Mining firms lift FTSE 100 to record high after Trump confirms 50% copper tariff

FTSE 100 index.

Global investors are brushing disconnected a string of announcements of precocious U.S. tariffs due to the fact that they are being viewed a "posturing," according to Hargreaves Lansdown's caput of wealth and markets, Susannah Streeter. Ultimately, traders spot country to negociate apical rates distant successful the weeks ahead, and are besides inactive hoping for quality of an EU model woody with the White House, she said successful a Thursday greeting note.

"Hopes are riding precocious that the effects connected planetary maturation won't beryllium arsenic onerous arsenic feared," Streeter said.

"The FTSE 100 is stuffed afloat of multinationals which are delicate to the outlook for the satellite system and with the alleged 'TACO trade' successful afloat swing, it's benefiting from much optimism around," she continued, referring to the operation "Trump Always Chickens Out."

Miners person meantime "roared backmost to life" arsenic copper prices deed grounds highs connected news of a 50% U.S. tariff, which Streeter said would payment large producers successful the abbreviated term.

— Jenni Reid

Anglo American stock price.

WPP shares opened astir 2% higher aft the advertizing elephantine named committee subordinate and Microsoft COO for Global Enterprise, Cindy Rose, arsenic its adjacent CEO a time aft downgrading its nett outlook.

WPP Chair Philip Jansen said Rose's expertise successful artificial quality volition beryllium invaluable arsenic the advertizing manufacture navigates cardinal changes. Rose volition go CEO connected Sept. 1.

Mark Read announced past period helium would measurement down from the relation aft 7 years. Read told a CNBC-moderated panel soon aft the announcement that AI was "totally disrupting" the advertizing industry.

WPP stock price.

Comex copper futures, a gauge of U.S. prices for the metal, are 2.5% higher this greeting — pushing backmost toward an all-time precocious acceptable 2 days ago.

The determination comes aft U.S. President Donald Trump said Wednesday that a 50% tariff connected copper imports volition instrumentality effect connected Aug. 1.

Trump's astonishment Tuesday announcement of a 50% rate, astatine the highest extremity of traders' expectations, sharply jolted the copper market, with the premium paid by U.S. buyers implicit the remainder of the world much than doubling to a grounds implicit $2,600. You tin spot that elevation successful U.S. Comex implicit planetary benchmark London Metal Exchange futures arsenic of July 8 here:

Activist capitalist Standard Investments has halved its involvement successful London-listed Johnson Matthey after a six-month run that forced the British specialty chemicals institution into a large overhaul.

Based successful New York, Standard Investments is the concern limb of Standard Industries, a privately held concern institution that owns the specialty chemicals institution W.R. Grace.

Standard began agitating precocious past twelvemonth by publishing an unfastened missive accusing Johnson Matthey's committee of presiding implicit "sustained underperformance" that had wiped retired shareholder value.

Read the afloat communicative here.

Germany's Porsche said aft the marketplace adjacent yesterday that it expects U.S. import tariffs for April and May to shave 300 cardinal euros ($352 million) from its second-quarter earnings.

The luxury sports carmaker outlined the fig during an capitalist telephone up of first-half earnings, owed Aug. 13.

Earlier this week, Porsche announced its deliveries had declined successful the archetypal half, with China down 28%, Germany down 23% and the remainder of Europe down 8%. North America deliveries popped 10% arsenic customers took vantage of tariff terms protections.

Porsche stock price.

President Donald Trump on Wednesday sent letters dictating caller U.S. tariff rates connected astatine slightest 7 much countries' imports, having sent akin letters to 14 different nations earlier this week.

The latest letters, revealed by Trump via Truth Social screenshots, were sent to the leaders of the Philippines, Brunei, Moldova, Algeria, Iraq, Libya and Sri Lanka. The letters enactment that the U.S. volition "perhaps" see adjusting the caller duties, "depending connected our narration with your Country."

This illustration shows the aged and caller tariff rates, which volition instrumentality effect connected Aug. 1, and which countries are affected.

Good greeting from a sunny and summery London, and invited to CNBC's unrecorded blog covering each the enactment and concern quality successful European fiscal markets connected Thursday.

Futures information from IG suggests determination markets volition unfastened higher, with London's FTSE 100 expected to unfastened 34 points higher astatine 8,902, Germany's DAX up 60 points astatine 24,580 and France's CAC 40 up 19 points astatine 7,897. Italy's FTSE MIB is seen opening 60 points higher astatine 40,934.

Global markets person been focused connected 1 happening this week: the progressively unwieldy U.S. commercialized tariffs regime.

On Wednesday, U.S. President Donald Trump sent letters dictating caller U.S. tariff rates connected astatine slightest 7 much countries' imports, having already sent letters to 14 different countries earlier this week that laid retired punitive duties.

He also announced late Wednesday a 50% tariff connected Brazil partly successful retaliation against the existent proceedings against erstwhile Brazilian President Jair Bolsonaro for his relation successful an alleged effort to overturn the country's 2022 predetermination results. 

Trump connected Tuesday announced a 50% levy connected copper imports, which volition statesman connected Aug.1, and signaled that much sector-specific tariffs volition travel soon. He besides threatened to enforce tariffs of up to 200% connected pharmaceutical exports into the U.S., but said that helium volition "give radical astir a year, twelvemonth and a half" until the duties spell into effect.

— Holly Ellyatt