UK’s key index at record heights as pound falls

European markets experienced positive growth on Friday, as investors analyzed central bank decisions, economic data, and corporate earnings. The Stoxx 600 index rose by 0.2% during midday trading, with the U.K.’s FTSE 100 index reaching a new record high due to the decrease in the value of the pound. This is a result of strong U.S. job data, which caused Treasury yields to rise and stock futures to fall.

In addition to the decrease in the value of the pound, British stocks received a boost from the Bank of England’s decision to raise interest rates by half a percentage point on Thursday. This, combined with the strength of the U.S. dollar, is particularly beneficial to the big oil majors on the FTSE 100 index.

The composite Purchasing Manager’s Index in the euro zone showed that business activity returned to growth in January for the first time in six months, providing hope for the avoidance of a recession.

In Asia, the markets were mixed on Friday, with Adani Enterprises experiencing a brief drop in shares. This is a continuation of the sell-off sparked by allegations raised by short seller firm Hindenburg.