London markets tiptoed into Tuesday with modest gains, brushing aside the upbeat mood seen across Asia. There was no great conviction on show, but enough to nudge the major indices into the green.
The FTSE 100 inched up 0.1%, shadowed by a similar rise in the FTSE 250. The AIM All-Share fared slightly better, up 0.4%. Movements in the Cboe indices were equally subdued, with the UK 100, 250, and Small Companies all drifting 0.1% higher.
Global sentiment is being shaped by the latest round of tariff headlines from Washington. President Trump has shifted the imposition date from July 9 to August 1 but left the door open to further delays, depending on what counteroffers materialise. “Firm, but not 100%,” was the line, which markets seemed happy to interpret as a window for negotiation.
Asian equities were more willing to ride the optimism. Tokyo’s Nikkei added 0.3%, Shanghai rose 0.7%, and the Hang Seng in Hong Kong jumped 1%.
Back in London, Glencore rose 1.4% after JPMorgan kicked off coverage with an ‘overweight’ rating. Gambling stocks also made headway, Entain rallied 2.2% after Bank of America upgraded it to ‘buy’, while Flutter ticked up 0.2% on a Jefferies recommendation.
Victrex was the morning’s standout loser, down 7.7%. Revenue fell 3% in the third quarter, hit by a drop in average selling prices.
The group is still guiding for slightly better profits in the second half but flagged that current trends could drag full-year results back to first-half levels. The CEO is on his way out, with a replacement lined up from AB Dynamics, whose own shares fell 3% on the announcement.
So far, London is playing the cautious hand, eyes fixed on the next move in the tariff chess match.