FTSE Up Nearly 0.5% On Easing Tariff Concerns

(RTTNews) - U.K. stocks are up on Friday, supported by some strong earnings updates, and continued optimism about trade deals.

U.S. President Donald Trump said on Thursday that the meetings with China on trade and economic issues could be "very substantive" and lead to tariff reductions.

Investors now look ahead to discussions between the U.S. and China scheduled for this weekend.

U.S. Commerce Secretary Howard Lutnick told CNBC that dozens of trade deals will be rolled over the next month, but a 10% tariff imposed on most countries will likely stay.

Meanwhile, a day after the U.K. announced a historic deal with the U.S., BoE Governor Andrew Bailey told the BBC that Britain needs to rebuild its trading relationship with the European Union.

The benchmark FTSE 100 is up 40.96 points or 0.48% at 8,572.57 a little before noon.

Airtel Africa, which tumbled on Thursday on weak earnings, has rebounded in today's session, and is up more than 4%. BP is gaining 3.75%, and JD Sports Fashion is advancing 3.15%.

Fresnillo, Croda International, Kingfisher, Associated British Foods, Glencore, Informa, Anglo American Plc, Haleon, Shell, BT Group, Natwest Group and SSE are up 1.3 to 2%.

IAG is up by about 1.8%. IAG reported operating earnings of €198 million for the three months to March 31, compared to €68 million a year earlier and a consensus of €158 million from analyst estimates compiled by the company.

IAG has also announced that it has ordered up to 76 new Boeing and Airbus aircraft.

Unite Group, BAE Systems, EasyJet, Persimmon, Taylor Wimpey, Intercontinental Hotels Group and British American Tobacco are down 1 to 1.7%.