UK shares advance as earnings take centre stage; tariff developments in focus
29/04/2025 11:51
For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window
FTSE 100 up 0.25%, FTSE 250 advances 0.8%
HSBC shares rise on profit beat and buyback
AstraZeneca faces potential $8 million fine in China
April 29 (Reuters) - British stocks climbed on Tuesday as investors assessed corporate earnings reports, with markets also responding positively to the U.S. administration's proposed exemptions on automotive tariffs.
As of 1027 GMT, the blue-chip FTSE 100 index .FTSE was up 0.25%, on pace to mark its twelfth consecutive winning session.
The bank index .FTNMX301010 gained 2%, with HSBC HSBA.L rising 2.5%, after Europe's largest lender reported first-quarter profit above estimates and announced a $3 billion share buyback program.
Meanwhile, AstraZeneca AZN.L weighed heavily on the blue-chip index, falling 2.7%, after the drugmaker said it might face a fine of up to $8 million in China over suspected unpaid taxes and its quarterly revenue missed analysts' expectations. The healthcare index .FTNMX201030 shed 1.5%.
The energy index .FTNMX601010 was down 2% with the oil major BP BP.L dropping 4% after reporting a deeper-than-expected fall in net profit.
Separately, the Trump administration plans to soften the impact of new auto tariffs by alleviating some duties on foreign parts used in U.S.-made vehicles and keeping tariffs on cars made abroad from piling on top of other ones, officials said.
While markets have recently stabilized on hopes of a U.S.-China trade deal, ongoing uncertainty about the negotiations continues to keep investors on edge.
Back home, British grocery price inflation edged up to 3.8% in April, industry data showed on Tuesday, adding to the pressure on consumers who are already facing higher energy, water and council tax bills.
The domestically focused mid-cap index .FTMC advanced 0.8% and was heading for the fifth straight session of gains.
Travis Perkins TPK.L was the top performer among the midcaps, rising 7.8%, as the building materials supplier reported 3.7% like-for-like revenue growth at its toolstation division in the first quarter.
Among other stocks, Primark-owner Associated British Foods ABF.L tumbled 8.4% after reporting a 10% fall in first-half profit. The stock was the worst performer on the FTSE 100.
(Reporting by Ragini Mathur in Bengaluru; Editing by Vijay Kishore)
((Ragini.Mathur@thomsonreuters.com;))
For related prices, Reuters users may click on - * UK stock report .L FTSE index: 0#.FTS6 techMARK 100 index: .FTT1X FTSE futures: 0#FFI: Gilt futures: 0#FLG: Smallcap index: .FTSC FTSE 250 index: .FTMC FTSE 350 index: .FTLC Market digest: .AD.L Top 10 by vol: .AV.L Top price gainers: .NG.L Top % gainers: .PG.L Top price losers: .NL.L Top % losers: .PL.L
* For related news, click on - * UK hot stocks: HOT and GB Wall Street: .N Gilts report: GB/ Euro bond report GVD/EUR Pan European stock report: .EU Tokyo stocks: .T HK stocks: .HK Sterling report: GBP/ Dollar report: USD/
* For company prices, click on - * Company directory: UKEQ By sector: FTAX
* For pan-European market data, click on - * European Equities speed guide................ EUR/EQUITY FTSE Eurotop 300 index........................... .FTEU3 DJ STOXX index................................... .STOXX Top 10 STOXX sectors........................ .PGL.STOXXS Top 10 EUROSTOXX sectors................... .PGL.STOXXES Top 10 Eurotop 300 sectors.................. .PGL.FTEU3S Top 25 European pct gainers.................... .PG.PEUR Top 25 European pct losers..................... .PL.PEUR