The FTSE 100 ended the session little changed on Friday as global equity markets absorbed a deepening selloff in chipmakers. One set of figures showed the index flat while another recorded a modest 0.2 per cent advance. In contrast the STOXX 600 slipped 0.7 per cent and Nasdaq futures dropped 2.2 per cent.
This divergence was no accident. The FTSE's comparatively low exposure to the technology sector, relative to other European markets, acted as a natural buffer. Energy and resource companies, which carry more weight in the UK benchmark, provided further support as Brent crude climbed toward an 11 per cent weekly gain.
Oil prices traded between $84.75 and $85.72 a barrel. Renewed military strikes in the Middle East added to supply worries and fed concerns over future inflation. S&P 500 futures fell 1.1 per cent in early indications, underlining the broader pressure from reassessments of the durability of the artificial intelligence rally.
Asian markets had already absorbed heavy losses, with the Nikkei down 4 per cent. European bourses followed suit, led lower by technology names. Yet the London market's defensive tilt allowed it to stand apart.
That composition has served British investors before during periods of technology-led volatility. Greater emphasis on established energy producers and resource firms shields portfolios when sentiment toward high-growth sectors sours. It also reflects a broader reality: diversified private enterprise and reliable energy supply help insulate households and businesses from imported shocks.
Geopolitical tensions, particularly those involving the United States and Iran, remain the immediate driver of the oil spike. How long this support for resource stocks lasts will depend on whether those tensions ease or escalate. For now the FTSE's relative steadiness offers a reminder that market architecture still matters.
