London’s top index opened at a record high on Thursday, lifted by trade optimism that outpaced anxiety over Donald Trump’s latest round of tariff threats.
The FTSE 100 surged 1.0% to 8,952.49, setting a fresh record. The FTSE 250 rose 0.2% to 21,616.31, while the AIM All-Share edged up 0.1% to 771.20.
Anglo American jumped 4.8%, Rio Tinto rose 3.9% and Glencore climbed 3.7% as metal stocks rallied. BHP, outside the FTSE 100, added 3.7%. The gains came as copper prices firmed despite Trump’s announcement of a 50% US tariff on imports from August 1.
European equities also gained, with the CAC 40 up 0.6% and the DAX up 0.2%, briefly hitting a record.
Trump’s copper tariff, framed as a national security move, was just one of many developments. He also threatened Brazilian imports over Bolsonaro’s trial and issued letters to six other economies detailing new 20–30% duties. Despite the tough talk, EU officials said they hope to strike a deal with the US “in the coming days” to avoid sweeping tariffs.
FOMC minutes released Wednesday showed most US policymakers remain open to rate cuts later this year, but warned that tariffs may have longer-lasting effects on inflation than initially expected. Uncertainty around the broader impact remains high.
Jupiter Fund Management rose 10%, topping the FTSE 250, after agreeing a £100 million acquisition of CCLA Investment Management, the UK’s biggest asset manager focused on non-profits. Jupiter said the deal boosts its domestic scale and adds culturally aligned expertise.
Grafton fell 7.6% after warning that trading momentum eased in late Q2, citing global uncertainty and a softening in customer demand. First-half revenue rose 10% to £1.25 billion, helped by acquisitions, but the mood heading into summer looks cautious.
Macfarlane tumbled 11% after saying it expects a 10% drop in adjusted operating profit this year, blaming weak demand, rising input costs and tariff-related disruption in parts of its customer base.