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London stocks on the FTSE rose in early trade on Tuesday, with housebuilders charging ahead after well-received results from Bellway.
At 0840 GMT, the FTSE 100 was up 0.4% at 8,668.34.
Trump’s trade war was rumbling on in the background. Kathleen Brooks, research director at XTB, said: “At the start of this week investors had taken comfort from the fact that the next round of tariffs would be targeted and less broad based than feared.
“However, sentiment is fading as a lack of clarity on what to expect next week and the prospect of secondary tariffs for countries that buy oil from Venezuela add another dimension to President Trump’s trade wars.”
In equity markets, housebuilders got a boost after Bellway hailed a “strong” first half as it posted a 12% increase in interim underlying pre-tax profit, citing lower mortgage interest rates and an improvement in consumer confidence.
Bellway advanced, along with Persimmon, Barratt, Taylor Wimpey, Vistry and Crest Nicholson.
Segro jumped as it announced a joint venture with Pure Data Centres – owned by Oaktree – to develop a £1bn fully fitted data facility.
Shell gushed higher as the energy giant said it was targeting 4% to 5% annual sales growth in liquefied natural gas in the next five years and increased its shareholder distribution policy with a focus on share buybacks, while cutting its spending outlook.
Morgan Sindall surged as it said 2025 profits were set to be “slightly” ahead of market consensus following a stronger-than-expected performance from the Fit Out division.
Online electricals retailer AO World also gained as it hailed a “strong” performance and said that full-year profit was set to be around the top end of its previously upgraded guidance range.
On the downside, Kingfisher slumped after the DIY retail group forecast small earnings growth this year at best and warned of the impact of budgetary measures in the UK and France on consumer sentiment and costs in the short term.
Top 10 FTSE 100 Risers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Crh Plc | +4.30% | +312.00 | 7,562.00 |
| 2 |  |
Flutter Entertainment Plc | +4.27% | +785.00 | 19,160.00 |
| 3 |  |
Pershing Square Holdings Ltd | +3.94% | +148.00 | 3,906.00 |
| 4 |  |
Bp 8%pf | +3.57% | +5.00 | 145.00 |
| 5 |  |
Antofagasta Plc | +2.72% | +49.50 | 1,867.00 |
| 6 |  |
Scottish Mortgage Investment Trust Plc | +2.65% | +25.60 | 991.20 |
| 7 |  |
Prudential Plc | +2.63% | +21.00 | 819.20 |
| 8 |  |
Lloyds Banking Group Plc | +2.52% | +1.78 | 72.36 |
| 9 |  |
Anglo American Plc | +2.24% | +50.50 | 2,305.50 |
| 10 |  |
Centrica Plc | +2.18% | +3.15 | 147.65 |
Top 10 FTSE 100 Fallers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Vodafone Group Plc | -4.43% | -3.34 | 72.00 |
| 2 |  |
Coca-cola Europacific Partners Plc | -2.39% | -160.00 | 6,540.00 |
| 3 |  |
Ck Infrastructure Holdings Limited | -2.24% | -11.10 | 483.65 |
| 4 |  |
Bp Plc | -2.04% | -9.20 | 440.80 |
| 5 |  |
Haleon | -1.91% | -7.50 | 385.50 |
| 6 |  |
Wpp Plc | -1.63% | -10.20 | 617.00 |
| 7 |  |
Gsk Plc | -1.59% | -24.00 | 1,485.00 |
| 8 |  |
National Grid Plc | -1.49% | -14.60 | 967.20 |
| 9 |  |
Astrazeneca Plc | -1.34% | -156.00 | 11,452.00 |
| 10 |  |
Rolls-royce | -1.32% | -10.60 | 790.00 |
US close: Stocks firmer on hopes of tariff scale-back
Wall Street rallied on Monday, buoyed by encouraging geopolitical and economic developments.
At the close, the Dow Jones Industrial Average was up 1.42% to 42,583.32, while the S&P 500 advanced 1.76% to 5,767.57.
The Nasdaq Composite outperformed, rising 2.27% to close at 18,188.59.
Investors responded positively to reports that the Trump administration could scale back the scope of its planned ‘Liberation Day’ tariffs set for 2 April.
