Monday,10 February 2025 16:37:32

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Monday,10 February 2025 at 16:33

UK & European stock markets started the week on a positive note, appearing to shrug off President Donald Trump’s latest tariff announcement.

US stocks mostly rose as major tech names outperformed, while traders looked past the latest U.S. tariff threat from President Donald Trump.

The market however remains jittery on a mix of inflation worry coupled with concern over how Trump’s plan for tariffs could adversely affect the U.S. economy.

Gold prices continued their record rally and broke through the key $2,900 level for the first time, driven by safe-haven demand as U.S. President Donald Trump’s new tariff threats amplified trade war and inflation concerns.

Oil prices ticked higher, rebounding after declines last week on concerns about a global trade war, as investors appeared to shrug off U.S. President Donald Trump’s latest threat, this time on steel and aluminium imports.

In UK equity markets, BP surged to the top of the FTSE 100 following a Bloomberg report over the weekend that activist investor Elliott Investment Management has built a "significant" stake in the oil giant.

Neil Wilson, analyst at TipRanks, said: "The firm is sure to face pressure to make substantial changes, from an overhaul of its green bets to a shake-up of the board. Probably also expect a big shift to focus on upstream capital projects to improve cash flow. So, the shift will be to move away from spending on green stuff that doesn’t really pay to investing in cash generative oil and gas production. Simples, really.

"Specifically in terms of personnel, it is thought that the activist will push for removal of chairman, Helge Lund, who helped oversee the company’s controversial net zero strategy with previous CEO Bernard Looney."

Markets

At the close

FTSE 100 8,776 +0.87%

FTSE 250 21,025 +1.05%

DAX 21,924 +0.63%

At the close

Dow Jones 44,329 +0.06%

S&P 500 6,058 +0.54%

NASDAQ 19,738 +1.10%

Fixed Income

UK 10-YR YIELD 4.459

Exchange Rates

GBP/USD 1.238

GBP/EUR 1.200

Commodities

Gold $2,904 +1.55%

Brent $75.82 +1.58%

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.