Big Tech stocks are heading for their biggest weekly drop since 'liberation day' as FTSE banks stutter on tax threat

Global markets are closing out a bruising week, with Big Tech shares on course for their steepest weekly fall since Trump's 'liberation day' tariff shock. Bank of England Governor Andrew Bailey played down inflation fears, but UK bank stocks lagged behind as investors fretted over a looming tax hit. The FTSE 100 edged up overall, helped by a tech rebound late in the week.

Andrew Bailey's attempt to calm inflation fears failed to lift bank shares, which face a specific tax threat weighing on the sector.

Oil is set for a weekly gain even as equities whipsawed, with Asian markets bouncing back overnight after a heavy earlier sell-off.

Tech stocks had been dumped earlier in the week after investors grew jittery over cloud sector fundamentals, triggering the worst Big Tech weekly slide since April's tariff chaos.