It was a day which began very much dominated by global news, with news on Trump’s
tariff letters
to other trading nations accompanied by the possibility of further negotiations and efforts to secure a deal from the European Union.
tariff letters
to other trading nations accompanied by the possibility of further negotiations and efforts to secure a deal from the European Union.
The pound benefitted from a weaker dollar, while stocks were helped by stronger miners.
That all changed as the day went on, however, with a report from the OBR highlighting the UK’s fiscal risks upending gilts — which were already joining an Asian-led sell-off and sending the pound lower. A resurging dollar later in the day compounded the impact on sterling.
Stocks held ontotheir gains however, with the FTSE 100 and FTSE 250 both closing higher thanks to higher oil and metals prices.
Trump’s said the August 1 tariff deadline won’t be extended this afternoon, but that’s not done much to dent the fairly sanguine mood that’s dominated equity markets today.
That’s all from us at Markets Today for now. Join us again here tomorrow for everything you need to know about UK markets.
