UK’s FTSE 100 was flat on Friday as gains in energy shares on higher crude prices offset worries about the US interest rate path, while Ashmore’s shares fell after a drop in assets under management in the first quarter.
The main FTSE 100 index was flat by 0710 GMT, while the mid-cap index was down 0.3%.
Both indexes, however, are set for their biggest weekly gains in four weeks.
Globally, equities took a hit after hotter-than-expected US consumer prices data on Thursday bolstered the case for the Federal Reserve to tighten monetary policy further.
Shares of oil majors Shell and BP rose 1% and 1.4% respectively, tracking crude prices higher.
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Precious metal miners added 1%, while industrial metal miners also advanced 0.7% as gold and copper prices edged higher.
Fund manager Ashmore slipped 1.9% as assets under management declined in the September-quarter amid subdued market conditions due to weaker China economic data and high interest rates.
St James’s Place dropped 9.8% to the bottom of the FTSE on a report stating the UK wealth manager was pushed by regulators to overhaul its fees.
The broader investment banking and brokerage services sector lost 1.4%.