(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 was up 0.25%, on pace to mark its twelfth consecutive winning session. The bank index gained 2%, with HSBC rising […]
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UK shares advance as earnings take centre stage; tariff developments in focus
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(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 was up 0.25%, on pace to mark its twelfth consecutive winning session.
The bank index gained 2%, with HSBC rising 2.5%, after Europe’s largest lender reported first-quarter profit above estimates and announced a $3 billion share buyback program.
Meanwhile, AstraZeneca 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 shed 1.5%.
The energy index was down 2% with the oil major BP 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 advanced 0.8% and was heading for the fifth straight session of gains.
Travis Perkins 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 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)