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On Monday, Britain's key indexes rose alongside global markets after the United States and China reached a temporary agreement to reduce tariffs, easing investor concerns about the trade conflict between the world's two largest economies. The U.S. will lower the additional tariffs on Chinese imports imposed in April from 145% to 30%, while China will reduce tariffs on U.S. imports from 125% to 10%. This announcement followed discussions in Geneva and will be effective for 90 days. These meetings marked the first direct engagement between senior economic officials from both nations since U.S. President Donald Trump launched a global tariff campaign, which included particularly high tariffs on China. In other news, the UK's foreign minister will meet with European counterparts to discuss support for Ukraine and strengthen regional defence cooperation as Prime Minister Keir Starmer prepares for a summit with European Union leaders next week. Meanwhile, economic reports released on Monday show growing pessimism among British employers regarding hiring intentions due to recent tax increases and rising global economic uncertainty, aligning with the Bank of England's predictions of a declining labour market.

Single Stock Stories & Broker Updates:

• Shares of London-listed miners are among the top gainers on the FTSE 100 due to a U.S.-China deal to reduce tariffs and rising base metals prices. UK's metals and miners index rose 5%, reaching its highest since March 31. Notable stock changes include Glencore and Anglo American up 6.4%, Rio Tinto up 4.5%, and Antofagasta up 5.6%. Year-to-date, RIO is down 0.5%, ANTO up 14.8%, GLEN down 23.9%, and AAL up 7.9%.

• Shares of Ferrexpo rise 16.4% to 72.3p, leading FTSE mid-cap gainers. Ukrainian President Zelenskiy calls for a 30-day ceasefire starting May 12. Putin proposes direct talks with Kyiv on May 15 in Turkey. Ferrexpo operates three iron-ore mines in Central Ukraine. FXPO stock has dropped ~41.3% this year.

• Victrex, a UK-based high-performance polymer manufacturer, saw its stock drop 8.6% to 827 pence, marking its largest one-day decline since May 9, 2023. Gross profit for the six months ending March 31 was £64.3 million, down 4% year-on-year. The CEO expressed concerns about tariff impacts on global sales but slightly raised FY volume growth guidance to high single digits. Among 13 brokerages, seven rate the stock "buy" or higher, four "hold," and two "sell," with a median price target of 1,125 pence. The stock has declined 23.1% year-to-date.

Technical & Trade View

FTSE Bias: Bullish Above Bearish below 8700

• Primary support 8500
• Below 8500 opens 8250
• Primary objective 8900
• Daily VWAP Bullish
• Weekly VWAP Bullish

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