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Tuesday,04 February 2025 at 08:22

UK and European stocks head for a mixed open with global markets breathe a sigh of relief after U.S. President Donald Trump paused planned tariffs on goods from Canada and Mexico.

Hong Kong’s Hang Seng index was trading up 2.29%, as China slapped tariffs on U.S. imports, in retaliation to the U.S. duties on its exports. China levied tariffs of up to 15% on U.S. imports of coal and liquefied natural gas and 10% higher duties on crude oil, farm equipment and selected cars from the U.S.

This move comes just as Trump’s additional 10% tariff across all Chinese imports into the U.S. came into effect at 12:01 a.m. ET on Tuesday.

Chinese markets remain closed for the Lunar New Year holiday.

Gold prices firmed holding near a record peak hit in the previous session, as lingering U.S. tariff and inflation concerns boosted safe-haven demand, while focus was also on key jobs data due this week.

Oil prices retreated after U.S. President Donald Trump agreed to hold off imposing steep tariffs on Mexico and Canada, the two biggest foreign oil suppliers to the United States, for a month.

In UK corporate news, beverages giant Diageo pulled its medium-term guidance ahead of incoming tariffs on Mexican and Canadian imports by the Trump administration, saying it cannot yet accurately predict how additional duties will affect its financial performance.

Diageo’s tequila portfolio, which given geographic origin requirements must be made in Mexico, and also its Canadian whisky brands would be mainly affected by the protectionist measures.

Vodafone reported another revenue decline in its key German market, denting a solid overall third quarter performance across other regions.

The telecoms firm said German sales were down 6.4% in the period, compared with a 6.2% decline in the previous three months, primarily due to the impact of a new state media law. Despite the fall Vodafone reiterated full year guidance of €11bn in core earnings. 

Markets
At 08:20
FTSE 100 8,542 (-0.48%)
FTSE 250 20,603 (-0.52%)
DAX 21,446 +0.08%
At the close
Dow Jones 44,421 (-0.28%)
S&P 500 5,994 (-0.76%)
NASDAQ 19,391 (-1.20%)
Fixed Income
UK 10-YR YIELD 4.530
Exchange Rates
GBP/USD 1.241
GBP/EUR 1.203
Commodities
Gold $2,815 +0.06%
Brent $75.06 (-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.

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