Source: Sharecast
At 0930 BST, the FTSE 100 was up 0.2% at 8,572.58, having risen as much as 1% earlier after it emerged that the US and China have agreed to significantly lower tariffs following after a key agreement struck in Geneva over the weekend.
The world’s two largest economies will now cut levies for the next 90 days. Washington will reduce tariffs on Chinese goods to 30% from 145%, while Beijing will lower duties to 10% from 125%.
Speaking at a press conference in Geneva, US Treasury secretary Scott Bessent said: "We want more balanced trade, and I think both sides are committed to achieving that.
"Neither side wants to a decoupling."
He added that the two sides now had a "mechanism for continued talks".
In Beijing, China’s state broadcaster CCTV called the talks "candid, in-depth and constructive". Official media reports also noted that further discussions "on issues of mutual concern" were now expected.
The talks were the first formal negotiations held since Donald Trump upended world markets on 2 April, when he unveiled his sweeping global tariff regime. China retaliated with its own swingeing tariffs on US imports.
Neil Wilson, UK investor strategist at Saxo Markets, said: "The de-escalation seems better than just about anyone could hope for.
"This is buying time for a more comprehensive deal, [and] allows time for the process and mechanism, in the worlds of Bessent, to take place.
"He also stressed that strategic rebalancing of the global economy is still underway, although ‘neither side want a decoupling’, which is the sort of commentary the market is going to lap up. But it is not true - the US is absolutely trying to decouple."
In equity markets, heavily-weighted miners were among the top performers, with Glencore, Anglo American, Antofagasta and Rio all higher.
On the FTSE 250, 4imprint was the standout gainer, having warned in March that tariffs could dent sales this year.
Shares in meat producer Cranswick plunged after Britain’s Big Four supermarkets all suspended supplies from its Northmoor Farm in Lincolnshire following reports of animal abuse.
Secret recordings obtained by the Mail on Sunday showed workers at the site engaging in inhumane practices, including piglet ‘thumping’ - a criminal offence whereby runts of the litter or sick piglets are killed by being violently hit against floors and walls.
Botching killings of sows were also filmed, along with a number of other unnecessary acts that put pigs under distress and considerable pain.
Cranswick is the largest meat supplier to grocers in the UK, and Tesco, Sainsbury’s, Morrisons and Asda have all announced that they pulled supplies immediately following the revelations.
Victrex was also weaker after interim results.
Market Movers
FTSE 100 (UKX) 8,572.58 0.21%
FTSE 250 (MCX) 20,711.38 1.01%
techMARK (TASX) 4,634.03 -0.35%
FTSE 100 - Risers
Smurfit Westrock (DI) (SWR) 3,357.00p 7.25%
Glencore (GLEN) 267.80p 6.14%
Standard Chartered (STAN) 1,132.00p 6.04%
Anglo American (AAL) 2,165.50p 5.71%
Antofagasta (ANTO) 1,826.00p 5.34%
Rio Tinto (RIO) 4,682.50p 4.14%
CRH (CDI) (CRH) 7,386.00p 4.12%
Pershing Square Holdings Ltd NPV (PSH) 3,760.00p 4.10%
Intermediate Capital Group (ICG) 2,040.00p 3.98%
Scottish Mortgage Inv Trust (SMT) 983.80p 3.82%
FTSE 100 - Fallers
Fresnillo (FRES) 1,012.00p -4.62%
BAE Systems (BA.) 1,623.50p -3.82%
AstraZeneca (AZN) 9,894.00p -3.38%
Rolls-Royce Holdings (RR.) 765.20p -3.34%
National Grid (NG.) 1,021.00p -3.13%
Hikma Pharmaceuticals (HIK) 1,942.00p -3.09%
United Utilities Group (UU.) 1,077.00p -3.06%
Severn Trent (SVT) 2,602.00p -3.02%
Babcock International Group (BAB) 816.00p -2.91%
Marks & Spencer Group (MKS) 347.90p -2.82%
FTSE 250 - Risers
4Imprint Group (FOUR) 3,530.00p 13.14%
Ferrexpo (FXPO) 67.50p 8.70%
Burberry Group (BRBY) 814.60p 5.96%
RHI Magnesita N.V. (DI) (RHIM) 3,190.00p 5.80%
Wizz Air Holdings (WIZZ) 1,700.00p 5.59%
Carnival (CCL) 1,452.00p 5.18%
Allianz Technology Trust (ATT) 392.50p 4.81%
Harbour Energy (HBR) 180.70p 4.75%
Diversified Energy Company (DEC) 1,035.00p 4.70%
JPMorgan Indian Investment Trust (JII) 1,024.00p 4.60%
FTSE 250 - Fallers
Cranswick (CWK) 4,935.00p -7.93%
Victrex plc (VCT) 844.00p -6.74%
Hochschild Mining (HOC) 274.20p -5.64%
Endeavour Mining (EDV) 2,156.00p -4.52%
Chemring Group (CHG) 403.50p -3.70%
QinetiQ Group (QQ.) 410.80p -3.66%
Pennon Group (PNN) 489.00p -2.88%
Hilton Food Group (HFG) 877.00p -2.01%
Big Yellow Group (BYG) 986.00p -1.99%
Tate & Lyle (TATE) 576.00p -1.79%