Britain's FTSE set for biggest weekly fall since August

UK shares were on track for their biggest weekly fall since August despite steadying on Friday, after Chinese stocks regained some poise following a plunge the previous day that rattled global markets, Reuters reported.

The UK's blue-chip FTSE 100 index was flat at 5,953.50 points by 1148 GMT. The index hit a three-week low on Thursday, when 33 billion pounds ($48 billion) was wiped off its market capitalisation as stocks in China sank and Beijing allowed the biggest fall in the yuan in five months.

The index was down 4.65 percent on the week, the biggest weekly fall since last August, when China also allowed its currency to weaken, similarly roiling stock markets.

The FTSE 100 was also set for its worst first week of the year since 2000.

Mining stocks gave back early gains as copper turned lower, with the sector touching its lowest level in more than 11 years.

Oil shares were also in negative territory, with Royal Dutch Shell and BP retreating 3.2 percent and 2.2 percent respectively as concerns over a global crude glut continued to weigh on the price of oil.