The prospect of a more measured trade approach helped ease fears of a wider economic disruption.
On the geopolitical front, sentiment was lifted by signs of diplomatic progress in the Russia-Ukraine conflict.
Ukrainian defence minister Rustem Umerov described talks with US officials on Sunday as “productive and focused”.
“It’s going to be another choppy week for markets with tariffs once again dominating risk appetite,” said AJ Bell head of financial analysis Danni Hewson.
“On Wall Street the potential that Donald Trump may choose to target specific sectors with his 2 April tariffs has lifted sentiment, with tech stocks and US automakers enjoying a revival.
“But the US president has a habit of rewriting the rule book even after it’s gone to print and today’s addendum with regard to Venezuelan oil and gas is a reminder that the administration has its own agenda.”
US business activity expands in March
In economic news, US business activity expanded in March, driven by strength in the services sector, even as manufacturing slipped and confidence in the broader outlook declined, according to preliminary data from S&P Global.
The composite output index rose to 53.5 in March from 51.6 in February, reaching a three-month high and indicating modest overall growth.
The improvement was largely due to a sharp increase in services activity, with the flash services PMI climbing to 54.3 from 51.0.
In contrast, the manufacturing PMI fell into contraction territory, dropping to 49.8 from 52.7.
Despite the rebound in services, business sentiment weakened notably.
Expectations for the year ahead fell to their second-lowest level since October 2022, with S&P citing growing caution among companies about the economic environment.
Many respondents expressed concern over customer demand and the effects of policy changes under the new administration.
Confidence deteriorated sharply in the services sector, where worries centered on the potential impact of federal spending cuts, new tariffs, and broader policy shifts.
In manufacturing, sentiment held relatively firm, remaining close to three-year highs.
Job growth was described as subdued, while input cost inflation picked up significantly, especially in manufacturing.
Firms attributed rising costs partly to tariff-related pressures, though heightened competition helped limit the pass-through to selling prices.
Tesla rebounds, Lockheed Martin in the red
Tesla led gains on Wall Street, surging 11.93% as investors moved back into the stock following a sharp selloff.
Elsewhere, United Airlines climbed 7.15%, while Advanced Micro Devices saw strong gains of 6.96%.
On the downside, Lockheed Martin fell 1.07% after Bank of America downgraded the defense contractor from ‘buy’ to ‘hold,’ citing limited near-term upside.
Shares of whiskey distiller Brown-Forman Corporation declined 2.34%.
Tuesday newspaper round-up: Consumer confidence, FCA, Octopus Energy
Consumers are cutting back spending on everyday items amid falling confidence in the UK economy before Rachel Reeves’s spring statement, according to a survey. As the chancellor prepares to confirm billions of pounds in cuts to welfare and government spending on Wednesday, the research by KPMG showed growing numbers of people in Britain believed the economy was heading in the wrong direction. – Guardian
The City watchdog is considering changing rules to allow people to receive clearer information from financial firms to make it easier for them to find and compare products. The Financial Conduct Authority (FCA) is exploring how it can simplify communications about savings accounts. The watchdog, which will announce its five-year strategy on Tuesday, will also review parts of its credit advertising rules, such as lengthy terms and conditions. – Guardian
HMRC could be forced to repay Uber £1.3bn after losing a key court battle over attempts to charge VAT on minicab fares. The tax authority is at risk of steep payments after failing to overturn a legal ruling against Bolt, Uber’s Estonian rival. This decision is likely to have implications for other ride-hailing apps, including Uber, which has been battling HMRC over the £1.3bn VAT bill it has been charged since 2022. – Telegraph
EU rules on ethical investing are blocking almost £100bn of funds from flowing into the defence industry amid a push by Britain and Europe to bolster military spending. Analysts at investment bank Morgan Stanley said regulations introduced by the EU four years ago had blocked “ethical” funds from investing in weapons. They said billions could be unlocked for European and UK defence if the rules were overturned. – Telegraph
Proponents of zonal electricity pricing are expecting “mass migration to windy places”, the boss of British Gas owner Centrica has claimed. Chris O’Shea has taken to social media to argue against proposals for a radical shake-up of Britain’s electricity market, which are being championed by British Gas’s rival, Octopus Energy. – The Times
