UK equities edged lower at the start of Monday’s session as renewed uncertainty surrounding U.S. trade tariffs dampened investor sentiment, while sterling strengthened against the dollar and major European markets also moved into negative territory.
Over the weekend, U.S. President Donald Trump unveiled a new global tariff framework using an alternative legal mechanism, initially setting duties at 10% before increasing them to 15%. The move followed a U.S. Supreme Court ruling that struck down most earlier tariffs, finding that the emergency powers previously used did not provide sufficient legal authority.
By 0832 GMT, the FTSE 100 had slipped 0.1%, while GBP/USD rose to 1.3518 as the pound strengthened against the U.S. dollar. Elsewhere in Europe, Germany’s DAX declined 0.4% and France’s CAC 40 fell 0.1%, reflecting broader trade-related caution across regional markets.
UK market roundup
MONY Group PLC (LSE:MONY) reported record 2025 results, with revenue rising 2% to £446.3 million and adjusted EBITDA also increasing 2% to £145.1 million. Profit after tax improved slightly to £80.7 million from £80.2 million a year earlier. Adjusted basic earnings per share grew 5% to 17.9p, while basic EPS increased 2% to 15.3p. Operating costs declined 4%, supporting an adjusted EBITDA margin of roughly 33%, although operating cash flow fell 7% to £107.7 million and net cash reduced to £4.1 million from £8.4 million in 2024.
Smiths News PLC (LSE:SNWS) said it has received a warning notice from the UK Pensions Regulator related to the Tuffnells Parcels Express pension scheme. The regulator is assessing whether the company could be required to put financial support arrangements in place, marking the latest stage in its review of the scheme’s funding position.
Rolls-Royce Holdings PLC (LSE:RR.) is reportedly seeking UK government backing for development of a new aircraft engine valued at around £3 billion, according to the Financial Times. The aerospace group is understood to be requesting initial funding of £100 million to £200 million to support testing of its UltraFan 30 demonstrator, with discussions reportedly held between CEO Tufan Erginbilgiç and Business Secretary Peter Kyle. Separately, Sky News reported that Rolls-Royce may announce a share buyback programme of up to £1.5 billion alongside upcoming annual results, following stronger demand from commercial aviation customers.
Johnson Matthey PLC (LSE:JMAT) and Honeywell International, Inc (NASDAQ:HON) have agreed to extend the deadline for completing the sale of Johnson Matthey’s Catalyst Technologies division. The long stop date has been moved from 21 February to 21 July 2026, with a possible extension to 21 August if antitrust clearance remains outstanding. The companies now expect completion by the end of August 2026. The transaction value has also been revised, with Honeywell set to acquire the business for an enterprise value of £1.325 billion on a cash- and debt-free basis, reflecting performance challenges during the 2025/26 period including delayed sustainable solutions licensing projects and weaker catalyst supply profitability amid difficult market conditions.
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