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London stocks nudged up in early trade on Thursday as investors continued to mull the impact of Trump’s trade war.
At 0855 GMT, the FTSE 100 was up 0.1% at 8,545.91.
Investors were mulling the latest twists and turns in Trump’s trade saga, after the US President said he would impose more tariffs following retaliatory measures from the European Union and Canada.
Trump said on Wednesday that he would respond to the countermeasures. “Whatever they charge us with, we’re charging them,” he said.
Richard Hunter, head of markets at Interactive Investor, said: “In early trade, investor apathy was largely in evidence, while the technical Thursday headwind of stocks being marked ex-dividend resulted in those affected, such as NatWest, Endeavour Mining and Entain.
“Meanwhile, the UK economy will face its latest test tomorrow on the release of the GDP figures, with the overhang of the Budget measures potentially beginning to gain traction.”
Looking ahead to the rest of the day, the US producer price index for February is due at 1230 GMT.
In equity markets, NatWest and Entain were the biggest losers on the FTSE 100 as they traded without entitlement to the dividend.
C&C Group tumbled as the Bulmers cider maker said full-year underlying operating profits would be “modestly below” target amid weaker consumer confidence and the impact of higher wages and employer taxes introduced in the Budget.
Trainline slumped as the online ticketing platform said fiscal year sales hit a record of almost £6bn and announced a new £75m share buyback, as full-year net ticket sales and revenues fell a little short of expectations.
Savills was weaker despite the real estate agency posting a large jump in annual earnings and saying that transaction volumes this year would be lifted by companies ordering staff to spend more time in the office.
Deliveroo fell even as it hailed its first ever year of profit and positive free cash flow despite an “uncertain” consumer environment, as it expanded its grocery and retail offering.
On the upside, Halma surged as it said it now expects an adjusted EBIT margin modestly above 21% for the full year to March 2025, compared to prior guidance of around 21%.
Bridgepoint and Volution also gained after results, while IG Group rallied as the online trading and investment firm posted a rise in third-quarter revenues as it benefited from stronger market conditions and an increase in active clients.
Top 10 FTSE 100 Risers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Halma Plc | +4.58% | +121.00 | 2,761.00 |
| 2 |  |
Astrazeneca Plc | +1.68% | +196.00 | 11,846.00 |
| 3 |  |
International Consolidated Airlines Group S.a. | +1.55% | +4.30 | 281.90 |
| 4 |  |
Gen.acc.8se.pf | +1.33% | +2.00 | 152.00 |
| 5 |  |
Marks And Spencer Group Plc | +1.28% | +4.50 | 355.80 |
| 6 |  |
Hsbc Holdings Plc | +1.25% | +10.60 | 858.30 |
| 7 |  |
Bt Group Plc | +1.21% | +1.85 | 154.60 |
| 8 |  |
Vodafone Group Plc | +1.20% | +0.84 | 70.90 |
| 9 |  |
Imperial Brands Plc | +1.13% | +31.00 | 2,768.00 |
| 10 |  |
Legal & General Group Plc | +1.13% | +2.70 | 242.00 |
Top 10 FTSE 100 Fallers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Fresnillo | -2.29% | -20.50 | 874.00 |
| 2 |  |
Natwest | -2.02% | -9.00 | 437.10 |
| 3 |  |
Barratt Redrow Plc | -1.81% | -7.80 | 422.80 |
| 4 |  |
Coca-cola Hbc Ag | -1.61% | -56.00 | 3,420.00 |
| 5 |  |
Mondi Plc | -1.44% | -18.00 | 1,233.50 |
| 6 |  |
Aib Group Plc | -1.40% | -8.00 | 562.00 |
| 7 |  |
Intertek Group Plc | -1.36% | -68.00 | 4,926.00 |
| 8 |  |
Wise Plc | -1.36% | -12.50 | 907.00 |
| 9 |  |
South32 Limited | -1.21% | -2.10 | 171.70 |
| 10 |  |
Scottish Mortgage Investment Trust Plc | -1.04% | -10.00 | 950.80 |
US close: Stocks mixed following CPI reading, tariffs remain in focus
Major indices delivered a mixed performance on Wednesday as investors digested February’s CPI reading and trade tensions between the US and a number of its major trading partners continued to weigh on sentiment.
