Source: Sharecast
The FTSE 100 was called to open around 35 points higher.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: "So, the tariff-reveal letters kept coming in yesterday - in alphabetical order - and they didn’t look enchanting, to say the least. Exports from Algeria, Libya, Iraq, and Sri Lanka will be subject to 30% levies. Brunei and Moldovan exporters will pay 25%, while Brazilian exports will be hit with a hefty 50% tariff. So far, tariff rates range between 25% and 50% - except for the UK, which managed to pull a relatively modest 10%, while the EU is still waiting for its verdict.
"The latest reports suggest that European tariffs could be higher than the UK’s 10%, but markets simply don’t care."
In corporate news, water and sewage firm Severn Trent reiterated its full-year outlook, boosted by ongoing work to find and fix leaks.
In a trading update, the utility - which supplies around 4.6m homes and business in the Midlands and Wales - said it had seen a “strong start” to the current five-year regulatory period, which runs until 31 March 2030.
As a result, its financial performance for the 2026 full year was on track to meet guidance, with “at least” £25m in outcome delivery incentives reward.
Iconic UK shoe maker Dr Martens held annual guidance and said it continued to see positive trading in its Americas direct to consumer operations, driven by full price sales, although its UK business continued to experience a challenging trading backdrop.
In a trading update, the company said autumn/winter order books globally were healthy, with EMEA up year-on-year, while the Americas was broadly in line year-on-year and based on a much wider product range than previously.
Dr Martens added that its earnings performance would be second-half weighted.
Housebuilder Vistry said that first-half profits were in line with expectations at roughly £125m, underpinning the group's confidence in its full-year outlook.
Vistry also said it remains on track to deliver a year-on-year increase in profits in FY25, supported by a forward order book of £4.3bn and a "strong pipeline" of development opportunities.
Recruiter Pagegroup reported a steeper rate of profit decline in the second quarter, with particular weakness in the EMEA and UK divisions.
For the full year, the board said it still expects to hit market forecasts for operating profit, though subdued levels of client and candidate confidence are continuing to impact decision making.