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London stocks on the FTSE 100 nudged higher in early trade on Monday ahead of a week packed with central bank policy announcements, as investors mulled the latest developments in Donald Trump’s trade war.
At 0830 GMT, the FTSE 100 was up 0.1% at 8,643.27.
Patrick Munnelly at Tickmill Group said: “This week will be marked by significant central bank meetings, including the Fed, SNB, and BoJ on Wednesday, followed by the BoE’s rate decision on Thursday. However, it appears that little will change, with rates expected to remain unchanged across these banks, except for the SNB, which is more likely to implement a rate cut.
“The Fed will release new economic projections; however, it remains unclear if many of the ‘placeholder assumptions’ about government policies used in previous estimations, prior to Trump’s administration, can now be confidently updated with more concrete data. Additionally, pay attention to any indications regarding the potential pause or slowdown of quantitative tightening, especially after it was mentioned in the January minutes.
“As for the BoE, the minutes are likely to reiterate a ‘gradual and careful’ strategy. The Monetary Policy Committee (MPC) will have preliminary insights from the labour market report released on Thursday, where we will be looking for signs of slack, particularly regarding underemployment instead of just unemployment.
“Another point of interest in the UK will be the February public finances data released on Friday, which could influence the risk outlook for the remit to be announced on March 26 for 2025-26.”
Market participants were also mulling the latest comments from US President Trump, who said there would be no exemptions on US steel and aluminium tariffs.
On home shores, data from Rightmove showed the average price of a home coming to market rose in March in line with the long-term average increase for that month, as many new sellers priced sensibly amid decade-high competition to sell.
House prices ticked up 1.1% on the month following a 0.5% jump in February. On the year, price growth slowed to 1% in March from 1.4% the month before.
The average price of a property stood at £371,870, up from £367,994 in February.
Rightmove said that while new Spring buyers will not beat this month’s stamp duty deadline, they will benefit from the highest property choice at this time of year since 2015.
It highlighted a “massive” log-jam of 575,000 moves in the legal completion process, with many trying to beat March’s stamp duty deadline.
Colleen Babcock, property expert at Rightmove, said: “Historic averages show that this March is likely to be one of the strongest months of the year for sellers to spring into action. However, sellers can’t just rely on these historic averages for success, as this year they are facing a decade-high level of competition. Those who are successfully finding buyers right now are working hard with their agents to price competitively and present their home in the best possible light.
“The big milestone ahead in England is the stamp duty deadline, and with a massive log-jam of 575,000 moves going through the legal completion process, many cost-conscious buyers will be doing all they can to get their move over the line and avoid unnecessary extra tax.
“Whilst agents tell us that they have been working with both sellers and buyers to factor in the additional charges, many movers are understandably hoping to reduce their tax bill and keep their savings for themselves.”
In equity markets, Phoenix Group surged as it upgraded its cash generation and adjusted operating profit targets through 2026 following a strong performance in 2024.
Defence contractor QinetiQ tumbled after saying it would take a £140m impairment charge as tough market conditions persisted into the fourth quarter, hitting work in its UK intelligence and US sectors and resulting in further delays to a number of contract awards.
It added that it had also identified a number of one-off, largely non-cash charges and provisions primarily relating to inventory and cost recovery in legacy US operations.
Around £25-30m is included in updated underlying profit guidance for the year end and around £35-40m would be reported through exceptional items.
Energean also fell sharply after saying it remains committed to the sale of its portfolio in Egypt, Italy and Croatia to an outfit controlled by Carlyle International Energy Partners.
AstraZeneca nudged lower is it announced the up to $1bn acquisition of Belgian biotech firm EsoBiotec, which it said has the potential to “transform” cell therapy.
