London stocks opened lower on Friday, as renewed tariff threats from US President Donald Trump rattled investors and dragged markets across Asia and Europe into the red.
The FTSE 100 fell 0.7% to 9,072.92, while the FTSE 250 dropped 0.5% to 21,856.13. The AIM All-Share lost 0.2% to 760.32.
European equities were firmly lower, with Paris’s CAC 40 down 1.6% and Germany’s DAX off 1.3%. In Asia, Japan’s Nikkei dropped 0.7%, Hong Kong’s Hang Seng shed 1%, and the Shanghai Composite slipped 0.4%. Sydney’s ASX 200 fell 0.9%.
On Wall Street, the Dow closed down 0.7%, the S&P 500 lost 0.4%, and the Nasdaq slipped just under 0.1%. Futures point to further losses at the New York open later today.
The sell-off came after Trump ordered the reimposition of tariffs on dozens of trading partners, with rates ranging from 10% to 41% for 92 nations. While the measures were expected to take effect Friday, the White House delayed implementation until August 7, allowing time for talks. Mexico secured a 90-day extension, China faces a separate deadline of August 12.
In London, Melrose Industries jumped over 5% after swinging to a pretax profit of £379 million in the first half, compared with a £105 million loss last year. Adjusted profit rose 24% to £248 million, while the interim dividend was raised 20% to 2.4p.
Revenue dipped 1.3% to £1.72 billion, though like-for-like growth came in at 6%. The aerospace group left full-year guidance unchanged.
International Consolidated Airlines Group rose 2% after posting a 67% rise in first-half pretax profit to €1.75 billion. Second-quarter profit climbed by a third to €1.51 billion.
The British Airways parent also reported an 8% increase in half-year revenue to €15.91 billion and said it is 57% booked for the second half, with revenue in line with last year.
Intertek was the FTSE 100’s biggest faller, down 7.1%, despite a 9.8% rise in pretax profit to £226.5 million. Revenue was flat at £1.67 billion.
The firm lifted its interim dividend to 57.3p, up from 53.9p, but warned that currency effects would drag full-year revenue and profit lower. It still expects mid-single-digit revenue growth and margin gains in 2025.
Kier Group led the FTSE 250, rising 3.4% after Panmure Liberum lifted its price target to 322p from 250p and reiterated a ‘buy’ rating.
Cel AI plunged 19% on AIM after announcing plans to delist from the London Main Market and join the AQSE Growth Market on 1 September.
The firm said the move would give it more flexibility to pursue its Bitcoin treasury strategy, a key part of its long-term vision. Executive Chair Olivia Edwards said the transition would strengthen balance sheet resilience and allow it to create lasting shareholder value.