FTSE 100 LIVE: Markets mixed as China accuses US of violating trade deal, promises to respond
The FTSE 100 (^FTSE) edged up while European stocks slipped on Monday as China said the US "severely violated" the terms of their recent trade truce. Chinese officials said they would take strong measures to defend the country's interests.
The two countries recently agreed to a 90-day moratorium after talks in Geneva, pledging to lower the tariffs on each other's goods. The US lowered its levy on imports from 145% to 30%, while China dropped its import tariff from 125% to 10%.
China said the US had "seriously undermined" the agreement. The comments come after US president Donald Trump said on Friday that China had "totally violated its agreement with us".
Beijing said violations included the US blocking sales of computer chip design software to Chinese companies and warning against the use of Chinese computer chips made by companies such as Huawei. They also said the US had cancelled visas for Chinese students.
London's premier index was up 0.2% at the opening bell in London. Defence contractor Babcock International (BAB.L) rose the most, as the UK announced plans to build up a fleet of 12 attack submarines.
Germany's DAX (^GDAXI) fell slightly, while the CAC 40 (^FCHI) was 0.2% lower.
The pan-European STOXX 600 (^STOXX) was down 0.1%. Last week, Europe agreed its own stay of execution in trade negotiations with the US, pushing back the implementation of a 50% import tariff to July while talks continue on a possible deal.
Here's Pedro Goncalves full take on UK house prices:
Views from the market:
Jonathan Hopper, CEO of Garrington Property Finders, said:
CEO of Yopa, Verona Frankish, said:
Tony Redondo, founder at Cosmos Currency Exchange said:
House price growth edged up in May, according to Nationwide. Here are the headlines from their report:
Annual rate of house price growth increased marginally in May to 3.5%, compared to 3.4% in April
House prices were up 0.5% month on month
House prices in predominantly rural areas have risen by 23% over the last five years, compared to 18% in more urban areas
The average price in May was £273,427, compared with £270,752 in April.
Robert Gardner, Nationwide's chief economist, said:
Asian stocks traded lower on Monday as trade tensions, again, escalate between the US and China.
US stock futures edged lower Monday morning, as investors turned the page on a bullish May and eyed the month ahead with trade uncertainty lingering.
S&P 500 futures (ES=F) were down 0.4%, as futures tied to the Dow Jones Industrial Average (YM=F) sank 0.5%. Contracts tied to the Nasdaq 100 (NQ=F) slipped 0.6%.
The tepid start to June follows a standout May: The S&P 500 (^GSPC) rallied more than 6% in its best month since November 2023 and best May since 1990. The Nasdaq Composite (^IXIC) soared 9%, and the Dow (^DJI) notched a 4% gain. Tech stocks led the charge, as investor optimism around AI and resilient economic data fuelled risk appetite.
Read more on Yahoo Finance
Hello from London. Lucy Harley-McKeown here, ready to bring you the markets and business news of the day.
We have a few diary items to start us off:
PMI releases for the EU, UK and US
Nationwide's house price index
The monthly money and credit report from the Bank of England
In the US, corporate results from Campbell Soup (CPB).
Let's get to it.
Here's Pedro Goncalves full take on UK house prices:
Views from the market:
Jonathan Hopper, CEO of Garrington Property Finders, said:
CEO of Yopa, Verona Frankish, said:
Tony Redondo, founder at Cosmos Currency Exchange said:
House price growth edged up in May, according to Nationwide. Here are the headlines from their report:
Annual rate of house price growth increased marginally in May to 3.5%, compared to 3.4% in April
House prices were up 0.5% month on month
House prices in predominantly rural areas have risen by 23% over the last five years, compared to 18% in more urban areas
The average price in May was £273,427, compared with £270,752 in April.
Robert Gardner, Nationwide's chief economist, said:
Asian stocks traded lower on Monday as trade tensions, again, escalate between the US and China.
US stock futures edged lower Monday morning, as investors turned the page on a bullish May and eyed the month ahead with trade uncertainty lingering.
S&P 500 futures (ES=F) were down 0.4%, as futures tied to the Dow Jones Industrial Average (YM=F) sank 0.5%. Contracts tied to the Nasdaq 100 (NQ=F) slipped 0.6%.
The tepid start to June follows a standout May: The S&P 500 (^GSPC) rallied more than 6% in its best month since November 2023 and best May since 1990. The Nasdaq Composite (^IXIC) soared 9%, and the Dow (^DJI) notched a 4% gain. Tech stocks led the charge, as investor optimism around AI and resilient economic data fuelled risk appetite.
Read more on Yahoo Finance
Hello from London. Lucy Harley-McKeown here, ready to bring you the markets and business news of the day.
We have a few diary items to start us off:
PMI releases for the EU, UK and US
Nationwide's house price index
The monthly money and credit report from the Bank of England
In the US, corporate results from Campbell Soup (CPB).
Let's get to it.
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