10th Apr 2025 06:54
(Alliance News) - Stocks in London are set to open higher on Thursday, after US President Donald Trump paused new tariffs on most countries but doubled down on China.
Trump said he was raising tariffs on China to 125%, accusing the country of a "lack of respect".
"Still, trying to predict the next minute in this market is nearly impossible," commented Swissquote's Ipek Ozkardeskaya. "The US has gone completely off-script. Donald Trump will go down in history as the most unpredictable US president at best—and at worst, as the one who dismantled the very idea of American exceptionalism.
"Uncertainties will persist, though yesterday's rebound rests on solid ground. We could see it extend - if Trump can just stay quiet for a few days, let the market digest the news, and watch how companies react."
IG says futures indicate the FTSE 100 to open up 396.0 points, 5.2%, on Thursday. The index of London large-caps closed down 2.9% at 7,679.48 on Wednesday.
Sterling was quoted at USD1.2857 early Thursday, higher than USD1.2786 at the London equities close on Wednesday.
The euro traded at USD1.0982 early Thursday, lower than USD1.1060 late Wednesday. Against the yen, the dollar was quoted higher at JPY146.65 versus JPY144.86.
In the US on Wednesday, Wall Street ended higher, with the Dow Jones Industrial Average up 7.9%, the S&P 500 up 9.5% and the Nasdaq Composite up 12%.
In Asia on Thursday, the Nikkei 225 index in Tokyo was up 8.2%. In China, the Shanghai Composite was up 1.2%, while the Hang Seng index in Hong Kong was up 2.5%. The S&P/ASX 200 in Sydney closed up 4.6%.
Gold was quoted at USD3,115.83 an ounce early Thursday, higher than USD3,085.53 on Wednesday.
Brent oil was trading at USD64.72 a barrel early Thursday, higher than USD60.41 late Wednesday.
In Thursday's corporate calendar, Tesco and TT Electronics release their full-year results.
In the economic calendar on Thursday is consumer price inflation data from Ireland and the US, plus US jobless data.
By Emma Curzon, Alliance News reporter
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