UK Stocks End at Over 2-Month Low
The FTSE 100 experienced a notable decline, closing approximately 1.6% lower at 8,475 on Thursday, marking its lowest level since mid-January. This downturn followed a global selloff, spurred by the announcement of a series of tariffs by the US president on various international partners, including the UK. President Donald Trump imposed a 10% tariff on UK imports, while the European Union and China face tariffs of 20% and 34%, respectively. Despite these tensions, Prime Minister Keir Starmer reiterated the UK's commitment to negotiating an economic deal with the United States. On the corporate front, the financial sector was hit hard, with Standard Chartered PLC experiencing a significant drop of over 13%, amid concerns about the tariff impact on growth. The retail sector also suffered losses, with JD Sports Fashion declining by nearly 8%, joined by declines in mining and oil companies. Conversely, defensive sectors such as utilities emerged as strong performers, with companies like Severn Trent, United Utilities, SSE, and National Grid all recording gains.
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