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London stocks on the FTSE 100 rose in early trade on Monday as traders welcomed hints from Donald Trump that he would show “flexibility” when it comes to reciprocal tariffs.
At 0835 GMT, the FTSE 100 was up 0.5% at 8,693.88.
Richard Hunter, head of markets at Interactive Investor, said: “US markets ended a tentatively positive week on the front foot, although the gains were not enough to reverse the damage which has been done so far this year.
“The latest Presidential pronouncement suggested that there could be some flexibility on tariffs ahead of what he has dubbed ‘Liberation Day’ on 2 April, while also confirming that talks would continue with China this week. This had the effect of erasing earlier losses on the main indices, but investors remain dubious given the constantly changing narrative.
“The UK has a packed economic agenda this week, including the Spring Statement on Wednesday which is unlikely to bring much cheer to investors, consumers or businesses. The announcement comes at a time of flatlining growth domestically, inflation not yet fully under control and with the effects of the Budget measures taking effect next month, which has already been bemoaned by a broad spectrum of companies including, but not limited to, the retailers.
“In addition, releases are also due on inflation, retail sales and GDP, each of which have the potential further to derail any hopes of an economic recovery.”
On Monday’s macroeconomic calendar, the S&P Global manufacturing and services PMIs for March are due at 0930 GMT.
In equity markets, heavily-weighted miners were the standout gainers, with Anglo American, Antofagasta, Glencore and Rio Tinto the top performers on the FTSE 100. The sector got an added lifted after JPMorgan upgraded its stance on EMEA mining and metals to ‘overweight’ from ‘underweight’.
Wood Group rallied as it said the deadline by which Dubai’s Sidara must either announce a formal intention to make an offer for the company or walk away has been extended. Under UK takeover rules, Sidara had until 24 March, but this has now been pushed back to 17 April.
Wood Group confirmed on 24 February that it had received a non-binding, conditional proposal from Sidara about a potential cash offer.
Fintech group Plus500 gained after saying it has bought Indian financial services company Mehta Equities for $20m.
Mehta provides broking services including futures, options and cash equities trading products.
Top 10 FTSE 100 Risers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Anglo American Plc | +3.77% | +85.00 | 2,340.00 |
| 2 |  |
Pershing Square Holdings Ltd | +3.25% | +122.00 | 3,880.00 |
| 3 |  |
Antofagasta Plc | +2.53% | +46.00 | 1,863.50 |
| 4 |  |
Rio Tinto Plc | +2.44% | +116.00 | 4,873.00 |
| 5 |  |
Barclays | +2.32% | +6.90 | 304.35 |
| 6 |  |
Standard Chartered Plc | +2.29% | +26.50 | 1,185.00 |
| 7 |  |
Banco Santander S.a. | +2.23% | +12.00 | 549.00 |
| 8 |  |
Prudential Plc | +2.23% | +17.80 | 816.00 |
| 9 |  |
Glencore Plc | +2.14% | +6.40 | 305.60 |
| 10 |  |
Pearson Plc | +2.12% | +25.00 | 1,202.00 |
Top 10 FTSE 100 Fallers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Ck Infrastructure Holdings Limited | -3.59% | -17.75 | 477.00 |
| 2 |  |
Vodafone Group Plc | -2.65% | -2.00 | 73.34 |
| 3 |  |
Bp Plc | -1.52% | -6.85 | 443.15 |
| 4 |  |
Coca-cola Europacific Partners Plc | -1.49% | -100.00 | 6,600.00 |
| 5 |  |
Marks And Spencer Group Plc | -1.29% | -4.30 | 329.60 |
| 6 |  |
Haleon | -0.79% | -3.10 | 389.90 |
| 7 |  |
Gsk Plc | -0.76% | -11.50 | 1,497.50 |
| 8 |  |
Next Plc | -0.45% | -44.00 | 9,770.00 |
| 9 |  |
Barratt Redrow Plc | -0.40% | -1.70 | 418.20 |
| 10 |  |
Coca-cola Hbc Ag | -0.40% | -14.00 | 3,466.00 |
US close: Late rally pushes stocks higher, but gains limited
A late-afternoon rally sent US stock indices into positive territory by the close on Friday, though gains were limited after a tumultuous few weeks with markets still trading close to six-month lows.
