The key driver for equity markets this morning is breaking news that China and the US have agreed to slash tariffs, benefitting a number of high profile, London-listed stocks including Standard Chartered. The bank with a focus on Asia, saw material gains in early trade, making it one of the most notable beneficiaries off the back of this key economic update. The US will lower its import tariffs from China to 30% whilst the counter arrangement – US exports to China – will now only be hit with a 10% levy. The Standard Chartered share price was 7% higher shortly after the open.
Polymer manufacturer Victrex issued interim results this morning which painted a rather mixed picture. Whilst sales volumes were up, average selling prices were down with an inevitable hit on both margins and profitability being seen. Management expressed optimism that the situation would improve in the second half, although remained wary over the tariff situation, so again the breaking updates we’re seeing now of the US being forced into a climb down appear to be driving sentiment here, too. The Victrex share price was as much as 8% lower in early trade before significantly paring those losses.
Bumper gains for the green hydrogen company this morning after announcing it was in the closing stages of winning a major order in the APAC region. The customer remains confidential but the deal is for more than 300MW of electrolysers to produce hydrogen for a power plant. Funding has been agreed and only the Final Investment Decision remains outstanding. The ITM Power share price was up almost 15% by 8.30am.
Most read news on Investegate this morning
Notice of 2025 Annual General Meeting - - Kore Potash (KP2)
Cash sale of CDMO operations - - Venture Life Group (VLG)
Annual Report, Notice of AGM & Directorate Change - - Hvivo (HVO)
