FTSE 100 Recovers After Setback, Up More Than 0.5%

RTTNews | 110 days ago
FTSE 100 Recovers After Setback, Up More Than 0.5%

(RTTNews) - After a positive start and a subsequent drop into negative territory, U.K. stocks are recovering a bit on Friday with investors largely making cautious moves, reacting to the developments on the tariff front.

The market had gained significantly on Thursday after the U.S. President announced a 90-day pause of reciprocal tariffs on most U.S. trade partners, excluding China, to facilitate renewed trade negotiations.

However, the spat between the U.S. and China has raised concerns of a prolonged trade war that could hurt several major economies. After the U.S. said that Chinese goods will be taxed at 145% as against the earlier proposed levy of 125%, China's finance ministry has revealed that it will raise tariffs on U.S. goods to 125% from 84%, effective Saturday (April 12).

The benchmark FTSE 100 was up 41.96 points or 0.53% at 7,955.21 a little while ago. The index, which climbed to 7,988.92 in early trades, dropped to a low of 7,860.42 before edging higher again.

Data showing a faster than expected pace of growth of the British economy is aiding sentiment.

Fresnillo is rising 4.7% and Endeavour Mining is gaining 4.5%. Tesco, Haleon, British American Tobacco, Smith & Nephew, Glencore, SSE, United Utilities, Coca-Cola, Severn Trent, Games Workshop and Unilever are up 1 to 2%.

IAG is down nearly 2.5%. Croda International, St. James's Place, 3i Group, Intermediate Capital Group, Informa, Experian, BP, Barclays, Rolls-Royce Holdings, Schroders, IMI and Easyjet are down 1 to 2%.

Data from the Office for National Statistics said the UK economy expanded at a faster than expected pace in February with increases in all main sectors.

Real gross domestic product grew 0.5% from the previous month following a nil growth in January. GDP was expected to climb 0.1%. On a yearly basis, real GDP advanced 1.4% compared to economists' forecast of 0.9%.

Another data from the ONS showed that the visible trade gap widened to GBP 20.8 billion in February from GBP 18.2 billion in January. At the same time, the total trade balance posted a deficit of GBP 1.9 billion compared to a surplus of GBP 0.3 billion in January.

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