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London stocks on the FTSE 100 edged lower in early trade on Wednesday as investors eyed US President Donald Trump’s announcement on reciprocal tariffs.
At 0825 BST, the FTSE 100 was down 0.2% at 8,616.58.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: “Investors are on tenterhooks as the clock ticks down what’s expected to be the biggest wave of tariffs on US trading partners. It’s been dubbed Liberation day by President Trump, but it’s more like entrapment day, with more countries set to be tangled up in a web of fresh duties.
“The internationally focused FTSE 100 is on the back foot in early trade as concerns swirl about the effect on growth prospects for economies around the world. Wall Street made some tentative moves of recovery after the week’s early losses, a trend likely to continue later. But a pattern of one step forward, two steps back has been emerging as hopes for more leniency in trade policy keep being dashed, and the Trump administration seems intent on playing hardball.”
In equity markets, WPP was the standout performer on the top-flight index, having slumped on Tuesday after Bank of America Merrill Lynch said it expects first-quarter results on 25 April to show a further deterioration in like-for-like revenue growth.
Bakkavor surged as it reached an agreement in principle to be taken over by rival convenience food group Greencore in a deal worth £1.2bn after two previous approaches were rejected.
Bakkavor shareholders would be entitled to receive 85p in cash and 0.604 Greencore shares along with the Bakkavor 2024 final dividend of 4.8p a share. Greencore shareholders would own approximately 56% and Bakkavor investors 44% of the combined group.
Chemring rallied after saying that its Roke business has won a “strategically important” UK Ministry of Defence missile defence contract valued at £251m over six years.
Distribution and outsourcing firm Bunzl ticked higher after an upgrade to ‘buy’ at Stifel.
Top 10 FTSE 100 Risers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Wpp Plc | +1.71% | +9.60 | 569.80 |
| 2 |  |
Flutter Entertainment Plc | +1.70% | +290.00 | 17,310.00 |
| 3 |  |
Diageo Plc | +1.38% | +28.00 | 2,051.00 |
| 4 |  |
Smurfit Westrock Plc | +1.18% | +41.00 | 3,520.00 |
| 5 |  |
Bp Plc | +0.99% | +4.30 | 437.30 |
| 6 |  |
International Consolidated Airlines Group S.a. | +0.93% | +2.40 | 259.80 |
| 7 |  |
London Stock Exchange Group Plc | +0.91% | +105.00 | 11,695.00 |
| 8 |  |
Bunzl Plc | +0.88% | +26.00 | 2,966.00 |
| 9 |  |
Aib Group Plc | +0.79% | +4.00 | 508.00 |
| 10 |  |
Associated British Foods Plc | +0.52% | +10.00 | 1,937.00 |
Top 10 FTSE 100 Fallers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Gsk Plc | -3.23% | -47.50 | 1,421.50 |
| 2 |  |
Rolls-royce | -3.05% | -23.80 | 755.60 |
| 3 |  |
Melrose Industries Plc | -3.05% | -14.70 | 467.70 |
| 4 |  |
Fresnillo | -2.47% | -23.50 | 929.50 |
| 5 |  |
Rentokil Initial Plc | -2.39% | -8.50 | 347.70 |
| 6 |  |
Astrazeneca Plc | -2.25% | -256.00 | 11,110.00 |
| 7 |  |
Barratt Redrow Plc | -1.85% | -7.80 | 414.00 |
| 8 |  |
South32 Limited | -1.79% | -2.80 | 153.20 |
| 9 |  |
Intertek Group Plc | -1.76% | -89.00 | 4,956.00 |
| 10 |  |
Beazley Plc | -1.66% | -15.50 | 915.50 |
US close: Stocks mostly higher as traders await ‘Liberation Day’ tariff announcements
Major indices were mostly higher at the close on Tuesday as investors digested a report from the Washington Post that the White House was considering slapping 20% tariffs on most imports into the US.
At the close, the Dow Jones Industrial Average was down 0.03% at 41,989.96, while the S&P 500 advanced 0.38% to 5,633.07 and the Nasdaq Composite saw out the session 0.87% firmer at 17,449.89.
The Dow closed just 11.80 points lower on Tuesday following gains recorded in the previous session as the blue-chip index wrapped up an otherwise disappointing Q1 on a high.
Traders continued to look ahead to Donald Trump’s ‘Liberation Day’ tariff announcements on Wednesday, with the White House expected to unveil reciprocal tariffs on goods from virtually all countries, rather than just the 10-15 with trade imbalances with the US.
Also in focus were a pair of manufacturing purchasing managers’ index reports, with S&P Global’s manufacturing PMI falling to 50.20 in March, down from 52.70 in February, while the Institute for Supply Management‘s manufacturing PMI slipped to 49 in March, down from 50.3 in the prior month and below forecasts a reading of 49.5. The decline in the ISM’s PMI marked the first contraction in factory activity in three months.
Elsewhere on the macro front, job openings decreased by 194,000 in February to 7.56m, according to the Bureau of Labor Statistics‘ JOLTS jobs report, down from an upwardly revised reading of 7.76m in January and consensus estimates for a print of 7.63m.
Finally, construction spending rose 0.70% month-on-month in February, according to the Census Bureau.
In the corporate space, Calvin Klein parent company PVH traded sharply higher on the back of a Q4 earnings and revenue beat, while Johnson & Johnson shares headed south after a Houston judge threw out a $10.0bn proposal to settle tens of thousands of suits that allege its talc products cause ovarian cancer.
Wednesday newspaper round-up: Motor finance compensation, car manufacturers, Rebel Energy
A court of appeal ruling that has left lenders fearing PPI-level compensation bills over the motor finance commission scandal “goes too far”, the City regulator said on Tuesday. The Financial Conduct Authority (FCA) made the comments in a written submission to the supreme court on Tuesday, as part of a high-profile case being closely watched by the government. The Treasury, which tried but failed to intervene in the case, is concerned the standing decision could spook businesses and threaten investment in the UK. – Guardian
Ten leading car manufacturers – plus two automotive trade bodies – have been fined more than £77m by a UK regulator after admitting breaking competition law in relation to advertising their green credentials. The Competition and Markets Authority (CMA) launched an investigation after a tipoff from Mercedes-Benz, which allowed the German marque to avoid financial penalties despite also being involved in the cartel. – Guardian
Nearly 400,000 more people will be judged unfit to work after Liz Kendall scrapped Tory reforms in her overhaul of Britain’s welfare system. The decision by the Work and Pensions Secretary to undo tighter criteria for people applying for sickness benefits means many more will qualify for it by the end of the decade. – Telegraph
Energy supplier Rebel Energy has gone bust after allegedly raiding funds that were supposed to be ring-fenced for paying green levies. It means about 80,000 domestic customers and 10,000 businesses have been abruptly left without a supplier. The Bedford-based firm’s collapse followed a compliance order imposed a few weeks ago by Ofgem, the energy regulator, and raises new questions about the watchdog’s ability to protect customers. – Telegraph
Tesla sales in key European markets fell again in March, adding to signs that consumers are shunning Elon Musk’s electric car brand as competition from China stiffens and some protest against his political views. New Tesla sales in France and Sweden dropped for a third consecutive month, contributing to its lowest first-quarter sales figures in the two countries since 2021. The European figures come before the world’s most valuable listed carmaker is due to report on Wednesday how many vehicles it delivered worldwide during the first quarter of 2025. – The Times