Top 10 FTSE 100 Risers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Phoenix Group Holdings Plc | +6.01% | +31.50 | 555.50 |
| 2 |  |
International Consolidated Airlines Group S.a. | +1.66% | +4.70 | 287.90 |
| 3 |  |
Beazley Plc | +1.52% | +13.50 | 901.00 |
| 4 |  |
Rio Tinto Plc | +1.15% | +55.50 | 4,873.50 |
| 5 |  |
Banco Santander S.a. | +0.96% | +5.00 | 525.00 |
| 6 |  |
Coca-cola Hbc Ag | +0.94% | +32.00 | 3,438.00 |
| 7 |  |
Vodafone Group Plc | +0.92% | +0.68 | 74.32 |
| 8 |  |
South32 Limited | +0.92% | +1.60 | 175.60 |
| 9 |  |
Antofagasta Plc | +0.89% | +16.50 | 1,868.00 |
| 10 |  |
Smith & Nephew Plc | +0.87% | +9.50 | 1,103.50 |
Top 10 FTSE 100 Fallers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Marks And Spencer Group Plc | -2.66% | -8.90 | 325.50 |
| 2 |  |
Tesco Plc | -2.62% | -8.90 | 330.30 |
| 3 |  |
Compass Group Plc | -1.58% | -42.00 | 2,618.00 |
| 4 |  |
Intermediate Capital Group Plc | -1.45% | -30.00 | 2,038.00 |
| 5 |  |
Halma Plc | -1.25% | -34.00 | 2,677.00 |
| 6 |  |
Next Plc | -1.24% | -120.00 | 9,560.00 |
| 7 |  |
Aib Group Plc | -1.05% | -6.00 | 563.00 |
| 8 |  |
Astrazeneca Plc | -0.98% | -118.00 | 11,876.00 |
| 9 |  |
Schroders Plc | -0.98% | -3.80 | 382.60 |
| 10 |  |
Ferguson Enterprises Inc. | -0.81% | -100.00 | 12,210.00 |
US close: Major indices round out volatile week with solid gains
Major indices closed higher on Friday in what had otherwise been a losing week for the Dow Jones.
At the close, the Dow Jones Industrial Average was up 1.65% at 41,488.19, while the S&P 500 advanced 2.13% to 5,639.94 and the Nasdaq Composite saw out the session 2.61% firmer at 17,754.09.
The Dow closed 674.62 points higher on Friday, reversing losses record in the previous session and halting the blue chip’s losing streak.
Stocks traded higher on the back of news that a Federal government shutdown had been avoided after Senate minority leader Chuck Schumer said he wouldn’t stand in the way of a Republican funding bill.
Sentiment also got a boost thanks to a lack of new tariff-related headlines out of Washington, easing concerns around escalating tensions between the US and a number of its largest trading partners.
However, major indices were all lower for the week as Donald Trump’s seemingly random tariff policies continued to foster uncertainty and drive market volatility. Despite Friday’s gains, the Dow Jones still delivered its worst weekly performance since 2023.
On the macro front, a preliminary reading of the University of Michigan‘s consumer sentiment index showed a drop to 57.9 in March, down 10.5% month-on-month and well and truly below estimates for a reading of 63.2. While the current conditions index slipped just 3.3%, future expectations slumped 15.3% month-on-month and a whopping 30% year-on-year.
Elsewhere, the yield on the benchmark 10-year Treasury note was more than four basis points higher at 4.317%, while its two-year counterpart was half a basis point higher at 4.030%.
Monday newspaper round-up: Construction vacancies, Tesla, UK manufacturing
Rachel Reeves will meet UK regulators on Monday after calling for more action to restrict red tape and spur economic growth. The chancellor argued that government plans would reduce costly delays and disputes, saving businesses billions, and said regulators must accept a more streamlined decision-making process. Reeves is expected to use the meeting to announce more detail on how the government will cut the cost of regulation by a quarter and set out plans to slim down or abolish regulators themselves. – Guardian
Vacancies have increased in the construction industry as well as for gardeners, teachers and maintenance workers, according to a new report. Research by the Recruitment and Employment Confederation (REC) and data firm Lightcast showed a recent fall in demand for veterinary nurses, delivery drivers and train and tram drivers. – Guardian
Elon Musk’s Tesla has been forced to halt sales of its electric Cybertruck pickup amid mounting concern about metal panels falling off the supposedly indestructible vehicles. Customers posting on the Cybertruck Owners Club website – as well as on Mr Musk’s own X, formerly Twitter – said they had been told by agents that deliveries were on hold. – Telegraph
A former colleague of Mike Ashley is facing arrest in a long-running dispute with the tycoon over a £3m payment linked to a French golf course. The High Court said it would issue a warrant for Tony Jimenez, who was vice president at Newcastle United football club when Mr Ashley was chairman. Mr Ashley gave the money to Mr Jimenez in 2008 for the purchase of a shareholding in the Les Bordes golf course in the Loire valley, 100 miles south of Paris. – Telegraph
Output in the UK’s manufacturing sector fell in the first three months of the year for the first time since 2016 as the industry was battered by escalating global trade tensions and rising business taxes. The industry said production fell for most businesses between January and March, an “ominous” and “highly unusual occurrence” at the start of a calendar year when output is traditionally higher than in the fourth quarter. – The Times
A slowdown in hiring suggests the UK economy could be heading for a recession, blowing a near £15 billion hole in Rachel Reeves’s fiscal plans, according to a leading think tank. The Resolution Foundation has calculated that the 0.5 per cent drop in employment over the year to January is consistent with a slowdown “only seen during a recession”. It followed the government’s decision to raise payroll taxes and lift the minimum wage, causing businesses to hold back on hiring in anticipation of the changes on April 1. – The Times
