29th May 2025 11:50
(Alliance News) - London's FTSE 100 dipped into the red at midday on Thursday, as oil futures began to recover following a US federal court's move to block President Donald Trump's global tariffs.
The FTSE 100 index was down 3.68 points at 8,722.33. The FTSE 250 was up 66.67 points, 0.3%, at 21,012.86, and the AIM All-Share was up 3.05 points, 0.4%, at 744.63.
The Cboe UK 100 was down 0.1% at 869.08, the Cboe UK 250 was up 0.2% at 18,515.12, and the Cboe Small Companies was up 0.1% at 16,749.66.
Brent oil was quoted up at USD64.87 a barrel at midday in London on Thursday from USD64.43 late Wednesday. Gold was quoted broadly flat at USD3,296.85 an ounce against USD3,296.24.
"Crude oil futures staged a recovery following a US trade court's decision to block President Donald Trump's tariffs, alleviating some concerns over the potential economic fallout from escalating trade disputes. The ruling, which found the president had exceeded his authority in imposing broad import duties, offered a temporary boost to the oil prices. However, the administration's appeal could temper the upward momentum," commented Exness analyst Terence Hove.
The court's order could spell a premature end to the president's international trade war as it effectively erases most of the trade restrictions Trump has announced since taking office. The ruling also quashes duties that Trump imposed on Canada, Mexico and China separately using emergency powers.
There was no immediate response to Wednesday's ruling from the president, although one of his closest White House aides, Stephen Miller, attacked it in a social media post: "The judicial coup is out of control," he said.
The Trump administration subsequently filed an appeal.
In European equities on Thursday, the CAC 40 in Paris gained 0.6%, while the DAX 40 in Frankfurt rose 0.3%.
AJ Bell analyst Russ Mould said: "That the gains were measured rather than blockbuster reflects a healthy level of scepticism over whether this can truly rein in the Trump administration, which has already launched an appeal against the judgement.
"The problem for investors is it could prolong uncertainty even if, ultimately, it results in a better outcome from a market perspective. It also exacerbates the issue of how the big tax cuts being brought forward in the US will be funded – given revenue from tariffs was supposed to help on this front. The first thing to watch is whether or not the administration's appeal against the decision is successful."
China urged the US on Thursday to "fully cancel the wrongful unilateral tariff measures".
"China urges the US to heed the rational voices from the international community and domestic stakeholders and fully cancel the wrongful unilateral tariff measures," ministry of commerce spokeswoman He Yongqian told a news conference.
Stocks in New York were called higher. The Dow Jones Industrial Average was called up 0.6%, the S&P 500 index 1.2% higher, and the Nasdaq Composite up 1.7%.
The yield on the US 10-year Treasury was quoted at 4.53%, widening from 4.49%. The yield on the US 30-year Treasury was quoted at 5.02%, widening from 4.99%.
US Special Envoy Steve Witkoff has presented a new proposal for a 60-day ceasefire in the Gaza Strip that includes the release of 10 hostages, according to Israeli media.
Witkoff expressed optimism at the White House on Wednesday about a possible ceasefire in the Gaza war, telling journalists that he had "very good feelings" about a ceasefire and a long-term peaceful solution to the conflict.
The pound was quoted up at USD1.3480 at midday on Thursday in London, compared to USD1.3465 at the equities close on Wednesday. The euro stood lower at USD1.1286, against USD1.1294. Against the yen, the dollar was trading marginally higher at JPY144.96 compared to JPY144.95.
Hollywood Bowl was the FTSE 250's biggest loser at midday, down 9.3%.
The Hemel Hempstead, England-based ten-pin bowling operator said pretax profit declined 4.0% to GBP28.3 million in the six months to the end of March from GBP29.5 million a year ago. Revenue grew 8.4% to GBP129.2 million from GBP119.2 million.
Cost of goods sold climbed 11% to GBP22.0 million from GBP19.8 million and administrative expenses grew 15% to GBP49.2 million from GBP42.7 million. The firm also faced finance expenses of GBP7.1 million, up 21% from GBP5.9 million a year prior.
Recent warm and dry weather from March to May has had a short-term impact on trading during, the company noted. In response, Hollywood Bowl said it has "proactively managed margins and costs" to maintain strong operational performance.
Despite the headwind, the company remains confident in its outlook for the second half of the year. It said it is "well-prepared" for the July and August holiday period, and is on track to achieve its target of 130 centres by 2035.
Watkin Jones sank 12%.
The London-based student accommodation developer and manager swings to a pretax loss of GBP918,00 during the six months that ended March 31, from a GBP2.1 million profit the year before. Revenue declines 26% to GBP129.2 million from GBP175.1 million, primarily delivered from in-build schemes.
"The board is prioritising the maintenance of financial flexibility during this period of market disruption and consequently is not declaring an interim dividend," Watkin Jones said.
Chief Executive Officer Alex Pease said: "We continue to actively market and engage with investors on our development opportunities which are attracting interest, supported by the attractive fundamentals of the [student accommodation] and [build to rent] sectors in which we operate. Whilst transactional activity remains slow and subject to a continuing volatile market backdrop, we are focussed on ensuring that the group remains in the best position to exploit opportunities as conditions improve."
At the other end, Pri0r1ty Intelligence shares were up 75%.
The artificial intelligence company transforming professional growth services for SMEs says it has now integrated cryptocurrency payment options, including Bitcoin, into its online onboarding process. This aims to "enhance user experience and open additional revenue opportunities to new customers who are native users of cryptocurrency," the firm said.
"The introduction of cryptocurrency payments caters to a growing demographic of tech-savvy business users and strategically positions Pri0r1ty to explore new revenue streams and enhance its treasury management policy," Chief Executive Officer James Sheehan said. "As Pri0r1ty AI has already received its first customer payments in Bitcoin the group is exploring how best to manage our Bitcoin holdings for the long-term benefit of all shareholders."
Still to come on Thursday's economic calendar, there's a US gross domestic product reading and the latest initial jobless claims data at 1330 BST.
By Emily Parsons, Alliance News reporter
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