 3.4% rise in sales for the first quarter, driven by strong volume growth in the UK, Republic of Ireland, and Central Europe, supported by decreasing inflation. The retail sales for the 13-week period ending on May 25 amounted to £15.3bn on a like-for-like basis. The company also reported a 52 basis point increase in UK market share, reaching 27.6% compared to its main competitors.

FTSE Bias: Bullish Above Bearish below 8220

• Above 8270 opens 8300
• Primary support 8000
• Primary objective 8023
• 5 Day VWAP bearish
• 20 Day VWAP bearish

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