On Monday, the FTSE 100 experienced a 0.9% decline as concerns about the economic repercussions of US tariffs spurred a global stock market downturn. Prime Minister Keir Starmer reported having productive discussions with President Trump to secure UK tariff exemptions; however, Trump reiterated his intention to implement reciprocal tariffs on all countries beginning April 2. The mining sector was particularly impacted, with shares of firms such as Anglo American, Glencore, and Rio Tinto plummeting by over 2.5% due to the potential threat to metal prices. Financial stocks also faced losses as investors retreated from riskier assets. In contrast, defensive sectors like utilities and consumer goods showed relative strength.
In corporate developments, Aston Martin revealed its intention to divest its stake in the Formula One team in response to investor interest, while Pets at Home reported stable yet pressured profits. Thames Water entered advanced discussions with private equity group KKR for new investment funding, and Primark saw a sudden leadership change as CEO Paul Marchant resigned with immediate effect, a move confirmed by parent company AB Foods. Despite recent volatility, the UK index has seen a rise of approximately 5% in the first quarter.
