London markets opened on slightly firmer footing Wednesday, brushing aside a sharper tone from US President Trump, who doubled down on tariff threats with fresh plans targeting copper and pharmaceuticals.
The FTSE 100 edged up 0.1% to 8,861.31, while the FTSE 250 was flat and the AIM All-Share slipped 0.3%.
Trump’s comments marked a firm U-turn from Monday’s softer stance, with the White House now pledging no delay to the August 1 tariff rollout. Washington is also gearing up for a 50% copper import duty and has signalled eye-watering 200% tariffs on overseas drugmakers in a year or so, unless production shifts stateside.
That shift hit miners and pharma stocks across Europe. Antofagasta lost 3%, GSK was down 0.5%, and AstraZeneca fell 0.8%. Meanwhile, Nordisk and Novartis slipped in Copenhagen and Zurich, respectively.
There was more volatility in single stocks. WPP sank 17% after slashing its outlook, blaming weak client spend and macro challenges. The ad giant now expects revenue to fall 3% to 5% this year, with a hit to margins as well.
Close Brothers slid 7.7% as it unveiled a strategic shift in its premium finance business, including plans to exit certain broker relationships and strip out £20 million in annual costs by 2030.
Hunting surged 12% after confirming strong first-half trading, backing guidance and announcing a share buyback. It expects up to $70 million in EBITDA for H1 and has pencilled in a 10% to 13% dividend increase.
Jet2 fell 7%. The airline reported solid annual results but chose not to issue forward guidance, citing late bookings and limited visibility heading into winter.
Elsewhere, tobacco names found favour. Imperial Brands rose 1.7% and BAT gained 2.5% after Jefferies began coverage on both with a ‘buy’ rating.