Heavyweight banking stocks propelled London’s FTSE 100 upward on Friday, positioning the index for a seventh consecutive month of gains, as investors evaluated the appointment of Kevin Warsh as chair of the U.S. Federal Reserve. The blue-chip index rose 0.3% by 1157, poised for its longest monthly winning streak in over 12 years. The asset is poised for weekly gains following a period of losses in the previous week. The FTSE 250, which is primarily oriented towards domestic markets, exhibited little movement on Friday; however, it is poised to conclude both the week and the month with gains.

The banking sub-index experienced an increase of 3.5% over the week and approximately 5.3% for the month. It experienced an increase of 1.2% for the day, with Lloyds rising by 2% and Investec by 1.4%, respectively. Credit analytics firm Experian experienced a 3.7% increase, positioning itself at the forefront of the FTSE 100 following the announcement of a new $1 billion share buyback initiative. On Friday, U.S. President Donald Trump announced his selection of former Federal Reserve governor Kevin Warsh to lead the U.S. central bank.

Precious metals miners fell 4.4%, as gold tumbled over 4% amid earlier speculation that the Fed could get a more hawkish chair. The sub-index has experienced an approximate increase of 20% this month. Industrial metal miners experienced a decline of 2.5% on the day. Geopolitical tensions have reemerged, with Trump cautioning that it is “dangerous” for Britain to strengthen business relations with Beijing. This comes in contrast to Prime Minister Keir Starmer, who praised the economic advantages of recalibrating UK-China relations during his visit to the country on Friday.

In January, British business confidence experienced a decline as global economic optimism reached its lowest point in a year, despite firms expressing increased positivity regarding their own activities and hiring intentions, according to a survey conducted by Lloyds.