The FTSE 100 (^FTSE) and European stocks climbed on Monday morning as traders became hopeful that Donald Trump’s forthcoming tariffs will be more measured than previously suggested.
It comes after the president dubbed 2 April “Liberation Day” for the US, when he will unveil his so-called reciprocal tariffs on countries he perceives to be giving America a bad deal on trade.
However, late last week, Trump hinted that he could take a flexible approach. Speaking in the Oval Office, he said: “I don’t change. But the word flexibility is an important word. Sometimes it’s flexibility. So there’ll be flexibility, but basically it’s reciprocal.”
Daniel Murray, chief executive officer of EFG Asset Management in Zurich, said: “Markets have taken some comfort from news that the next stage of the Trump administration’s tariff regime will involve targeted tariffs.
“This raises the possibility that some sectors and countries may fare better than others, helping explain market optimism.”
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London’s benchmark index (^FTSE) was 0.5% higher in early trade
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Germany’s DAX (^GDAXI) climbed 0.6% and the CAC (^FCHI) in Paris headed 0.5% into the green
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The pan-European STOXX 600 (^STOXX) was up 0.4%
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Wall Street is set for a positive start as S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were all in the green.
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The pound was 0.2% up against the US dollar (GBPUSD=X) at 1.2943
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Key companies reporting this week: GameStop, Lululemon, Kingfisher, Bellway and Fevertree
8,681.11
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+(0.40%)
As of 9:23:10 GMT. Market open.
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