Market Optimism Rises as UK Secures US Trade Deal Amid BP Takeover Buzz
Investors show optimism as Britain's main indexes rise with the prospect of easing trade tensions between the US and China, post US-UK trade agreement. BP's shares climbed amid takeover speculations. The FTSE 100 marked a historic winning streak, while Travis Perkins and British Airways owner IAG also posted gains.
Britain's main stock indexes experienced an uplift on Friday as investors were hopeful about a potential de-escalation in the ongoing trade war, catalyzed by impending discussions between the U.S. and China. Meanwhile, oil giant BP saw its shares spike following reports of takeover interests from various competitors.
On Tuesday, the blue-chip FTSE 100 completed its 16-day streak of gains, making it the longest in its record, thanks to strong first-quarter earnings and optimism over easing global trade tensions. Nevertheless, the index is expected to show a slight loss for the week, with the midcap index poised for its fifth consecutive weekly rise.
In a softer tone, President Donald Trump suggested a downturn in steep tariffs on Beijing, aligning with upcoming negotiations in Switzerland. His remarks at the announcement of the new U.S.-UK trade pact lifted hopes for further trade deals involving other countries. Analysts suggest that a U.S.-China deal would positively impact markets.
(With inputs from agencies.)
Google News