At the close, the Dow Jones Industrial Average was down 0.20% at 41,350.93, while the S&P 500 gained 0.49% to 5,599.30 and the Nasdaq Composite saw out the session 1.22% firmer at 17,648.45.
The Dow closed 82.55 points lower on Wednesday, extending heavy losses recorded in the previous session after Donald Trump announced that he would double tariffs on steel and aluminium imports to 50% in response to Canada’s move to take a 25% levy on electricity exports.
Doug Ford, Premier of Ontario, later said he would put a pause on the surcharge, and White House trade advisor Peter Navarro stated Trump would not raise the Canadian steel and aluminium tariffs to 50%. However, the original 25% duties still came into effect on Wednesday, leading Canada to impose 25% retaliatory duties on more than $20.0bn worth of US goods. The European Union also vowed to impose counter-tariffs on €26.0bn worth of US imports beginning in April.
Today’s primary focus was last month’s consumer price index, which increased to 319.08 points in February, up from 317.67 points in January, according to the Bureau of Labor Statistics, with the annual inflation rate easing to 2.8% from 3% in January and below market expectations of 2.9%. On a monthly basis, CPI rose by 0.2%, slowing from 0.5% in January and below market expectations of 0.3%
Elsewhere on the macro front, US mortgage applications surged 11.2% in the week ended 7 March, according to the Mortgage Bankers Association of America. Last week’s increase extends the seven-week high surge of 20.4% in the last week of February and comes in line with another decrease in benchmark mortgage rates as fears of a potential US recession kept yields on asset-backed securities in check. Applications to refinance a mortgage soared by 16%, while applications to purchase a new home were up by 7%.
In the corporate space, Groupon shares were higher thanks to some better-than-expected FY revenue guidance, while convenience store operator Casey’s General Stores was also in the green on the back of Q3 results that came in ahead of analysts’ expectations.
Thursday newspaper round-up: John Lewis Partnership, Ineos, Telegraph Media Group
The owner of John Lewis and Waitrose has tripled profits to £126m but workers at the staff-owned retail group have missed out on a bonus for a third year in a row. The John Lewis Partnership (JLP) said sales rose 3% to £12.8bn in the 12 months to 25 January 2025, as underlying profit rose from £42m. However, the company said it was prioritising investment over the bonus with plans to spend £600m on transforming the business. – Guardian
Two British taxi companies have launched a crowdfunding drive for the last leg of a lengthy legal battle with Uber that could result in higher cab fares. Uber will seek, at a supreme court hearing in July, a ruling on contractual models that affect whether VAT applies to private-hire companies outside London, which it has argued would level the playing field across the UK. – Guardian
More retired baby boomers are paying income tax than Gen Z workers in a dramatic reversal of the pre-lockdown trend, official figures show. Data published by the taxman show 5.45m Britons aged over 70 paid income tax in the 2022-23 financial year, compared with 5.23m Britons aged under 30. It comes as the triple lock drags more pensioners into the tax bracket while a rise in youth worklessness leaves more young people on the sidelines of the jobs market. – Telegraph
Sir Jim Ratcliffe’s car company has been forced to recall SUVs in the US after customers complained that doors were flying open while driving. Ineos Automotive has confirmed plans to replace door button parts on 7,000 Grenadier cars, dealing a fresh blow to the billionaire’s business. According to documents filed to the US National Highway Traffic Safety Administration, Ineos said the relevant parts had been assembled without enough grease being applied. – Telegraph
Independent auditors have been called in at Telegraph Media Group to look into concerns about the accuracy of the circulation figures it recorded. Protiviti, a consultancy firm, is conducting a review after Cathy Southgate, the group’s acting chief financial officer, reported concerns about how the business recorded newspaper circulation figures and certain revenue between at least 2020 and 2023. – The Times