The Dow and S&P 500 both finished just 0.1% higher, while the Nasdaq rose 0.5%, helped by gains from heavyweights Tesla, Apple and Meta.
The S&P 500 in particular managed to eke out a 0.1% gain for the week after four straight weeks of losses.
Despite Friday’s gains, investor risk appetite remained capped by ongoing uncertainty regarding the economy and unpredictable trade policy moves coming from Washington.
“As has been seen over the last two and a half years, dip buying has been a highly profitable strategy, particularly when markets have been as oversold as they are now,” said David Morrison, senior market analyst at Trade Nation.
“But concerns over the Trump administration’s tariffs, the chaos of DOGE’s slashing of government spending and the fraught geopolitical situation on many different fronts has seen investors hold back from adding long side exposure. It feels as if market participants are waiting to hear something positive to trigger a fresh round of buying. As things stand, it’s difficult to know where that could come from.”
In a similar vein, New York Fed president John Williams said in a speech on Friday that the US economy started 2025 on a “firm footing” but “uncertainty is high”. He said that recent economic indicators have sent “mixed signals” as he warned of slowing growth this year.
Market movers
Tech stocks were among the day’s best performers, including the likes of Apple, Nvidia, Tesla, Intel, Microsoft and Salesforce.
Nike was down 5% after the sporting goods behemoth underwhelmed with forecast-beating third-quarter results. While Nike comfortably topped estimates, sales still fell 9% year-on-year, while the company pointed to a further revenue slide in the fourth quarter and lower margins than last year.
Micron Technology tanked 8% despite the data storage outfit beating second-quarter estimates for both revenues and profits and providing stronger-than-expected guidance for the current quarter. The company did forecast margin improvements that underwhelmed investors.
Meanwhile, FedEx shares were down 6% after the shipping and logistics giant cut its annual guidance and posted adjusted EPS of $4.51 for its third quarter, lower than the $4.54 expected by the market.
Airline stocks including Delta and JetBlue and were also lower after Heathrow, the world’s second-busiest airport, was forced to cancel flights and temporarily shut its doors following a power outage.
Monday newspaper round-up: Thames Water, Gatwick Airport, Ebury
Keir Starmer has been warned against “appeasing” Donald Trump as he considers reducing a major tax for US tech companies while cutting disability benefits and public sector jobs. His chancellor, Rachel Reeves, confirmed on Sunday that there were “ongoing” discussions about the UK’s £1bn-a-year digital services tax that affects companies including Meta and Amazon. – Guardian
Ministers are considering diverting money from a £950m scheme to install rapid chargers for electric cars on the UK’s motorways, announced five years ago, after it failed to make a single grant. Much of the cash allocated to the rapid charging fund (RCF) could be redirected to investments in other charging schemes, or to support the transition to electric vehicles more broadly, although decisions have yet to be made, according to a person close to discussions in government. – Guardian
Fresh doubt has been cast over the race to find a white knight buyer for Thames Water as it struggles to provide details of its labyrinthine network of pipes, sewage works and reservoirs. Thames Water has stepped up the hunt for new investors willing to pump in billions of pounds of emergency capital after the Court of Appeal approved a £3bn emergency debt bailout from its existing creditors. – Telegraph
Gatwick airport is preparing to reject government demands for it to guarantee that the majority of passengers using its proposed new runway will arrive by train. Stewart Wingate, chief executive, said meeting some of the requirements for approval of the £2.5bn plan to add 100,000 flights a year, such as lower noise levels, may be feasible. – Telegraph
Britain’s life science sector has missed out on an estimated £15 billion a year over the past decade due to a decline in its international competitiveness, a report warns. The sector has been designated one of the government’s eight key growth drivers as part of its forthcoming industrial strategic plan but there are concerns that the UK is losing ground to other major economies. – The Times
The City grandee who chairs Ebury has signalled that whipsawing markets could derail a £2 billion London listing of the Santander-backed payments company. Bruce Carnegie-Brown said the business was in talks with investors about a possible share sale and that bosses were edging closer to a decision on whether or not to push ahead. – The Times
