Monday,03 February 2025 08:34:46

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Monday,03 February 2025 at 08:30

UK and European markets opened sharply lower after U.S. President Donald Trump imposed trade tariffs on several countries and threatened to do the same with the European Union and U.K.

Asian stock markets slumped after President Donald Trump's tariffs on Canada, Mexico and China triggered fears of a broad trade war and a hit to global growth.

Gold prices fell nearly 1% after rising to an all-time high in the previous session, as the U.S. dollar strengthened on mounting fears of a global trade war following U.S. President Donald Trump's sweeping tariff measures.

Oil prices jumped after U.S. President Donald Trump imposed tariffs on Canada, Mexico and China, raising fears of crude supply disruption from the two biggest suppliers to the U.S., but the prospect of lower fuel demand capped gains.

In corporate news, AstraZeneca's Imfinzi has been recommended for approval in the European Union as a monotherapy for the treatment of adults with limited-stage small cell lung cancer (LS-SCLC) whose disease has not progressed following platinum-based chemoradiation therapy.

The Committee for Medicinal Products for Human Use of the European Medicines Agency based its positive opinion on the results from the ADRIATIC Phase 3 trial which showed Imfinzi reduced the risk of death by 27% versus placebo. An estimated 57% of patients treated with the drug were alive at three years compared to 48% for placebo.

Markets

At 08:32

FTSE 100 8,568 (-1.23%)

FTSE 250 20,585 (-1.74%)

DAX 21,361 (-1.70%)

At the close

Dow Jones 44,544 (-0.75%)

S&P 500 6,040 (-0.50%)

NASDAQ 19,627 (-0.28%)

Fixed Income

UK 10-YR YIELD 4.539

Exchange Rates

GBP/USD 1.231

GBP/EUR 1.202

Commodities

Gold $2,799 +0.03%

Brent $76.78 +0.50%

Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.