London stocks gain despite lingering US tariff uncertainty
May 30 (Reuters) - Britain's main indexes climbed on Friday, poised for weekly and monthly gains, despite a U.S. appeals court reinstating President Donald Trump's tariffs just a day after a trade court had ordered an immediate block on them.
As of 1009 GMT, the blue-chip FTSE 100 (.FTSE), opens new tab rose 0.8% and was on track to end the month higher with three consecutive weeks of gains.
The United States Court of Appeals for the Federal Circuit in Washington on Thursday temporarily reinstated Trump's duties while it considers the government's appeal, injecting more uncertainty into the market.
The Trump administration has said negotiations with top trading partners have continued despite the trade court's block. Britain is the only country to have signed a deal.
On the economic front, Bank of England policymaker Alan Taylor dismissed inflation concerns and called for lower interest rates. Taylor was one of the two members who had voted for a bigger half-point cut in May. The BoE had cut interest rates by quarter of a percentage point.
Additionally, a survey showed that the British public's expectations for inflation over the year ahead fell in May to 4% from 4.2%.
The domestically focussed mid-cap FTSE 250 (.FTMC), opens new tab was on-track for a second month of gains. It was up 0.6% on Friday.
Investment banking and brokerage services sub-index (.FTNMX302020), opens new tab advanced 1.5%, with insurer and asset manager M&G (MNG.L), opens new tab rising 5.6% after Japan's Dai-ichi Life Holdings (8750.T), opens new tab said it plans to buy a 15% stake.
Insurer Hiscox (HSX.L), opens new tab was up almost 1.4% after Berenberg re-initiated coverage with 'buy'.
Later in the day, investors will closely monitor the U.S. Personal Consumption Expenditure data — the Federal Reserve's preferred inflation indicator — for clues on interest rate trajectory.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South Wales Guardian
7 minutes ago
- South Wales Guardian
Trade Secretary to meet US counterpart in bid to secure steel tariff exemption
The meeting will come after Mr Trump said he was doubling tariffs on imports of steel from 25% to 50%. The UK struck a deal with Washington for import taxes on its steel to be removed weeks ago, but its implementation has not been finalised. Trade officials and negotiators are planning to speak to the US as soon as they can to understand the implications of Mr Trump's latest steel tariffs. They want to secure a timeline for the UK-US deal to be implemented as quickly as possible in the coming weeks. Jonathan Reynolds will meet US trade representative Jamieson Greer to discuss timings for the deal to be in place when both attend the OECD (Organisation for Economic Co-operation and Development) meeting in Paris next week. Earlier this week, a federal court blocked many of the sweeping Trump tariffs imposed on imports from countries around the world, but left some in place, including those on foreign steel and aluminium. On Thursday, a federal appeals court said it was allowing Mr Trump to continue collecting import taxes for now. On Friday, Mr Trump announced he would double the tariff rate on steel to 50%, starting on June 4. A Government spokesperson said: 'The UK was the first country to secure a trade deal with the US earlier this month and we remain committed to protecting British business and jobs across key sectors, including steel. 'We are engaging with the US on the implications of the latest tariff announcement and to provide clarity for industry.' The agreement, known as the economic prosperity deal, is expected to be presented to Parliament before it comes into force.
BBC News
11 minutes ago
- BBC News
Newscast Ex MI6 Chief On The Future of UK Defence
Today, we look at the future of defence for the UK, ahead of a major strategic defence review from the government. Defence Secretary John Healey has said there is "no doubt" that UK defence spending will rise to 3% of GDP by 2034. Sir Alex Younger, former head of MI6, joins Laura and Paddy to talk about where the threats are, and what it should be spent on. You can now listen to Newscast on a smart speaker. If you want to listen, just say "Ask BBC Sounds to play Newscast'. It works on most smart speakers. You can join our Newscast online community here: New episodes released every day. If you're in the UK, for more News and Current Affairs podcasts from the BBC, listen on BBC Sounds: Newscast brings you daily analysis of the latest political news stories from the BBC. It was presented by Laura Kuenssberg and Paddy O'Connell. It was made by Chris Flynn with Rufus Gray. The technical producer was Michael Regaard. The weekend series producer is Chris Flynn. The assistant editor is Chris Gray. The editor is Sam Bonham.
BBC News
12 minutes ago
- BBC News
Saracens discuss Farrell return with Racing
Saracens have held talks with Racing 92 about a possible return for former club captain Owen Farrell, Sarries director of rugby Mark McCall England skipper Farrell moved to the French club last summer, having spent his career to that point in north London."I think there are some discussions with Racing as to whether or not they would release him from his contract," McCall told TNT Sports after his side's final day win over are looking to recruit cover with Alex Lozowski set to be out long term due to an Achilles injury suffered at the end of club ended an inconsistent season sixth in the Premiership with their 36-26 victory over an under-strength Bath side at StoneX Stadium on was just the third time Saracens have finished outside the top four since who has 112 England caps and has represented his country in three World Cups, was one of a number of senior players to depart the club last year including Mako and Billy Vunipola. 'He can only join our list if they let him go' Farrell made 256 appearances in a trophy-laden career in north London, winning six Premiership titles and three European Champions Cups - including the double in 2015-16 and last match for the club was a 22-20 defeat to eventual champions Northampton Saints in last season's has made 17 appearances for Racing this season as he has dealt with injuries and form."When Alex [Lozowski] got his injury up at Leicester, you are allowed to bring in an injury dispensation for that player because he's [going to be] out for such a long time," McCall said."We need to bring someone in in his position and someone who we can afford in this position, who's going to get a smaller salary than that player."We compile a list and as far as I know Owen's contracted to Racing, so he can only join that list if they are prepared to let him go."
