Stock markets mostly rose Thursday on optimism that governments would reach deals to avoid US tariffs, with London hitting a record high.\u00a0<\/p>\n
London’s FTSE 100 index jumped one percent in morning trading, lifted also by a surge in mining stocks after US President Donald Trump said he would enact a 50-percent copper tariff on August 1.<\/p>\n
The dollar fell versus main rivals and oil prices slid.\u00a0<\/p>\n
Bitcoin steadied after topping $112,000 for the first time on Wednesday.<\/p>\n
Paris and Frankfurt stock markets advanced, tracking gains in Asia and after the S&P 500 and Nasdaq hit all-time highs Wednesday in New York.<\/p>\n
“European markets in general continue to shrug off Donald Trump’s daily tariff updates, perhaps seeing them as noise and not facts,” said Dan Coatsworth, investment analyst at AJ Bell.<\/p>\n
“Trump is throwing out numbers left, right and centre, and investors have begun to dismiss anything that isn’t set in stone,” he added.<\/p>\n
Negotiators from around the world have been trying to reach agreements with Washington since Trump in April unveiled his “Liberation Day” tariff bombshell, with a July 9 deadline pushed back to August 1.<\/p>\n
“Indications that the EU is edging closer to a deal with the US, with an agreement thought to be possible in a few days, has added to the positive vibes,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.<\/p>\n
The EU expects Trump to keep a 10-percent baseline tariff on EU goods with exemptions for critical sectors like airplanes, spirits and cosmetics.<\/p>\n
Letters have been sent in recent days to more than 20 trading partners — including Japan and South Korea — setting out new tolls, with some higher and some lower than the initial levels.<\/p>\n
Thursday’s stock market rallies followed a healthy lead from Wall Street, thanks to a surge in US chip titan Nvidia that pushed the firm to a record $4 trillion valuation at one point.<\/p>\n
There was little global reaction to news that Trump had hit Brazil with a 50 percent tariff as he blasted the trial of the country’s ex-president Jair Bolsonaro.<\/p>\n
Brazilian President Luiz Inacio Lula da Silva said he will impose reciprocal levies on the United States.<\/p>\n
Brazil had not been among those threatened with higher duties, with the United States running a goods trade surplus with the South American giant.<\/p>\n
Traders were given few guides on the US Federal Reserve’s interest rate plans after minutes from its June policy meeting showed officials divided on the best way forward.<\/p>\n
While the board sees the president’s tariffs as inflationary, the minutes said there remained “considerable uncertainty” on the timing, size and duration of the effects.<\/p>\n
– Key figures at around 1030 GMT –<\/p>\n
London – FTSE 100: UP 1.0 percent at 8,956.73 points<\/p>\n
Paris – CAC 40: UP 0.7 percent at 7,930.37<\/p>\n
Frankfurt – DAX: UP 0.1 percent at 24,584.82<\/p>\n
Tokyo – Nikkei 225: DOWN 0.4 percent at 39,646.36\u00a0(close)<\/p>\n
Hong Kong – Hang Seng Index: UP 0.6 percent at 24,028.37 (close)<\/p>\n
Shanghai – Composite: UP 0.5 percent at 3,509.68 (close)<\/p>\n
New York – Dow: UP 0.5 percent at 44,458.30 (close)<\/p>\n
Euro\/dollar: UP at $1.1733 from $1.1719 on Wednesday<\/p>\n
Pound\/dollar: UP at $1.3606 from $1.3590<\/p>\n
Dollar\/yen: DOWN at 146.17 yen from 146.30 yen<\/p>\n
Euro\/pound: UP at 86.24 pence from 86.21 pence<\/p>\n
Brent North Sea Crude: DOWN 0.3 percent at $69.92 per barrel<\/p>\n
West Texas Intermediate: DOWN 0.5 percent at $68.03 per barrel<\/p>\n
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