The FTSE 100 extended its losses on Friday, closing at 8,248.5, halting two consecutive days of gains, in line with declines in European and US markets. The latest US jobs report highlighted a strong job market, reinforcing expectations that the Federal Reserve may pause interest rate cuts. On the business front, Schroders (-4.4%) and J Sainsbury (-4.3%) underperformed, with the latter having flagged strong Christmas trading in an update this morning, though analysts warned that efforts to cut prices could weigh on future performance. Intercontinental Hotels Group led risers in the meantime, rising 1.4%. BP and Shell were also among the day’s winners, in line with a spike in oil prices. For the week, the FTSE 100 posted a gain of 0.3%, despite a turbulent week for UK financial markets.